This afternoon I had a closing for a couple of buyers I had been working with. Normally, closings are pretty uneventful meetings, but the listing agent made this one I’ll remember!
During the meeting she received a phone call and proceeded to take it in front of the rest of us. It didn’t take long for all of us to figure-out that the call was from one of her clients, a seller. She continued the discussion and mentioned not only that the home was a townhouse, but where it was located. She and the seller discussed a price reduction. Finally, after several minutes of talking in a loud voice, she left the room.
Not only was it extremely rude that she carried on a loud conversation regarding other business, but it was a clear violation of her duties as an agent to discuss confidential information in front of others! She gave out enough information that I could find the home in the MLS in seconds!
This isn’t the only time I’ve heard an agent share information which should have been kept to themselves. During neogotiations agents have shared with me that their clients are having financial difficulties, are getting divorced, or have already bought another home! You can be certain that I used that information to my clients’ advantage.
In the state of Illinois, real estate agents have a fiduciary responsibility to their clients. When choosing an agent, make sure that he or she can clearly explain their duties as your agent which include confidentiality, obedience, accountability, loyalty and disclosure. If they don’t mention those 5 things, talk to someone else.