Can A Real Estate Agent Sell Their Own Home?
A lot of people have been selling their homes in this crazy housing market. Real estate agents have been busy preparing homes to put on the market. So, if you are a real estate agent, you may wonder: can I sell my own home?
You may think a conflict of interest or other ethical issue may apply, but the law says that a licensed real estate agent or broker can sell their own home. As long as you follow the guidelines set in place by the National Association of REALTORS® (NAR), you should be able to avoid administrative and legal issues.
So what does the NAR code of ethics say? It says that agents can self-list their own properties, but if they do, they have an ethical duty to disclose their ownership to potential buyers as well as to the general public. If an agent advertises their home for sale, they should note in the listing description that the listing agent also owns the home.
Steps to Take Before Listing Your Home
A real estate agent who is planning to sell their own property should approach the situation by first talking with their broker or the manager of their real estate agency to discuss how to proceed. While the code of ethics must be followed, there may be company requirements to ensure the transaction is handled properly. Plus, real estate agents must ensure their errors and omissions insurance will cover the sale if they list their own home.
The home will need to be listed on a multiple listing service (MLS). The real estate agent should be sure to disclose their ownership of the property in the property description as well as the remarks section of the listing.
Another option is for a licensed real estate agent to sell their home for sale by owner. They will still need to inform potential buyers that they are a licensed real estate professional. The agent should discuss the situation with their broker before proceeding with the listing.
There are several benefits to selling your own home as a real estate agent. You have expertise in the field and know to best market your home. You know every step of the sale process, so you will be more focused on the details. Plus, you can save money on commission.
Keep Your License With Help From a Tampa Real Estate Broker License Lawyer
In the real estate field, there’s a lot of money at stake. Agents and brokers need to ensure they are following proper procedures and avoiding potentially unethical situations.
See how a Tampa real estate broker license lawyer from The Law Offices of David P. Rankin, P.A. can assist you with your administrative issues. I have been involved in several hundred license discipline proceedings before the Florida Real Estate Commission and was the attorney for the Greater Tampa Realtors for 18 years. Schedule a consultation today by calling (813) 968-6633 or filling out the online form.