Marika Choma, Qualifying Broker

The problem starts with dual facilitator still being called a Dual Agent. This is of itself, a misnomer and not only is it impossible, but continues to add to the confusion. Fiduciary duty only occurs with a fully executed, written Agency Agreement... not with any other representation relationship. Does this mean you practice any differently? No. If your practice is one built on integrity, honestly, expert knowledge and ability... this remains unchanged, regardless of the relationship stipulated by the Buyer/Seller. That fact is, that full disclosure is required to both parties, that a Dual "Agent" does not represent either party... that the Realtor pulls back to a position of intermediary and facilitator of the Transaction, for the purpose of arriving at Closing, as smoothly and effortlessly as possible. Ethics, Accountability, Honestly, Integrity, Knowledge, Obedience... are all still there. The focus is however, changed. It changes from being placed on representing the client... to being placed on "representing" the transaction... serving both Buyer and Seller from a position of neutrality. Excellent communication skills are paramount as is a clear understanding of boundaries. The Dual Representation position is not for everyone... and if you find yourself in doubt about it in any way... it is best not to engage in it or offer this as an option to a transaction. However, there are those practitioners who are very capable in this area. The defining point is that in this position, do not represent either the Buyer or the Seller. This must be fully understood, communicated and integrated with all parties in agreement before proceeding down this road. The first thing that would help this along, is that the term, Dual Agent... be eliminated. This is long overdue. It speaks of an impossibility and is incorrect. The term needs to be along the lines of "Dual Representation" or better yet, "Transaction Facilitator". TAOS REAL PROPERTY "The Fine Art of Real Estate in Taos, New Mexico" Marika Choma, Qualifying Broker marika@taosrealproperty.com 104 La Loma St. Taos, NM 87571 tel: 575-758-4004 www.taosrealproperty.com

TAOS REAL PROPERTY - TRP@q.com Marika Choma, Qualifying Broker 104 La Loma St. Taos, NM 87571 tel: 575-758-4004 www.taosrealproperty.com Talk about 2 different sides of the coin in the above 2 responses! I very much agree with Bill Fooks and not altogether with Steve Simon. I heartily agree that a commission is not there for the "automatic" taking. It is to be earned... always was there to be earned. A new agent cannot expect that they have landed on the gold-paved road to income by simply taking the required courses and passing their respective state board exam. Typically, at the stage when they’ve just passed the Boards... it's "What do I do now?" This is where impeccable initial training within their respective first office, is crucial. And absolutely nothing replaces years of practical experience on a significant number of varied transactions. The adage that you can never learn enough... certainly applies in this profession, along with the knowledge that during the course of a transaction, everything and anything can happen at any moment. Should all go smoothly, the consumer may never have the professionalism and experience of their respective Realtor tested... and so may never glean how exceptional their own real estate representative may be. But when put to the test... there could not be a more dramatic difference. And I'll wager that those scores of Realtors who are beloved by their clients and continue on to retain their clients as their life-long Realtor... have been put to the test and came out with flying colors. I see that Steve is a lead instructor of his own Real Estate school. I say that it would be a far better thing to get involved with promoting a more comprehensive initial real estate education right from the get-go… one that gives a real estate student a far truer sense of the in-office, transactional experience, coupled with an in-depth understanding and overview of a Buyer or Seller's real needs and how to be the best person to address those needs, using all the skills, technology and knowledge at their disposal. I agree that anyone coming straight out of real estate school is woefully inadequate. And this may be where the idea that separate or limited real estate services might be the way to go. But I say that this puts the consumer into the driver’s seat as to what they think they need done, when in fact, they don’t have the slightest idea of what it takes to get there. A brand-new Realtor really starts learning in their first two years of apprenticeship. And what they learn has everything to do with the quality of the brokerage they have joined and the diligence of their respective Qualifying Broker. And that varies all across the board. For those that have earned their stripes, so to speak... there is absolutely no substitute to a consumer and that consumer’s protection. Chopping up services into increments and charging accordingly, has been tested over more recent years... and is coming out to be a liability for all. It's inferior service... because it's incomplete service. The real estate professional is not there for every turn and twist that may occur at a moment's notice... problems and omissions occur as a result of not being "hired to handle that aspect", so that Realtor is simply not available, at a time when they might be needed the most! As a result, diligence and overview of the entire course of the transaction is not there... all heightening the possibility of the consumer being on the short end of the stick and subsequent lawsuits. And why? Because of a consumer’s not knowing what a good Realtor is about, what he/she does and further motivation by a desire for a discount on services. Juxtapose this discount to the problems that can occur when a transaction goes awry due to departmentalized and restricted representation. “You get what you pay for” truly applies here. An experienced, devoted Realtor can end up saving their client tens of thousands during the course of a transaction, when the unexpected problem appears, that they have identified and successfully dealt with. I am the first believer that service should be rewarded according to the quality of the service. Having a significant amount of practitioners out there who are providing inexperienced, curtailed, incompetent, or less than ethical services, goes a long way towards taking the real estate profession down a whole bunch of notches. It would seem far better to upgrade the quality of the initial real estate education required before passing the Boards, with much more attention spent on practical application from the get-go. Informing the consumer as to what a quality Realtor really does and what they should expect would be terrifically helpful… perhaps via advertising in one’s community through one’s local Association. In the meantime, the value of a true, seasoned professional… that is devoted to his/her client first and foremost, has high integrity and is truly capable, can never be valued enough. Those consumers who have had such an experience have most often not believed that such a thing was even possible…and they certainly never forget it. If we are to see a drop in our profession’s membership… let the dropouts be those of lesser professionalism. They would only serve to further promote an idea of a Realtor who isn’t of much value and can be had at discount.