Is it okay to send an offer directly to an owner who’s property has been posted by a broker on loopnet?
Hi,
If the property is listed it should be sent to the broker / agent presumable by your agent!
If the property is advertised by a broker / agent you can assume it is a listed property.
GR
The answer to this question is it depends. It depends on what type of listing agreement the owner and the broker have together. There are three types of listings:
Open Listing
Exclusive Agency
Exclusive Right To Sell
If the owner has the first two you can approach the owner and eliminate the middleman. If they have the 3rd you can but the broker will still get paid and you can’t eliminate him from the transaction.
Hi,
Even if the property was listed as an "Open Listing" or a "Exclusive Listing" and I just read the Legal Definition as part of Jurisprudence, since our original poster read this in Loopnet and the Loopnet posting was placed by a Broker, the Broker would be legally due a commission under all three types of listings.
(The Brokers marketing campaign brought the property to the attention of the original poster so unfortunately just as I wrote originally you might as well go to the broker unless of course your un-ethical and don’t want to admit potentially under oath if a lawsuit was filed that you found the listing on postnet.)
GR
Did I mention I’m a Broker in two states…
Thank You for your answer it was very helpful to me. : )
Sure you can contact the seller directly. If he is honest, he will take the offer to his broker to handle for him. He might as well let the agent do the work, since he will be paying him the commission either way.
This is mis-information the seller does not have to pay a commission if the seller sells the property in an open listing or an exclusive listing. The reason is that the seller retains the right to sell in either case without paying a commission. The broker would only earn the commission if he brought the client to the seller, executed a sales contract and it closed. Commissions are not considered earned until it’s closed.
On the other hand if the seller is a moral person and knows that due to the brokers marketing campaign this seller became aware that the property was for sale he would refer them to the broker.
I will not do either an open listing or and exclusive agency for that reason.