Off Market deal etiquette - agent representation

[Dylan J.]

My family and I are wondering what exactly the etiquette is when working with an agent and trying to find an off market deal. Should I be reaching out to current owners to find out if they are willing to sell their property and get more information about the property? Or should I be sending them to my agent if I am interested for them to do that work for me? Any help would be greatly appreciated!

[Russell Brazil]

Quote from @Mike Dymski:

Quote from @Russell Brazil:

Quote from @Mike Dymski:

Quote from @Lydia S.:

A couple of options exist.  
If you have a Buyer Broker Agreement in place with your agent, it may include the language that says all inquiries go through the agent, as well as what amount of compensation is due to them with any purchase you make as their client. So if you have such an agreement, they should be one making the connection with the off market property owner, even if you find it or hear about it somehow. 

This is the kind of stuff that led to the NAR lawsuit.

How so exactly? I find no correlation between a buyer agency agreement and what the NAR lawsuits were about?

Rules to make it easier for a buyer to negotiate fees or use no agent at all.

When I was an SFR buyer, I used/worked with my agent for every deal (purchase and sale). She was the linchpin for my investing. We would walk properties and make offers on the spot. No contract needed, and she would be pleased if I found a property through another agent or on my own. I am huge supporter of agents and the industry (and there are areas for improvement).

 Well the Department of Justice literally wants every buyer to have a buyer agency agreement going forward if they are working with a Realtor. Once the settlement is approved a buyer won't be able to use a Realtor without a written agency agreement. 

That's why I was confused with your statement. Your read on the lawsuits is the opposite of what the government's read is. Required agency agreements will be the new norm going forward, not what caused the lawsuits.