This weekend, I collected some FSBO sign information for prospecting. I'm a Realtor in south Florida and inventory is very low.
I called some of the numbers and 2 are the "For Sale By Owner" signs are from listing agents/brokers. The properties are currently listed in MLS but have a lockbox. Are they really that desperate for attention or something to put this kind of sign out instead of one from their realty company? Is this legal?
@Jaclyn Franceschini Are these FSBO properties owned the agents? If so this is something I have also done just to pull in a direct buyer and remove the process of using another agent.
My gut instinct says NO! Any advertising by an agent must have their name and state they are an agent. If an agent advertises a house for sale, the ad must state owner/agent. This holds true for a craigslist ad or a sign. Our local association stated they are going after agents with "we buy houses" on their cars without having the agents name and brokerage. Having a license has a LOT more responsibilities and requirements than those of an investor. If an agent advertises anothers house for sale, the ad MUST state the name of the agent and brokerage. Check with your local board.
My broker told me that's deceptive practices and I can warn them to remove it before reporting to the state and cause them to lose their license.
they could have an exclusive agency listing, where the owner retains right to sell and agent only gets paid if they bring the buyer
@Jaclyn Franceschini that is my understanding as well. Many agents simply don't know this. They may not be doing this with any intentional motive. Your broker can contact them off the record and let them know. We are all learning...and we should help each other to become better in our profession.
I spoke to both FSBO listing agents on the phone. They are not the owner and said they would change the signs.