Residential Property Management
We are no longer accepting new clients for residential property management.
Why Use a REALTOR® and Agency
Choose a REALTOR®. All real estate licensees are not the same. Only real estate licensees who are members of the National Association of REALTORS ® are properly called REALTORS®. They subscribe to a strict Code of Ethics and are expected to maintain a high level of knowledge of the process of buying and selling real estate.
Should you choose a third party management company you will be faced deciding what type of real estate agent you will engage. There are several contractual agreements from which to choose, and understanding each of them is important before making that commitment. It is important to understand what legal responsibilities your real estate agent has to you and to other parties in the transaction.
Also known as the listing agent, a landlord’s agent is hired by and represents the landlord/owner. All fiduciary duties are owed to the landlord/owner. The agency relationship usually is evidenced by a property management agreement or “listing agreement”. Once a property is listed, the landlord/owner’s agent will attempt to lease it or, in addition, may be permitted by the landlord/owner to cooperate with another licensee who will attempt to find a suitable tenant for the property. A landlord/owner’s agent negotiates the best possible lease terms for the landlord. The agent represents the landlord/owner’s best interests throughout the transaction.
A real estate licensee is engaged by a prospective tenant as an agent to find an acceptable property for lease and to negotiate the best possible price and terms for the tenant. The agent represents the tenant’s best interests throughout the transaction. The tenant can pay the agent directly through a negotiated fee, or the tenant’s agent may be paid by the landlord/owner or receive a commission split with the listing agent.
Dual agency is a relationship in which the brokerage represents both the landlord/ owner and the tenant in the same real estate transaction. Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients; instead, dual agents owe limited fiduciary duties. The fiduciary duty of loyalty to the client is limited with a focus on confidentiality and the negotiation process. Because of the potential for conflicts of interest in a dual agency relationship, it is vital that all parties to the dual agency relationship give their informed consent in writing.
A “customer” is a person not represented in a real estate transaction. It may be a buyer, seller, landlord or tenant.
Before you begin working with any real estate agent, you should know whom the agent represents in the transaction. Mississippi real estate licensees are required to disclose which party they represent in a transaction and to allow a party the right to choose or refuse among the various agency relationships. We will discuss your agency options with you before the exchange of any confidential information.