Understanding Real Estate Brokerage Relationships in Maine

At Magnusson Balfour, we take our relationship with you seriously. We want to be very upfront and honest with you from the start, and be clear about how we are working together, so you know you are making the best decision going forward. One of the ways we do that is to provide all the individuals we have a substantive conversation with about a specific property, or Maine real estate in general, a copy of the Maine Real Estate Commission’s Real Estate Brokerage Relationships Form.

If you are considering buying, or selling real estate in Maine, it is important that you understand that our state law provides for different types of brokerage services. You need to decide whether you want to work with a real estate broker as their Client or simply as a Customer. Your rights and a broker’s responsibilities during a real estate transaction depend on the level of working relationship you choose.

Maine law requires that all real estate brokerage companies and their agents perform certain basic duties when dealing with a buyer or seller. When you are a Customer, in addition to the broker acting ethically and honestly, and complying to the laws associated with real estate brokerage, you can expect to receive what is considered basic services. As a Customer, you cannot expect the broker to promote your best interests, or to keep any information confidential.

We like to refer to this level of relationship as acting as a “referee”. In other words, as you would expect a referee to be honest. we will be as professional as they come and answer any questions you may have about the practice of Maine real estate. Like a referee, we cannot take a side or give you any advice on how to “play the game”, only explain the rules.

Your broker must represent you, as their Client, in order to provide you with a deeper level of service. When you are a Client, your broker can then put your interests first and negotiate on your behalf, will maintain strict confidentiality regarding any information or bargaining details, and is accountable to you as outlined in the written listing agreement or buyer representation agreement.

When you want a broker to really partner with you – to be a “coach” and offer you guidance and insights – you enter into an agreement with your broker and become their client. As your coach, we work with you on the bigger picture of what you want to accomplish with your real estate goals, develop strategies, and consider different scenarios to achieve the best outcome. We have only your best interests in mind, and work for the best improvement in your game. We want you to win!

While the Real Estate Brokerage Relationships Form is only required for those interested in buying or selling residential real estate, it’s also a great tool for commercial and leasing conversations because it does a good job outlining the professional relationships associated with real estate transactions. We look forward to speaking with you, and to have the opportunity to fully discuss these working relationships further, and how we can best help you with your real estate needs. Call us at 207-774-7715.