What is agency?
Top 50 Questions about Farmland
Hey, it's the Iowa land guy. And here's the top 50 questions that I get asked about farmland. What is agency? Agency is who we, the broker work for. So, uh, who our interest lies with where our fiduciary responsibility lies with, who do we represent? So in Iowa. There's a couple of different types of agency.
Agency is a seller's agency. That means we work for you, the seller, uh, to get you the most successful outcome and, uh, and represent your fiduciary interest. There's buyer's agency, where I just represent a buyer that might be looking for a farm and then I'll approach a, a seller or landowner and say, I have a buyer that's, uh, willing to, uh, buy your farm, but technically I'm trying to get them the best deal, um, cause I have buyer's agency.
There's transactional, where it's more just the paperwork in the middle, um, where a buyer and a seller might come to us and say, Hey, we put something together, but we have no paperwork, and we don't really know that we're doing it right, but we've agreed on a price. Uh, we can do contractual or, uh, uh, transactional, uh, agency as well.
But basically it means that we need to represent everybody fairly, treat them all with respect, that time is of the essence, and Here's the big one if I represent you as a seller I'm not gonna tell the buyer your secrets if I represent you as a buyer I'm not gonna tell the seller your secrets like how much money you do have or how much you're willing to spend Now if I'm the agent for you, and I think it would be advantageous for us to tell the other side something, I might ask you and with your permission, then I'm allowed to tell the other side, um, whatever I think might be appropriate with your permission, of course, to try to put the deal together.
But basically, agency at its face is who do we work for and who do we represent?
Hey, it's the Iowa land guy. And here's the top 50 questions that I get asked about farmland. What is agency? Agency is who we, the broker work for. So, uh, who our interest lies with where our fiduciary responsibility lies with, who do we represent? So in Iowa. There's a couple of different types of agency.
Agency is a seller's agency. That means we work for you, the seller, uh, to get you the most successful outcome and, uh, and represent your fiduciary interest. There's buyer's agency, where I just represent a buyer that might be looking for a farm and then I'll approach a, a seller or landowner and say, I have a buyer that's, uh, willing to, uh, buy your farm, but technically I'm trying to get them the best deal, um, cause I have buyer's agency.
There's transactional, where it's more just the paperwork in the middle, um, where a buyer and a seller might come to us and say, Hey, we put something together, but we have no paperwork, and we don't really know that we're doing it right, but we've agreed on a price. Uh, we can do contractual or, uh, uh, transactional, uh, agency as well.
But basically it means that we need to represent everybody fairly, treat them all with respect, that time is of the essence, and Here's the big one if I represent you as a seller I'm not gonna tell the buyer your secrets if I represent you as a buyer I'm not gonna tell the seller your secrets like how much money you do have or how much you're willing to spend Now if I'm the agent for you, and I think it would be advantageous for us to tell the other side something, I might ask you and with your permission, then I'm allowed to tell the other side, um, whatever I think might be appropriate with your permission, of course, to try to put the deal together.
But basically, agency at its face is who do we work for and who do we represent?
David Whitaker | Iowa Land Guy