Soon You May Not Be Able to Just Call The Realtor On A Minneapolis Duplex For Sale Sign

If you’re considering buying a Minneapolis or St Paul duplex and you drive by a for sale sign on one you like, it may be tempting to simply call the listing agent and ask for a showing.

There are several challenges with this approach.

First, when you call the listing agent, he or she represents the seller. Therefore, that Realtor can’t share any opinions with you about value, or cash flow, nor, without prior permission, tell you the seller’s reason for putting the property on the market.

Second, starting August 17th, neither the listing agent nor any other Realtor will be able to show you the property without first having a signed buyer representation agreement. This change is one of the terms negotiated as part of the NAR settlement announced in March as a result of a lawsuit related to broker commissions.

This is actually a good thing. It means you would have professional expertise and advocacy to help you decide whether or not a property is right for you. Technically speaking, Minnesota’s buyer representation has required buyers to pay for agent representation, this cost has typically been offset by any compensation the seller may be offering. The same will likely be true going forward; it just may simply be called something else.

And if you think you’d like to represent yourself, remember this. No matter how many properties you’ve bought or sold, most of the time, the agent representing the seller has done more. That puts you at a distinct disadvantage.

A seasoned multifamily property Realtor can help you not only understand what’s important in the buying process, why duplexes aren’t like single family homes, what the numbers are on a property, and once you own it, how to resolve any challenges you may encounter being a landlord. And that’s worth a lot.