Quite often potential would be buyers refer to the person they bought their home from as their agent. It sounds reasonable but it is definitely not accurate. Although there are several meanings to the word Agent, let us refer to the definition as a person who works for or manages an agency.
An example of this would be a person who is the agent of the insurance company and they legally represent the company, not the customer. Even an independent agent who can place a policy with different companies is still an agent of the company.
A mortgage officer, in most cases is an employee and represents the company. In addition, the same is true for a title or escrow officer. It is important to understand the actual relationship to know what you can expect from them. In Real Estate, there is a procedure for the professional to create formal agency relationships. This requires a fiduciary/statutory responsibility that places the principals’ interests above the agent’s own personal interests.
In today’s terms, potential consumers refer to an agent, as “this is my agent.” Unlike other professions, Real Estate is in a different category by itself. Agency disclosure plays a major part in representation, and, unless the potential buyer understands agency relationships, the word agent could be misconstrued.
An agent owes honesty and accountability to a customer. The principal can expect complete disclosure, obedience, loyalty, reasonable skill, care, and confidentiality from their agent.
Understanding agency relationships brings a valuable experience to the buying or selling process to coordinate all aspects of the transaction from start to finish.
Why Use AMPI?
AMPI is the national association of real estate professionals that have, since 1956, gathered under laws and codes of ethics and conduct to create a reliable, trustworthy an efficient real estate environment in Mexico.
AMPI consists of separate autonomous sections all throughout the nation, as well as more than 4,000 associates and affiliates. Each section is independent and has its own board of directors, only surpassed by a national board of directors comprised of twenty associates from all over the republic.
Developed over the years with the input and knowledge of its members, AMPI is much more than just a collection of offices. AMPI has been a solid and recognized institution in Mexico for the past 27 years. It was originally established in 1956 and was consolidated in 1980. AMPI is currently represented in all the principle cities and regions of Mexico stretching from Tijuana to Cancun.
The Riviera Nayarita, Vallarta and Compostela chapters of AMPI are dedicated to promote the best practices in real estate by providing its members with education to reinforce the standards of ethics that give our industry the credibility which our clients deserve.
AMPI is committed to giving our membership access to a multiple listing service that forms the platform from which our industry can expand locally and into other markets while giving our members precise and up to date information that is vital to continuous improvement and growth.