What was once one, are now two. The former version of The Fenton Team has now been separated into two distinct teams. The first, The Fenton Team, is a real estate marketing team that specializes in representing people who are selling real estate. The second, TFT Buyer Associates, is a team that specializes in representing people who are buying real estate.
The sole reason for the creation of two distinct teams is to better serve their real estate clients by avoiding potential conflicts of interest. By only representing Sellers or Buyers in a transaction, your real estate professional is able to confidently remain completely loyal and impartial in their fiduciary duty to their client, and properly advise their client, while strictly maintaining the sanctity of confidential information.
It is important for you to understand that these two distinct teams are related. To begin, they both share a brokerage, Royal LePage Port Alberni-Pacific Rim Realty, which is owned by Chris Fenton. Chris Fenton PREC also owns The Fenton Team, and receives a referral fee on every commission received by TFT Buyer Associates. Esther Fenton PREC receives a referral fee on every commission received by The Fenton Team. In order to maintain complete transparency, these referral fees are disclosed in writing to every client prior to entering into a transaction. The Fenton Team refers near all of its Buyer Clients to TFT Buyer Associates, and TFT Buyer Associates refers near all of it Seller Clients to The Fenton Team. Both Teams share business planning, meetings, marketing, bookkeeping, and administrative staff.
It is equally important for you to understand what makes the two teams’ distinct in terms of Agency. The most important aspect is that the two teams do not share confidential information about clients. Each team maintains separate, and secure, databases, filing cabinets, communication software, and office space. No confidential information about a client is ever purposely shared between the two teams. This ensures that you can have the utmost confidence that your Designated Agent is free of conflicts of interest and is looking out solely after your best interest. Every real estate professional, on either team, was handpicked for their professionalism and integrity. Their reputation in the community can attest to that, so be sure to ask around!
Each team monitors every transaction for any potential conflicts of interest. In rare circumstances, a conflict of interest between clients is unavoidable (for example, if two buying clients want to make an offer on the same house). If this occurs your Designated Agent will immediately inform you about the conflict of interest, explain your options, and seek your informed consent to handle the situation appropriately as set out by the RECBC. In the worst case scenario, you may be referred to a Designated Agent outside of either team, who can be sure to be able to look after your best interest free of any potential conflict of interest. You will never be asked to enter into a transaction as an Unrepresented Party.
The Fenton Team, and TFT Buyer Associates, pride themselves on being innovative leaders in the real estate industry. They also maintain a reputation for the highest standard in professional integrity. The two distinct team model was created to ensure that you can enter into a real estate transaction confident that your best interest remain the overriding goal of your real estate professional!
If you would like to learn more about how we operate please feel welcome to contact Chris Fenton PREC at 250 723 8786.
In June of 2018, the Real Estate Council of British Columbia banned the long-time practice of dual agency in the province. This means that it is no longer permissible for a real estate professional to represent two opposing parties in the same transaction. This is an excellent change to the real estate industry, as the practice of dual agency was inherently plagued by conflicts of interest. Today, each party to a transaction should have their own Designated Agent representing only their best interest.
It is important to note, that it is permissible for a consumer to represent themselves in real estate transaction without the aid of a real estate professional. The legal term for this is Unrepresented Party. Both, The Fenton Team & TFT Buyer Associates, in the strongest possible terms recommend that real estate consumers avoid this scenario, as it is inherently full of risk for the consumer. In short, it is very risky to negotiate the purchase of a property that is listed for sale by a real estate professional, without the aid of your own Designated Agent. Both, The Fenton Team and TFT Buyer Associates, will professionally abstain from involvement in any scenario, where one party to the transaction wishes to be unrepresented.