Keeping Buyers’ And Sellers’ Confidentiality In San Antonio Real Estate

By rerockstar • September 3rd, 2009

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Twitter Answers

It’s all in the way you process information.

This week, during a transaction a San Antonio real estate agent sent me a counter offer via email that violated their sellers’ confidentiality. I found it quite upsetting when I received the email as I don’t like to see these sorts of things happening to others, but the fact is, it’s not the first time. The image to the left is composed of some responses I received on Twitter when asking agents what their thoughts were on what I had seen. Do you know what your agent does with your confidential information?

What is confidential information in a real estate transaction? Basically, anything you tell me as your real estate agent is confidential unless a) you authorize me to make it non-confidential or b) the law requires that I release the information. Every conversation we have as client and agent, whether you’re a buyer or seller, is between you and me (and my broker, as all real estate transactions in San Antonio take place on the broker level, with me acting as their agent). Remember when you told me you were willing to go up by $50,000 on the price of that house, but wanted to start lower? Confidential. Remember when you told me that you would accept $20,000 less on your home to sell it quickly? Confidential. Remember when you told me you and your wife were going through a divorce? Confidential. Remember when you told me you preferred Coke over Pepsi? Yes, even that is confidential. If we’re talking, it’s confidential information.

Of course, some information would be more valuable to another agent. Your preference in soda will probably not give them the upper hand in negotiations. Knowing dollar figures easily could. Knowing the psychology of your negotiations tactics could. Knowing the reasons you’re selling could. Knowing that your Uncle Phil willed the property to you and you could care less and just want to sell it for a couple of bucks sure could. Your agent should be keeping your information confidential, but should also be listening for other agents to reveal their clients confidential information. I’d say 3 out of 5 times I learn something about the other agent’s clients by just being quiet and listening. Something that we can use to our advantage (once I know it, you should know it too – it’s my duty to report information back to you when I receive it) when we buy or sell.

The San Antonio real estate agent in my story didn’t reveal anything that was super-useful, but it did give me a glimpse of their negotiating strategy. By giving me a glimpse into the seller’s thinking (as well as the agent’s negotiating tactics), that agent unknowingly gave me enough info to help us make our next move. In my first transaction ever in San Antonio, I was able to help my buyer-client get a great price on a piece of property – simply because the seller’s agent revealed the entire history of the property and a lot about the seller. Things that allowed me to determine the seller’s motivation. Using that to our advantage, we saved a lot of money. Confidentiality works to our advantage both ways – I keep my clients info out of the hands of other agents and when an agent makes a mistake, I can use that information to my client’s advantage.

Looking for a San Antonio real estate agent who knows how to keep you protected during a real estate transaction? Contact me.

You can also read my take on this from the industry side of things at “San Antonio’s Rockstar Turned Realtor®: E-mail Communications During Negotiation – Don’t Hit Send Too Quick.”