Seller of a listed property contacts you directly to negotiate on the listed property

What should you do when a seller of a listed property, i.e. an exclusive right to sell agreement is already executed, contacts you and wants to negotiate directly without their agent?

Section 16-3 of the NAR Code of Ethics covers this topic, see below.

Standard of Practice 16-13

All dealings concerning property exclusively listed, or with buyer/tenants who are subject to an exclusive agreement shall be carried on with the client’s representative or broker, and not with the client, except with the consent of the client’s representative or broker or except where such dealings are initiated by the client.

Before providing substantive services (such as writing a purchase offer or presenting a CMA) to prospects, REALTORS┬« shall ask prospects whether they are a party to any exclusive representation agreement. REALTORS┬« shall not knowingly provide substantive services concerning a prospective transaction to prospects who are parties to exclusive representation agreements, except with the consent of the prospects’ exclusive representatives or at the direction of prospects. (Adopted 1/93, Amended 1/04)