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I’m not aware of any such firm… And I don’t agree that such a limitation is required. The goal should be a buyer’s agent that is not also representing the other side in any particular negotiation. There is no conflict with an buyer’s agent representing other properties buyer is not interested in and there is no conflict if other agents within the firm represent other clients selling prospective properties as long as there’s no confidential information sharing between them.
Have you ever seen the entire firm that only represents buyers?
I actually prefer buyers myself, but I don’t limit myself to only buyers and don’t know any local firms who are set up that way. It would be a an extremely limiting way to try to find a good agent… At least here.
I’m not aware of any such firm… And I don’t agree that such a limitation is required. The goal should be a buyer’s agent that is not also representing the other side in any particular negotiation. There is no conflict with an buyer’s agent representing other properties buyer is not interested in and there is no conflict if other agents within the firm represent other clients selling prospective properties as long as there’s no confidential information sharing between them.
The conflict is so obvious that you can't represent the best interests of the client. This is where I am,
Ohio law permits a real estate agent and brokerage to represent both the seller and buyer in a real estate transaction as long as this is
disclosed to both parties and they both agree. This is known as dual agency. As a dual agent, a real estate agent and brokerage
represent two clients whose interests are, or at times could be, different or adverse. For this reason, the dual agent(s) may not be able
to advocate on behalf of the client to the same extent the agent may have if the agent represented only one client.
As a dual agent, the agent(s) and brokerage shall:
• Treat both clients honestly;
• Disclose latent (not readily observable) material defects to the purchaser, if known by the agent(s) or brokerage;
• Provide information regarding lenders, inspectors and other professionals, if requested;
• Provide market information available from a property listing service or public records, if requested;
• Prepare and present all offers and counteroffers at the direction of the parties;
• Assist both parties in completing the steps necessary to fulfill the terms of any contract, if requested.
As a dual agent, the agent(s) and brokerage shall not:
• Disclose information that is confidential, or that would have an adverse effect on one party’s position in the transaction,
unless such disclosure is authorized by the client or required by law;
• Advocate or negotiate on behalf of either the buyer or seller;
• Suggest or recommend specific terms, including price, or disclose the terms or price a buyer is willing to offer or that a seller
is willing to accept;
• Engage in conduct that is contrary to the instructions of either party and may not act in a biased manner on behalf of one
The conflict is so obvious that you can't represent the best interests of the client. This is where I am,
Ohio law permits a real estate agent and brokerage to represent both the seller and buyer in a real estate transaction as long as this is
disclosed to both parties and they both agree. This is known as dual agency. As a dual agent, a real estate agent and brokerage
represent two clients whose interests are, or at times could be, different or adverse. For this reason, the dual agent(s) may not be able
to advocate on behalf of the client to the same extent the agent may have if the agent represented only one client.
As a dual agent, the agent(s) and brokerage shall:
• Treat both clients honestly;
• Disclose latent (not readily observable) material defects to the purchaser, if known by the agent(s) or brokerage;
• Provide information regarding lenders, inspectors and other professionals, if requested;
• Provide market information available from a property listing service or public records, if requested;
• Prepare and present all offers and counteroffers at the direction of the parties;
• Assist both parties in completing the steps necessary to fulfill the terms of any contract, if requested.
As a dual agent, the agent(s) and brokerage shall not:
• Disclose information that is confidential, or that would have an adverse effect on one party’s position in the transaction,
unless such disclosure is authorized by the client or required by law;
• Advocate or negotiate on behalf of either the buyer or seller;
• Suggest or recommend specific terms, including price, or disclose the terms or price a buyer is willing to offer or that a seller
is willing to accept;
• Engage in conduct that is contrary to the instructions of either party and may not act in a biased manner on behalf of one
I am making a distinction between an agent who represents only the buyer or seller on a particular transaction... avoiding dual agency, and an agent who agrees to never represent any sellers. I don't know any agents personally, let alone entire firms, who would agree to such a limitation and I know a lot of agents in our area. You're free to make such a demand, I guess.... I just think you're going to be eliminating a lot of very good agents and I'm not sure the one you might find who would agree would be better.
If I have an active listing now, I can represent all buyers who are not interested in that property without any conflict.
I am making a distinction between an agent who represents only the buyer or seller on a particular transaction... avoiding dual agency, and an agent who agrees to never represent any sellers. I don't know any agents personally, let alone entire firms, who would agree to such a limitation and I know a lot of agents in our area. You're free to make such a demand, I guess.... I just think you're going to be eliminating a lot of very good agents and I'm not sure the one you might find who would agree would be better.
If I have an active listing now, I can represent all buyers who are not interested in that property without any conflict.
Diana I understand what you are saying. Here's my distinction.
-The fiduciary agency relationship is always between the firm, not the individual agent, and either a buyer or seller.
-An individual agent representing a buyer might not have a conflict but if other agents within the same firm have listings of interest there there is an inherent conflict. It's the same as a law firm representing 2 parties in the same transaction. Ain't going to happen.
-In the event of the above 1 of 2 things happen, 1) Dual agency no advocacy 2) Buyer's agent discloses possible conflict and acts as a sub agent of the listing side. No fiduciary representation on the buyer's side.
-An agent can tell a buyer hey I have no conflicts same with my firm...we have no listings of interest to you. Buyer hires agent/firm and magically 1 week later the agent/firm has 5 listings that are just what the doctor ordered.
There plenty of pure buyer agents out there but most likely stick their license inside a full service firm. It's the same in Commercial RE although there used to many national Tenant Buyer only firms in the USA, but most sold out to larger firms. There are hundreds are Commercial RE Tenant only firms in the USA. It would surprise if there are some pure Buyer only firms in Residential.
-An individual agent representing a buyer might not have a conflict but if other agents within the same firm have listings of interest there there is an inherent conflict.
I don't see this as an inherent conflict as I share no confidential information with other agents at my firm. I have no relationship with other agents at our firm. We don't even share an office building any more. Our DB may have a technical dual agency, but again, he typically has no confidential information either. As a practical matter, such an aversion to entering contracts with other brokers from the same firm would be a pretty strong reason to avoid doing business with all major successful firms, and I don't think that's necessarily what I would advise a person to do when seeking a good agent.
Quote:
There plenty of pure buyer agents out there but most likely stick their license inside a full service firm. ~snip~ It would surprise if there are some pure Buyer only firms in Residential.
It would surprise me too, which is why I wouldn't advise clients try to find one.
In truth, the only one representing YOU in a real estate transaction is YOU.
If you approach the listing agent directly and they're on the standard kind of commission arrangement, they'll get twice the commission they would if you came in with your own agent.
The prospect of that double commish can make deals go through that otherwise wouldn't.
On the other hand, if you're in one of those insane markets where most sales don't even get listed and the ones that do sell in a day for 10-30% over listed price, having a buyer's agent can help you find some of those pocket sales that you'll NEVER find if you just look at realtor.com and drive around looking for signs.
If you are unable to read a contract and keep asking questions until everything you don't understand has been explained, you may well need someone to hold your hand and keep you from making embarassing and expensive dumb mistakes.
I've bought five properties in my time and bid on several others. This isn't a HUGE population. I admit that. But two of the five were bought directly from the owner, two with listing agent and the last one was a new build where we dealt directly with the builder (huge corporation) without seeing the need to insert an agent.
I've sold three properties and all three times were with an agent, we tried FSBO on the first one and it was quickly apparent that it was a no-go, too many idiots wanting to know about owner financing and such nonsense.
So I think for a seller it's much more likely you need an agent. For a buyer in a normal market, I'd contact listing agents; for a buyer in a bubble market you probably need an agent just to keep on top of things and get you in the door before the bidding war starts.
I am an agent in Texas, but I know nothing about NY homes.
I would get a buyer's agent that is looking out for my interests.
I would never go directly to the listing agent for information or to try to work a deal.
The commission is set when they take the listing, possible it could be for a reduced commission if they work both sides, but that is not all that common. I would guess pretty rare.
So it's not like you get a discount if you don't have an agent in most cases.
I would also say 95% of the buyers are at a disadvantage by doing this.
I see it all the time, most should get a buyer's agent.
They will do much much better in all aspects of the transaction.
I would also say most of the time the listing agent has a better relationship than they do with you.
Potentially if they are a dual agent or in intermediary, they should be honest and helpful to both parties, but I would guess in many cases they favor the seller.
Very easy to get you a great buyer's agent. No need to go at it alone. It's a huge purchase with lots of moving parts.
I don't see this as an inherent conflict as I share no confidential information with other agents at my firm. I have no relationship with other agents at our firm. We don't even share an office building any more. Our DB may have a technical dual agency, but again, he typically has no confidential information either. As a practical matter, such an aversion to entering contracts with other brokers from the same firm would be a pretty strong reason to avoid doing business with all major successful firms, and I don't think that's necessarily what I would advise a person to do when seeking a good agent.
It would surprise me too, which is why I wouldn't advise clients try to find one.
What state are you licensed in? It's an inherent conflict. Do you think a law firm can representing 2 parties in the same transaction has a conflict? Hell you can only represent buyers in a buyer's only firm and have conflicts. What happens when 2 of your clients want to put in an offer on a the same house on the same day?
What state are you licensed in? It's an inherent conflict. Do you think a law firm can representing 2 parties in the same transaction has a conflict? Hell you can only represent buyers in a buyer's only firm and have conflicts. What happens when 2 of your clients want to put in an offer on a the same house on the same day?
Washington.
I am not a law firm and I don't know how they operate.
Two clients offering on the same property would be a conflict and is NOT the situation we're talking about, but because you asked, it has only happened once that I had a buyer want to LOOK at the same property as another, and because I knew my first client would be making an offer, I told her I couldn't do it, she picked another broker to work with that she knew. It was uncomfortable and there were hurt feelings involved, but our friendship did survive it because it was the right and only thing to do.
The situation we're talking about in this thread is my buyer making an offer on a listing offered by someone else at my firm. I would have no problem doing that. I share no confidential information with others at my firm and it would be no different than any other broker.
Your idea that a buyer should expect that no one at a firm take any listing if someone in the firm represents me is a demand I've never even heard of.
Furthermore, I think it is unwise to advise people that if they choose a buyer's agent with a major firm, that they should avoid looking at any other properties listed by that firm. What a disadvantage that would be.
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