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What is your opinion of a duel agent? My friend has a home for sale and her agent brought in an offer for a buyer who just happens to work with his agents wife. Isn't there a clear conflict of interest. Shouldn't that agent get someone else to represent the buyer?
I am concerned that my friend will end up with the wrong end of the stick!
Aren't you in the Carolinas? It is very possible that her agent is a transaction broker which is perfectly legit and poses no harm to anyone. I wouldn't doubt most of your transactions in your state are handled by transaction brokers.
Aren't you in the Carolinas? It is very possible that her agent is a transaction broker which is perfectly legit and poses no harm to anyone. I wouldn't doubt most of your transactions in your state are handled by transaction brokers.
Her business card only says real estate broker. It is also my understanding that she has said she is acting as a duel agent only after the seller asked her if that was correct.
Is a transaction person someone who might work in the real estate agents office that would handle the sale in a situation like this?
OP: I need some clarification. Are they dueling with swords or pistols? Just a joke there (it's dual agency). Actually, I don't understand the relation of the buyer to the agent from your post. Your friend is listed with Agent A working for company X. Agent B is representing the buyer also with Company X. Agent A is married to Agent B. Is that correct?
Actually both of the Carolina's I believe are written agency states and if it's the same agency it will be dual agency. The agents become mediators moreso than exclusively representing either buyer. It could also be designated agency where each agent works for their client and each party to the transaction has their own representation. Similar, but slightly different.
No, it's a type of brokerage practiced in many states. Here in Florida, dual agency is not allowed. We have transaction brokers. I thought perhaps the Carolinas had the same thing but after checking you don't have that. So, it would be a dual agency.
She has to agree to that, they can't just do it without notifying her in writing and getting her permission to do so, I would assume.
Since I don't know much about dual agency I'll bow out.
dunroven, let me give you another take on dual agency. When your friend listed her house she agreed to pay her agent a specified commission, of which part of it would go to a buyer agent. In return for this commission, she probably wanted two main things in return. She wanted her house sold at an acceptable price as soon as possible and she wanted the agent to represent her best interests. If she agrees to dual agency she would be giving up having the agent represent her best interests since it would be difficult for the agent to represent the best interests of both parties. If she decides to go this route she may want to consider reducing the commission going to the agent since part of what they agreed to previously will not be occurring now.
Nevermind my post earlier. I reread and the buyer works with the agents wife. The agent now is working with the buyer and the seller creating dual agency. If the agent is competent and trustworthy agency shouldn't be an issue. Of course, I'm assuming your friend is intelligent enough not to agree to a bottom line they aren't happy with.
OP: I need some clarification. Are they dueling with swords or pistols? Just a joke there (it's dual agency). Actually, I don't understand the relation of the buyer to the agent from your post. Your friend is listed with Agent A working for company X. Agent B is representing the buyer also with Company X. Agent A is married to Agent B. Is that correct?
Actually both of the Carolina's I believe are written agency states and if it's the same agency it will be dual agency. The agents become mediators moreso than exclusively representing either buyer. It could also be designated agency where each agent works for their client and each party to the transaction has their own representation. Similar, but slightly different.
Sorry to disagree with you Brandon, but realtors in NC never become "mediators". The client, whether it be a buyer-client or seller-client always has representation and someone working for them. Dual agency can NOT be practiced without the express written permission of BOTH buyer and seller. If both buyer and seller do agree to dual agency then the broker in charge will designate which particular realtor in the firm will represent which particular party, and from that point forward the realtors can not breach fudicuary duty by telling each other anything that might possibly weaken their individual clients position. If a realtor already knows too much about one of the parties situations the broker in charge will not designate that realtor as the clients agent.
All the jobs are different. That is why it is up to how you feel about the situation you are it. Ask the broker that the agent work for how it should work out for all partys. before it is a mess or not in the end.
TALK TO THE BROKER TOO.
Sorry to disagree with you Brandon, but realtors in NC never become "mediators". The client, whether it be a buyer-client or seller-client always has representation and someone working for them. Dual agency can NOT be practiced without the express written permission of BOTH buyer and seller. If both buyer and seller do agree to dual agency then the broker in charge will designate which particular Realtor in the firm will represent which particular party, and from that point forward the realtors can not breach fudicuary duty by telling each other anything that might possibly weaken their individual clients position. If a Realtor already knows too much about one of the parties situations the broker in charge will not designate that Realtor as the clients agent.
So then you have designated agency which is a form of dual agency. It can actually vary from firm to firm according to policy. Some firms in my market in SC use designated, some use dual. They are similar but it's the firms choice. There are advantages and disadvantages of both but as a whole I'm not a fan of one agent with both sides. I don't feel a slave can have 2 masters analogy if you will. From reading posts of some of the very knowledgeable Realtors on here from NC I believe our states are very similar in many ways.
And I can't believe I haven't gotten repped for that great dueling joke. What's up with that? I thought it was good. Do I need to explain it? I know the jokes that need to be explained are the funniest.
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