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I'm curious how agents and realtors feel toward clients who are using their services as a Sellers Agent, but will not agree to allow them to be a Dual Agent. Please share your thoughts.
I personally don't believe that Dual Agency is a good idea. I've never used it. I believe that you can only truly represent the best interests of one individual in a transaction. I can't get the highest price and best deal for my seller client and at the same time get the best possible price and most concessions for the buyer. I know there are those who disagree.
I personally don't believe that Dual Agency is a good idea. I've never used it. I believe that you can only truly represent the best interests of one individual in a transaction. I can't get the highest price and best deal for my seller client and at the same time get the best possible price and most concessions for the buyer. I know there are those who disagree.
I agree. I think it's inherently a conflict of interests.
I'm curious how agents and realtors feel toward clients who are using their services as a Sellers Agent, but will not agree to allow them to be a Dual Agent. Please share your thoughts.
A Dual agent can mean two things in many states. The actual agent represents both parties OR two agents from the same firm represent both parties in what some states call designated agency. I.e. buyer agent-buyer, listing agent-seller, both with ABC Realty.
If you are against the listing agent having dual agent abilities and representing both a buyer and seller you might want to allow the firm to represent both parties.
I've done it both ways and never had any problems. However, most people that I speak with about Dual Agency are very concerned and anyone could understand why. Oddly enough this was how most real estate transactions took place years ago, undisclosed that is.
I dont think a seller should allow their listing agent to act as a dual agent, however, dual agency within a brokerage can be a benefit to you as the seller because the buyer's agent is more likely to stay on top of things in an effort to not cause turmoil in their office or upset their position with the broker. Frequently deals with in the same firm proceed much smoother and that should be a plus for everyone.
When I am the listing agent for the seller I am representing them and their best interests. If I go dual agency(in Tennessee) I would not be representing the seller nor buyer but would be acting as a facilitator. I cannot represent the best interests of both the seller and the buyer. If I get into a potential dual agency situation I arrange for a designated agent to represent the other party. Not all Realtors do this but I feel that I am obligated to. In the case of a seller, a big part of the reason I get a listing is because I have convinced the seller that they can trust that I am going to represent their best interests. If I told them later that I wanted to go dual agency I would basically be saying that I would rather make that extra commission rather than represent your best interests. I can't and don't operate that way.
I'm a transaction broker in Fl and that's how most deals are done down here. We are quite capable of getting the 'best deal' for both the seller and the buyer. We are obligated to not reveal certain motivating factors or that the seller would take less or the buyer would pay more. I don't see the problem. You know what you will take, the buyer knows what they will pay, the Realtor goes back and forth and follows the laws governing them and then follows and finishes the paperwork until closing and sometimes beyond. I'm working for a successful conclusion to the transaction. I'm not there to sabotage any party. I don't feel disloyal, I don't feel I've lost control and can't do my best job. I give both parties the facts of record and benefit of my experience. They make the decisions from there and I relay them to all concerned.
A Dual agent can mean two things in many states. The actual agent represents both parties OR two agents from the same firm represent both parties in what some states call designated agency. I.e. buyer agent-buyer, listing agent-seller, both with ABC Realty.
In Texas when I think of Dual Agency, the latter comes out more than the former. Dual Agency was replaced by the Intermediary law around 2003-2004.
In regard to the former, that's a no-no because you can't serve two masters. Especially when showing a house to a customer (such as a sign caller) as a sub-agent, I would make sure that they understand that I have to represent the seller's interests until they sign a buyer's representation agreement.
Responding to the OP, I think you are misconstruing the meaning of dual-agency. Of course you can do the "relocation special" where a client is selling their current home and buying their next one.
In Texas when I think of Dual Agency, the latter comes out more than the former. Dual Agency was replaced by the Intermediary law around 2003-2004.
In regard to the former, that's a no-no because you can't serve two masters. Especially when showing a house to a customer (such as a sign caller) as a sub-agent, I would make sure that they understand that I have to represent the seller's interests until they sign a buyer's representation agreement.
Responding to the OP, I think you are misconstruing the meaning of dual-agency. Of course you can do the "relocation special" where a client is selling their current home and buying their next one.
In North Carolina Dual Agency pertains to acting as an agent to both parties at the same time in one transaction. Of course I would and have represented a client as a seller of their current residence and again as a buyer of their new home. That's not Dual Agency, just repeat business.
In Indiana, dual agency is quite common. It is your sign with your phone number in the yard, and people who calll it are calling usually because they are interested in the home. I do feel that I can represent both sides and work for their best interests, like PalmCoasting said. The trick is to be sure that you do not share any secrets or motivating factors. For example, if the seller says they will actually go down to X price, or the buyer says they want to offer x but will actually go up to Y, I can not let on to the other side that I know that info. I will still help the buyer make a fair offer based on comps, but since I listed the home at a fair price based on comps to begin with, it isn't that big of an issue.
At least I know I can trust the other agent
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Dual Agency by firm different agents no big deal
