What is Dual Agency?
Dual agency occurs when
one agent represents
both the seller and
buyer in the same
transaction. It is most
likely to occur when an
agent takes a buyer to
see one of the agent’s
own listings and the
buyer wants to make an
offer. Another
scenario that will
result in dual agency is
when the agent holds an
open house on a listing
or receives a call from
the yard sign or an ad,
and the potential
buyer doesn’t already
have an agent.
Dual
Agency
is a Bad
Idea
The most
important
point
for you
to know
about
dual
agency
is that
if your
agent is
also
representing
the
other
side,
your
agent
cannot
advocate
for you
in
negotiations
or give
you
advice
on
pricing.
This
means
that
when you
hit a
stumbling
block in
the
negotiations,
your
agent
can’t
fight
for your
needs.
Let’s
say that
a buyer
and
seller
are
negotiating
and they
are
$5,000
apart on
purchase
price.
As a
buyer’s
agent,
my job
is to
convince
the
listing
agent/seller
that my
buyer
will not
pay more
and that
they
should
take my
buyer’s
offer
because
our
offer is
a fair
one. As
a
seller’s
agent,
my job
is to
convince
the
buyer’s
agent/buyer
that the
house is
worth
more
than
they are
offering,
and my
seller
needs
the
higher
price.
But a
dual
agent
can’t
take
either
of these
positions.
The most
a dual
agent
can do
is
present
to each
client
what the
other
side has
responded,
and ask
if the
offer on
the
table is
acceptable
or if
they
want to
make a
counteroffer.
Who Benefits from Dual
Agency if it is such a Bad Idea?
Buyers and sellers don’t benefit
from dual agency. The only
person who benefits from dual
agency is the agent.
Many
agents are eager to act as dual
agents because they get to keep
the entire commission. When an
agent is a listing agent, and
another agent is representing
the buyer in the home sale, then
the listing agent has to pay a
portion of the commission
(usually about half) to the
buyer’s broker. If the agent
represents both sides, then they
get to keep the entire
commission.
The Listing Agent, unless
specifically disclosed
otherwise, represents the seller
in any transaction for the sale
of a home.
It is that
Agent's fiduciary duty to
protect the seller's position at
all times. No matter what they
tell you their loyalty will lie
with their selling clients. That
is why you want an agent with
experience like
Marlene
Bienes
to represent
YOUR interest as a buyers agent
when buying a home.
ReneePorsia
Re/Max Real Estate Broker (Philadelphia)
REALTORS TRYING TO BUILD
HOMES:
You would have to wonder the quality of a home when
realtors and property
appraiserare involved in
building homes, listing them and selling them at the same time. Realtors
should not be practicing builder duties. A builder has the experience, knowledge
and the license to build solely homes verses an inexperience and with the lack
of building knowledge a Realtors and property
appraiser
would. You would have to question who will
warranty the construction if problem arises. You would also have to wonder the
loyalty of a realtor
taking on listings from other home sellers and trying to sell his own built
homes.
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