Not sure why. When I was running my company, the company policy was, if an agent was the only agent in the transaction, the agent was required to chose ONE party to represent. I agree that using the sellers agent doesn't make sense. .-= Jeffrey Douglass´s last blog ..Week 5 Rancho Santa Fe Closed Real Estate Sales =-. . Instead, dual agents owe limited fiduciary duties. $970 month. .-= Rob McCance´s last blog ..Hello world! That seems to be a flaw when it comes to anyone that sells on commission. To see what applies in your state, please consult a licensed local real estate broker in your market. In the commercial industry (which is my company's primary focus) you'd be suprised how little very smart business owners know about agency relationships. If you are buying a home, don’t you want someone working with you and representing your interests? There is a difference, and it's important. With very large regional firms controlling the market here "Dual Agency" with two separate agents involved happens quite often. Let’s take our caller for example. During your inspection you find the home needs a new roof (water heater, A/C ”“ insert expensive item here). Additionally, few understand that representation and compensation are never tied together. Representation is important. Limited Liability Insurance vs. Real Estate LLC. florida law allows real estate licensees who represent a buyer or seller as a single agent to change from a single agent relationship to a transaction brokerage relationship in order for the licensee to assist both parties in a real estate transaction by providing a limited form of representation … .-= Joe Manausa´s last blog ..A True Measure Of Real Estate Depreciation =-. Oregon Real Estate Agency Disclosure Pamphlet. . It would be silly to commit to a rigorous posting schedule, as that would just be setting myself up for failure. For Sale Bellevue Heights St. Catherine, Spanish Town, Bellevue Heights So what, exactly, is the buyer “saving”? Oregon Administrative Rules (OAR), adopted by the Oregon Real Estate Agency, provide the form and content of the .-= John Wake´s last blog ..Only 23% of normal Scottsdale listings sold in 2009 =-. When I used to look into it, about half the time the buyer's agent was also the seller's agent. The RealtorÂ®'s primary fiduciary responsibility is to the client. .-= Gary Sattelberger´s last blog ..Phoenix Real Estate Inventory Report January 28, 2010 =-. Good synopsis and example Jay. These are the four most common types of agency and what they mean: That's a high-level overview of representation and agency. Duane, I love this quote about the attorney – going to be using that one from now on! And his monthly payment will drop by a whopping $10 a month. And fortunately, I never represent the Buyer and Seller in the same transaction, so my loyalty and goal is very clear. 7 SoCal Properties Recently Sold by the HGTV Star. You were authorized to perform one act, so you were a special agent. If, for example, I was getting 3% of the purchase price, then in this example I would make $300 less by getting the price reduced $10,000. But you’ll have no negotiation position. Me: Mind if I ask you why? It’s quite likely we could get the home for a lower price ”“ saving you more than the thousand or so they might take off their commission. You don’t have to pay 6%! Agency representation is difficult to understand for many real estate agents, let alone consumers. Buying or selling a home is a very emotional process. In the case of this caller, he was completely closed minded to the concept. Caller: I understand how real estate works. If you’ve been here long, you already know many of my series fail miserably. When the Buyer replied "No", I would advise Mr. Jay, you make some very valid point and I certainly don't disagree with you whatsoever IF and only IF you are a retail buyer. In your scenario, if I were the listing agent and received a call from the potential Buyer, my first question, per the Code of Ethics would be, "Are you represented by a real estate agent." Jay, once again you drilled it down to logic. Don’t you want someone representing you and only you and your best interests? As the saying goes… the attorney who represents himself, has a fool for a client! Dual Agency With Two Agents . If my clients have the needs that matches what a builder is offering, then I will show them the homes, but I will not take them to a community just because there is an incentive dangled in front of me. It's up to us to educate the public about this "Grey Area". This kind of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller; providing however, that a licensee should never work to represent one party to the detriment of the other party when acting as a transaction broker to both parties. I was going to until they decided to charge for it. Let me know your thoughts on that! I've seen the "I just double-ended a listing" high fives before too. Which discount listing service are you considering? Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients. Dual Agency and Your Real Estate Contract . Get quick and easy access to your home value, neighborhood activity and financial possibilites. . The same agent who already has a fiduciary duty to the seller. When I am working for the Seller I will do everything to see it for the maximum price and best terms. Phoenix Real Estate Inventory Report January 28, 2010, Week 5 Rancho Santa Fe Closed Real Estate Sales, Only 23% of normal Scottsdale listings sold in 2009, http://ladinventures.posterous.com/the-worst-advi, A True Measure Of Real Estate Depreciation. Yep, time, money, hassle — they all add up. We’re not talking about walking into Best Buy and purchasing a television. When a buyer uses the realtor off the sign in the yard (the Listing Agent) to represent him/her, then that realtor, who has been representing the Seller, is now representing both the Seller and Buyer.That agent becomes what is commonly called a "Limited Agent".This is illegal in some states, but not in Utah. Because all real estate agents are licensed under a real estate broker, it is possible to work with an agent who is licensed by the same broker as the listing agent.This situation creates a dual agency. I say it untill I'm blue in the face but it is not a good thing to be represented by the listing agent if your the buyer. This site is protected by reCAPTCHA and the, Sorry, we were unable to share this article. 9 times out of 10 when I have a conversation with a contact who feels they'll "get a better deal" working with the seller's agent I can convince them it is a bad idea. They'll rave and tell friends and family. They are not as nice, but we all know the real goal…. 2. Similar conversations happen multiple times a week. Oddly, I was in an agency law CE class yesterday and the subject of single-agent dual agency came up.
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