Why You Shouldn’t Get Involved with A Dual Agency Contract
We are going to talk about this one from both sides of the coin. The buyer’s prospective, and the seller’s prospective. It doesn’t benefit either party and lets find out why.
The Buyer’s Prospective
So you have come to realize that working with an agent not only offers you a great level of convenience by allowing you to see multiple homes all in one string without trying to coordinate appointments with 10 different listing agents they have also been able to offer you some sound advice on what local homes of been selling for, what things make the neighborhood desirable/undesirable and many other things. WELL THAT ALL STOPS. The agent is no longer your advocate you agent becomes a paper pusher. Your agent becomes nothing more than a facilitator to make sure all the I’s are dotted and the T’s are crossed. Is this the service level you signed up for? I think not. But maybe you can save money if there is only one agent involved? Maybe but doubtful, you have gone from having a skilled professional negotiating getting you the best deal to having no one. 9 times out of 10 if they are pulling for someone it is actually the seller for a couple or reasons. Generally sellers and agents have had a longer relationship than a buyer and an agent and also, the home selling for more money makes the agent more money as well.
The Seller’s Prospective
So you’ve hired a professional to sell your home. Smart move it will help you yield a higher net sales price generally speaking, it will save you a ton of time because you will have someone facilitating the paperwork working on your behalf to make sure everything goes smoothly to get you the best possible purchase price. By now you have agreed to pay your agent a very large some of money a certain percentage of the sales price resulting in a several thousand-dollar service. Real Estate representation is not cheap and for good reason. The second your Listing agent becomes a duel agent stop and asks yourself what am I paying for. If a paper pusher transaction manager is what you are looking for there are probably dozens of agents in your market area that would be willing to do that for a couple hundred dollars not several thousands of dollars. No one is now looking out for your best interest what you originally where paying him or her. This is something that it’s important to address with your agent at time of listing. Ask them if they are working potentially with any buyers whom they think may be interested in your home. If the tell you yes ask to exclude these buyers from your listing contract so you would be able to obtain a different Realtor to represent your best interests. If they obtain a buyer after the time that you sign the listing paperwork demand they represent only you and that the buyer either remain unrepresented or go choose a different agent to represent himself or herself. You deserve representation, you are paying for it, demand it.