Resources
Agency
Relationships
Which type of agent would you want to represent you when buying a home?
Compare the differences and decide.
The question of agency is an important consideration in choosing a real estate
broker. Simply put, agency is the answer to the question: Who represents whom?
What's the problem? DUAL AGENCY-- one broker representing both sides of a transaction.
Meet Tom... Tom is a TRADITIONAL REAL ESTATE AGENT. He works for a Broker
in a large firm that lists homes for sale. Tom and his Broker do a great job selling
houses--they advertise, hold open houses, always push the office listings first,
and strive to get the highest price for their client--the Seller. Will Tom show
you, the Buyer, houses for sale? You bet he will! Preferably his houses, or the
office listings. But will he represent you? Protect your confidentiality? Bargain
on your behalf? No! He can't, because Tom already represents--the Seller.
Meet Dick... Dick is a DUAL AGENT. He'd like you to believe he can represent
both the seller and you, the home Buyer. You'll meet Dick when he takes you into
one of his own company's listings and tells you not to worry--that he'll work
for you and the seller equally. Dick will labor hard to convince you that you
have nothing to lose in a dual agency, that he'll be fair, that you can trust
him. Maybe so. But why take a chance? The only interest fully-protected in a dual
agency is that of the agent and the Broker, who pocket both sides of the commission.
In truth, dual agency serves neither the Seller nor the Buyer well.
Now meet Harriet. Harriet works for the same company as Dick. If you're
a Buyer, Harriet will tell you she's a DESIGNATED BUYER'S AGENT for this
transaction, and the other agent is a Designated Seller's Agent. And she'll be
right! Unlike Dick, Harriet doesn't represent both parties in the same transaction.
But her Broker does. Harriet may say she's independent of her Broker and that
the Designated Seller's agent is too. After all, real estate agents work for themselves,
don't they? Not exactly. License law dictates that agents may not act independently
of their Broker. Agents act for the Broker, in his place. The notion of independent,
designated buyers' agents in a firm that takes listings is nothing short of a
hat trick. The agents change hats. The Broker wears just one. Its label says:
Dual Agent.
|
|
|
Return to Main Library Page... 
As
your Real Estate Specialist, our job is to help you..... help you find a
home that meets your lifestyle, location and budget requirements within
the time frame that you need to purchase and occupy the home. 
Bookmark This Page
Print This Page
Home