Single Agent Dual Agency – Do Consumers Care?

Do consumers care about Single Agent Dual Agency?

Maybe.

The Code of Virginia states:

A. A licensee may act as a dual representative only with the written consent of all clients to the transaction. Such written consent and disclosure of the brokerage relationship as required by this article shall be presumed to have been given as against any client who signs a disclosure as provided in this section.

I got into quite a discussion with Ardell in Seattle on Twitter regarding whether consumers care about agency.

My belief is this – the National Association of Realtors – or better yet, the Virginia Association of Realtors – needs to study the viability of Single Agent Dual Agency. But –

@robhahn Everytime I hear a rumor of my state association looking into Dual Agency, the next thing I hear is that it was squashed

@ARDELLd if NAR really believes that they are representing members then they will look at Dual Agency. Doing nothing sacrifices integrity

Her response is here:

Eradicating Dual Agency is not The NAR’s prerogative (Jim Duncan).

Why? Look at The main rule of real estate according to ARDELL, characteristically in BOLD lettering in this post at paragraph four. Sometimes and often, the buyer’s best way to get the house and/or get lowest overall cost, is by using the listing agent. Not always, but sometimes and often. The State can’t, the NAR can’t remove that option from the buying public. In reality what a buyer wants is full representation, from the person who knows the most about the house, and at the lowest possible cost which is free (or what they sometimes perceive to be free).

Sometimes and often, the seller’s best way to get a buyer to buy his house and get the highest net return is to cut out one of (or both of) the agents in the process.The State can’t , the NAR can’t  remove that option from the selling public In reality what a seller wants is ready access to all buyers in the marketplace without having to pay two agents, AND they want the buyer agent fee to come back to them vs. it being given to the buyer, if the buyer has no agent. They also don’t want to pay a buyer agent to tell the buyer that the house is overpriced or inadequate. They also want the agent they hire to be free to bring them a buyer direct (dual agency).

But here’s where we differ – I don’t want to take away the option of anyone choosing non-representation.

Realtor Associations are suffering from identity crises – they don’t know if they should be pro-Realtor or pro-Homeowner.

If they’re truly interested in representing either one, they’ll at least study the Agency issue.

My belief remains: The only party who benefits from Single Agent Dual Agency is the Realtor. And even this is a short-term financial gain that sacrifices public perception of an industry already clinging to integrity.

The NAR can’t change state laws, but they can certainly make recommendations to state associations to lobby for changes. It’s about time they do.

Don’t mind me. I’ll be here tilting at windmills.