Browsing Category dual agency

Being selective

in Buyers dual agency General Real Estate Public Perception on

Or, how does Buyer Agency/Buyer Brokerage/ Exclusive Buyer Representation benefit the agent and the the Buyer?

There has been a lot of discussion at RCG and Bloodhound recently about Buyers’ Agency and the associated compensation.  I can speak specifically about the Commonwealth of Virginia’s Buyers’ Agency and and generally about the concept of Exclusive Representation.A few items: First, I have said many times before that the real estate industry is going to have to move more towards representation of clients’ interests and somewhat less of “selling” and marketing, for a variety of reasons.  One of the most basic reasons for this switch is that marketing is becoming easier, with the proliferation of new sites’ (read: Google) entry into the real estate marketing field.How do both parties benefit?  Allen says:I feel it is unprofessional to be working with someone when the obligations to each party are not clearly defined in writing….  But once you decide to work together then there should be written agreement stating what each party is obligate to.  I don’t necessarily agree that I need a written agreement that states what I am going to do (whatever it takes) nor I feel I need anything other than a handshake to work with clients….  It seems that the cutthroat aspect of this business has led to distrust and a general lack of loyalty – on both sides…   We need to get rid of the Dual Agency aspect of the agreement, something I do verbally with my clients.I don’t work with everyone I might, and part of that is that if I were to spend my time chasing every potential client, then I wouldn’t have time for my good clients.

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Default position

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I had occasion to show a new construction development this afternoon.  I arrived early and talked to the on-site agent for a few minutes.  They have a stock form for the public that states “Buyer Brokerage is available.”  I asked her how they handled Buyer Brokerage, what would happen if a buyer wanted representation.  She said, “I would do both.”  Folks, until Dual Agency is the exception and not the agents’ (and company’s) default position, some agents will continue to have shady reputations and, by default, so will my entire profession.  Dammit.

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Dual Agency – Who benefits?

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One of the primary values a Realtor brings to a transaction is representation – representation of his client’s best interests.  How can a Realtor advocate for the best interests of both parties and still maintain the perception of fairness and full representation?  In my mind, there is a difference between treating all parties fairly and honestly and being able to advocate with 100% vigor for one party.  Realtors practice dual agency all the time – successfully.  Never had I had someone remark how much they appreciated their agent representing both sides.  I have been told numerous times by clients how they perceived their agent in a shady, less-than-honest manner because that agent had both the buyer and seller….  In a divorce, would you have the same attorney represent both parties?* As I was researching another post, I came across this post on Dual Agency.  I read just the headline before writing this post, as I didn’t want to be influenced.

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“Exclusively marketed by”

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These words, “Exclusively marketed by,” are infuriating, as they are, in my opinion, misleading to the average real estate consumer.  You see this all over the area (and other regions as well) …  the impression that this phrase often makes is that in order to see or purchase one of the homes in a certain development, the consumer must contact the marketing/listing company.Not accurate.

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