Q: (Single Agent) Dual Agency - Who Benefits? A: The Realtor July 1 2012 will be a day that many buyers, sellers (and real estate agents, I'd wager) learn that the current world of real estate representation is (supposed to be) about representing clients' best interests - not merely selling a home. That's the day that the new real estate Agency law will take effect. While single agent dual agency isn't outlawed, real estate agents are now legally bound to explain to potential clients the pitfalls of single agent dual agency - whereby the … [Read more...] about Real Estate Representation (Finally) Evolves in Virginia
This might seem like inside baseball to some, but if you're involved or thinking about being involved in a real estate transaction in the Commonwealth of Virginia, it's important. I said it nearly five years ago: Dual Agency - Who benefits? The Realtor. "No (single agent) dual agency" was one of the founding tenets of Nest Realty Group. Now ... single agent dual agency comes with some required some disclosures (there are still loopholes ... and this doesn't take effect until July 2012). HB1907 is law. … [Read more...] about Real Estate (Dual) Agency in Virginia – Now Updated with a little Reason
Part One of at least Two. Much more to come next week; for now, I'm prepping to show houses in the Charlottesville area for the next three days. As a consumer, would you agree to Single Agent Dual Agency if you were informed about its' true limitations? This bill in the Virginia General Assembly, boldly recommended (and worked on for years) by the Virginia Association of Realtors would accomplish at least two things: 1 - Protect and inform the consumer 2 - Help to emphasize the value of representation of buyers and sellers. 3 - … [Read more...] about A Bill to Protect Consumers: Specifically Single Agent Dual Agency
Blog Wayback again ... From November 2007: Why Use a Realtor - decoding NAR-Speak Inspired by these two comments on the BHB, today I'm going to respond to/pick apart the National Association of Realtors' Why use a Realtor? page. I hope that few consumers had read the referenced page on Realtor.com. Numbers two, nine and ten in particular jump out as being particularly wrong/offensive to me. If we eliminate Dual Agency and End Cooperative Compensation (have the buyer pay the buyer's agent, seller pay the seller's agent - simple, huh?) many of … [Read more...] about Blog Wayback – Why Use a Realtor – Decoding NAR-Speak
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 - if the National … [Read more...] about Single Agent Dual Agency – Do Consumers Care?
Moving forward ... Question everything. … [Read more...] about Thoughts on Dual Agency