Dual Real Estate Agent Vs Buyers Agent
Historically, a Real Estate Agent represents the seller of a property. The seller is the one who pays the commission. Agents have a fiduciary relationship with the seller. This in no way means that agents may operate outside the bounds of the law and ethical conduct. However the real estate agent is an authorized agent of the seller. More recent trends have introduced buyer’s agents who work exclusively for the buyer.
There is also a dual real estate agent. They work with both the buyer and the seller. Particularly in cases where the agent’s company is the listing company. Dual agency is legal in most U.S. states. Being a Duel agent is an inherit conflict of interest for the agent – they receive a commission based on the selling price of the property. The higher the price, the higher their commission, so keep in mind a dual agent may not have the buyer’s best interests at heart.
Duel Agency Pros:
- Dual agency will streamline the home-buying process. Less people involved = easier scheduling, less conflicts.
- It can save you on the commission, but there’s no guarantee, you need to ask if they will reduce their commission. They are under no obligation to do so.
Duel Agency Cons:
- For the buyer you may not get the best price for the home. Saving on Commissions can soon be lost if you could have negotiated a better price.
- Agent has a contract with the seller they must uphold.
- Dual agents can be prevented from divulging confidential information about each party to the other. This could severely harm negotiating positions.
Dual real estate agents are bound by law and ethics to treat both buyers and sellers honestly, equally, and fairly. The bottom line in dealing with a dual agent is that the buyer and seller have conflicting interests in the price and other terms of the sale. It’s very difficult for an agent to equally represent both parties. The conflicting interests make that inherently impossible. If you do choose to use a dual agent, be sure the exact nature of your relationship with the dual agent is clear. Know what services the agent will be performing for you during the transaction. How the agent will be paid. How any conflicts will be handled.
Buyer’s Agent a better choice!
The Listing Agent, unless specifically disclosed otherwise, represents the seller in any transaction for the sale of a home. It is that Agent’s fiduciary duty to protect the seller’s position at all times. No matter what they tell you their loyalty will lie with their selling clients. If your Realtor just happens to be the listing agent for that North Carolina Mountain home you love, odds are you will come out fine in the deal. As long as you trust your Realtor and you to ask the right questions.
That is why you want an real estate agent with experience like Gary Ward of Advantage Chatuge Realty to represent you. He’s been selling Real Estate in the mountains of North Georgia and North Carolina mountain property for over 25 years. He always has YOUR best interest as a buyers agent when buying a home. He is one of the most ethically detailed Realtors in the area. If you are interested in one of his listings you can be sure he will work with both buyer and seller to insure a smooth transition of owners. When he list a home he makes sure all the details that can slow down a closing is addressed BEFORE an offer is made. He’ll be sure Radon test , septic and surveys have been completed to speed up discovery and make the closing experience as stress free for all involved.
As a Buyers Agent Gary is the best. He will help you get the best deal possible and will go the extra mile by hiring the toughest inspectors, advising you what he recommends you do to insure you a pleasant buyers experience.
Choosing Real Estate Agents Before You Choose Your House