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
As a home buyer you should put as much thought into choosing real estate agents as choosing your home. It is so easy to get caught up in the excitement of buying a new home especially if you are not aware of how the game is played.
Resourceful consumers know that they should interview agents to see how they will perform for them and to switch agents if they are disappointed in an agents performance. How your needs will be met should be based on the variety of services the agent offers. Know the different skill levels and training he or she has. Understand the company policies of the firm they work for.
It is not always a good idea to go with the first agent you meet.
If you meet an agent at an Open House or call the Listing Agent, ask questions. It is not uncommon for a new or part time agent to conduct Open Houses and answer the phones at the real estate office. It is not a good idea to go with the first agent you meet. See if they are knowledgeable of the area, the laws, and your interest. If they are the listing agent, unless specifically disclosed otherwise, they represent 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. Listing Agents are, not focusing on the buyers’ needs. A buyer’s agent is a better choice.
Don’t Agent Hop.
If you have found a particular house but want a different agent you may have to deal with something called “procuring cause” which offers guidelines regarding who should get credit for the sale and consequently, payment. That is why we say an ounce of prevention is worth a pound of cure: Choose real estate agents before you choose your house. It’s not good to see a home with one broker and then bring another broker to the same house for the second showing a month later. Such practices could end up in a long bitter process between agents. It may slow down your closing process. You chance the lost of your dream home to another buyer.
Treat your agent with the same respect you expect from them. Tell them up front if you have worked with another agent in the area. What homes they have shown you. Why you choose to find a different agent. A good buyer’s agent armed with your expectations will transcend into a great buying experience for you What a difference that will make in the enjoyment of your new mountain home!
also see: Buyer’s Agent vs Dual Agent
Buyer’s Agent a better choice!
Choosing Real Estate Agents is the first step to a successful hassle free experience. That is why you want an agent with experience like Gary Ward of Advantage Chatuge Realty to represent YOUR interest as a buyers agent when buying a home. Over 20 years of Broker experience in the mountains of North Georgia and western North Carolina.
Advantage Chatuge Realty Gary Ward Buyers Agent for the NC Mountains and North Georgia Mountains
Be above the rest in Western North Carolina! Call Gary Ward of Advantage Chatuge Realty now.