CONTROVERSIAL TOPIC ALERT!!
Should sellers be okay with their agents also representing the buyer—or not? That is the question. And if it’s one you’ve been asking yourself, then today, we have a few things to share.
When you hire an agent to work just one side of the transaction, you get a “fiduciary relationship.” This means your agent is responsible for looking out for your best interests in good faith. Translation: Your agent is looking out for you and you alone. Your real estate professional must be 100% loyal to you and put your interests above all others. They must take reasonable steps to avoid conflicts of interest.
You forego this benefit when you work with an agent on both sides of the transaction. Called a “dual agency,” the agent represents you and the buyer. In this arrangement, the agent should remain neutral to both parties’ interests. Because of this, dual agents tend to leave the buyer and the seller hashing out the details of the sale without the benefit of an agent’s expertise and advice.
As of June 2018, real estate professionals are prohibited from using dual agency, except in very limited situations.
In our opinion, this really is the best situation for all parties.
After all, at the end of the day, whether you’re buying or selling, you want to walk away knowing you received the FULL advantage of working with a professional and knowledgeable agent.
What do you think? Should a listing agent also represent the buyer? Have you been on either side of a dual agency? We’d love to hear your thoughts.
