And guess what, dual 'representation' HAS resulted in many lawsuits. But NAR chooses to look the other way, as does the ADRE. Go figure...
I don't do it. I'd make a lot more money, but I'd rather sleep at night and not worry about saying too much to either party!
Randy, I couldn't have said it better!
You are correct, the only 'big winner' is the agent! Not good, and one of the many reasons that agents tend to get a 'bad rap' (for lack of a better/worse word!).
Thanks to both of you for being painfully HONEST with what's BEST for the client and transaction as your number one concern!!!
I'm sure that both of you are successful, and it's because you 'get it'!
Steping out of your comfort zone always presents itself as a problem.
Dual agency is a great thing for everyone, in a sense it's almost a gag order for the agent as the agent really has to maintain confidentiality for the clients, but in reality it's the agent that has to bring both parties to an agreement.
Disclosure is a must, without it you can't have it, and you'll have a lawsuit. If you're a listing agent and the seller does not agree, you can't have dual agency. This is where you sell yourself to the seller and the buyer.
I have done this and done it successfully but in every situation where I have been involved I held my breath the whole way through hoping something didn't happen that would take a bite out of that peanut butter sandwich.
It's not only a problem, it's simply not in the best interests of either buyer or seller.
States go thru great lengths to "disclose" the potential of dual agency, and ask permission of the client to accept or reject dual agency. This doesn't change the fact that dual agency is wrought with problems.
I've fortunately been able to handle dual agency situations successfully, but I'm not comfortable being in that situation, for the buyers, for the sellers and for the other agents bringing offers. Fortunately, I've handled them by doing what is BEST for both buyer and seller, NOT what is best for me as an agent standing to get a dual commission. In a few cases, I've had multiple offer situations, and the best offer for the seller was the one that did not give me the dual commission, and I could have EASILY swayed the deal/seller to take the offer where I made double....but I DID NOT!! What bothers me is how many times do agents get tempted by a dual commission to not do the right thing? Too easy for them to lean in the direction of a dual commission at the expense of their Seller's best offer!
This temptation should not be available to agents. I'm sure this opinion of mine and Sandra's will create lots of comments. On valid question: "How are you supposed to sell your own listings?".... and I'm not sure of the answer, which is likely why dual agency is still legal in most states.
Any one know which states disallow it? I've heard there are a few, I could be mistaken!
Just my 2 cents! :-))))
Our office has had some occasions where it was beneficial to both parties because we weren't having to try to get information from another office. Short sales can require a lot of patience on everyone's part.