Home Buying in Elmwood Park>Question Details

Orangeone, Home Buyer in 60707

Bias/ conflict of interest?

Asked by Orangeone, 60707 Sun Aug 19, 2012

If a listing agent for the seller and a buyers agent for a property are from the same office that is representing the property, isn't there a built in conflict of interest against a potential buyer? If I am correct the more the property sells for the greater the commission both the agents receive/split .

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Answers

2
Suzanne Hamilton’s answer
Some agencies are so large there is very little contact between agents and no one is going to blow a deal by conspiring to increase commission for a little extra. Remember, either agent is still paid the same commission percentage by their broker. The only one that benefits from the same agency is the agency. Realtors are independent contractors and work on their own regardless of the agency.

While this would be considered an dual agency situation, there are specific laws and rules in Illinois to ensure both clients agree to the arrangement and are protected.

The long and the short is your Realtor represents you regardless of if they are with the same agency. And as the buyer, you have control of what you pay. You need to trust your Realtor. And if you suspect cause that you should not trust them, then you need to discuss with them.

You are the decision maker.
0 votes Thank Flag Link Mon Aug 20, 2012
Maybe, but it's not as great as YOUR interest in the property.

Look at it this way - this is a place you're considering spending the next several years of your life in, there may be a thousand or two incentive for agents involved; then, again, there might not.

A better question might be, "Do I think my agent would zitz me over on a deal for $1000?" We don't know the answer to that, but if you thought they would, maybe they shouldn't be your agent in the first place.

All the best,
0 votes Thank Flag Link Sun Aug 19, 2012
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