If you are the listing agent would you like :
1- Buyers to contact you directly?
2- Would you advise them to find their own agent?
3- Would you be feeling the conflect? And how would you deal with it?
Now, I wants everyone that said no to dual agency to answer.
Thank you, Mary Beth. You made my point and this is coming from somebody (you) who practices dual agency and lists property (I do neither).
What are "Main Line" homes? Never heard that term.
I apologize if I've been offensive or unprofessional in any way.
James - come on...........not nice.............and not true.
Enough said about that comment.............
And, I will still stand behind my belief that it's the agent who gives excellent representation.... the title doesn't assure anyone of anything..........I wish I had a dollar every time a buyer's agent told me, as the listing agent, that their buyer's offer was just a "starting" number.....and that they could "get them up".
Conversely, I have had listing agents tell me they know the list price is too high and they are sure they couild get the seller's "down".
I have seen both sides (agents) in the transaction, at times, stomp all over their fiduciary responsibility and agency relationships.
So....imo.........an agent who is professional, has integrity and knowledge about agency relationships is what matters...not what they happen to call themselves during the process.
Robert, I pretty much disagree with most of what you said, but then you're speaking as a mortgage broker, not an agent.........that being said........no one should have an "advantage" just because they are working with the listing agent. If you really know agents who do that, and put their offers , let me quote you........... "on top of the stack"............well then....please...report them to their Brokers.
Some people answered this thinking you were really (a buyer) looking for advice, when, in fact, I guess you were just looking to start a discussion.....
So - you got your discussion.
To add my 2 cents......in NJ dual agency is legal. In fact, if one is showing, not only their own listing, but ANY company listing, they are considered to be a "disclosed dual agent".
We have to explain how dual agency works, and the buyer signs off on this, allowing us to continue working with them in that capacity should the occasion arise.
I find that in recent years many buyers like to call the lisitng agent directly.....this is how I have wound up, as a dual agent, with 3 properties currently under contract that are my own listings.........I always FULLY explain what I can and can't say and do............that I cannot put the rights of one party above that of the other party, and that I must treat all equally....never share any improper information., etc, etc.
Admittedly, it is a delicate dance, but one that can work if the agent fully understands the ramifications of being in that position.
I had one buyer tell me they started off with a buyer's agent and didn't think, they were getting top service...........they felt they could more easily "cut to the chase" by working with the listing agent.
I neither agree nor disagree............as I personally have met a number of buyers who, imo, were being poorly represented by their "buyer's" agent.
Bottom line...............the title doesn't assure anyone that they are getting excellent representation........the agent does.
As far as you not representing both sides... that is part of Real Estate and.... Welcome to Real Estate. :-)
James, James, James, this is, in fact, a discussion fourm. I'm offering my 2 cents like everybody else. You must be new here. Welcom to Trulia.
>>Now I will say this again and stick with it.... a buyers agent can not negotiate the same deal as a listing agent can.... Also I will say this again... as far as representation and who is better... well that would be up to the buyer to decide. If they are happy with what they received then that is all that matters.
Spoken like a true dual agent.
Now maybe in Ohio you can still negotiate off the sales price ... but over here there are very few markets where buyers agent are negotiating off the sales price.
Now I will say this again and stick with it.... a buyers agent can not negotiate the same deal as a listing agent can.... Also I will say this again... as far as representation and who is better... well that would be up to the buyer to decide. If they are happy with what they received then that is all that matters.
Whoever said that the Listing Agent / Broker didn't have a fiduciary duty to the seller? Whoever said it was good for the buyer? Who said the seller wouldn't see all offers? All I said is that some buyers do want to work with the listing agent whether it is better for them or not, that is up to them. And if you go through the MLS on closed listings you will see a lot of Brokers / agents representing both buyer and seller which shows that it does work.
All the best,
Coldwell Banker Star Realty
BRE Lic #01456982
You can but the listing agent already represents the seller. Why not hire your own agent who will represent your interests only. It normally does not cost you anything as the selling agency may be getting paid from the listing agency. Hope this helps....
All the best.
Nice to meet you. In many cases when you go to the listing agent directly, you absolutely have a better chance of having your offer accepted for various reasons besides the obvious one (listing agent is receiving more commission and might be more inclined to "push" your offer).
The first reason is some agents offer the seller a dual variable commission. Which means if they represent both sides of the transaction (double end the deal) they will reduce their commission.
The second reason is a listing agent may feel that they can control the transaction better if they are the ones handling the deal.
What you should keep in mind is that acceptance of your offer is only the beginning to buying a home. We have met many buyers who have told us horror stories about working directly with the listing agent because the difficult part of the process when buying usually comes AFTER your offer gets accepted.
I will give you an example. Lets say your offer is accepted and you move on to your home inspection and appraisal. Many times, the inspector and the appraiser will call out items that need to be repaired. The appraiser might even come back and say that your offer is higher than the actual value of the home which means you will either have to pay the difference out of pocket, or cancel the transaction.
At that point, the seller needs to be presented with a request to repair the items and/or decrease the price of the home. Who do you think will be in a better position to aggressively negotiate on your behalf? An agent who works for the seller or an agent who exclusively works for you?
Hope this helps put things a little more in perspective. If I can help you in any other way, please feel free to contact me directly.
Prime Partners Realty @ KW Burbank
818.859.9930 - Direct
Hope this helps!
Find an agent you are comfortable with, and let him or her lead you through the buying experience.
After showing you several properties, listening to your feedback, and seeing your reaction, a good agent can hone in on what will fill your wants and needs in a home. By jumping from agent to agent,
you cannot establish any kind of relationship, and your search will often prove futile.
I know we are bound to our R E Ethics and laws in our state, however, there are some unethical listing agents who are more interested in closing the transaction and earning a commission. Have you seen the number of Realtors and Brokers who have violated real estate laws and had their licenses restricted, suspended or revoked?
Realtors are human beings vulnerable to emotions and unfortunately in some cases, greed.
I hope this is helpful . Hope you have had a great buyer's experience and decided to retain your own agent .
A buyer needs to have a dedicated buyer's agent working for them.
Even the best realtor may have a hard time keeping the lines clear when representing both buyer and seller. Besides buying a home is too big a deal to leave anything to chance.
Get a buyer's agent, let the seller have their listing agent to themselves.
Much Success to you!!
Kawain Payne, Realtor
And how anybody can give Morcos the "best answer" is beyond me.
This is a very commonly misunderstood real estate issue. Simply stated, if you were going to trial and needed legal representation, would you feel comfortable being represented by toe other party's attorney?
In this case, it's easily seen that there would most assuredly be a "conflict of interest." Eventhough this type of representation is acceptable in some states, this relationship lends itself to challenging decisions and representation issues.
Most fair minded RE professionals would advise you to seek your own personal representation to be on the safe side.
You will benefit from a different point of view and someone who is in your corner. The list agent can legally represent both you and the seller, this is called Dual Agency - but that would sort of be like having the same attorney represent you and your spouse in a divorce settlement. At the core, there is a conflict of interest.
I look forward to the next discussion / topic with you. These are always great learning tips and ideas on how other agents are viewing and doing things. I always walk away with the other eye open. I hope you finish out 2012 with a bang and much success.
BTW .... you have a cool name.
>>I understand and agree with much of that advice (except when some try to scare people about the perils of dual agency as if it is the greatest evil in all of real estate).
Since you don't list homes, you really can't address that from personal experience.
This wasn't meant to start a debate (certainly not about dual agency).......just ask a simple question.
Maybe I will make it a general Trulia question so more can join in, as I was really curious what others have to say from their perspective as listing agents.
Dual agency is becoming less popular over the years, not more popular. So if more buyers are coming directly to listing agents something is altering their course in the end.
And as far as the "perils of dual agency" you can try to defend it all you want but the negative consequences of dual agency far outweigh any perceived benefit. Even heavy listing agents like yourself tend to agree. Again, look at the responses. This market is consumer driving and dual agency is VERY consumer unfriendly. Simple as that.
It's my observation that:
As an agent who tends to list more than sell, I will say that I find business trending more and more towards the consumer preferring to call the listing agent directly.
This is based on my personal experience over the past couple of years.
It happens every time I list a new home. I will invariably get several requests for showings by people who are not working with an agent.
When I ask the person if they have an agent, and suggest they SHOULD have an agent if they are serious buyers, I get a variety of responses.
The reasons they do reach out are varied......
certainly, some think they can "get a better deal" by using the listing agent and save money......some think it gives them an advantage over other buyers........some think it's just easier to cut to the chase and have one person speak directly to each party..........some consumers think they know a lot about the market (due to their exposure online) and don't really "need" input from an agent other than to handle the paperwork.............some aren't serious buyers, so they just want to jump in and take a quick look........many just don''t want to commit to a buyer's agent - some have told me they started off that way, but were disappointed in the representation they received, so they want to keep their options open......and on and on the reasons go.
So - I am curious............are other listing agents finding this "trend" to be true?
Do you see an increase in direct buyer calls(from unrepresented buyers) when you list a home?
Generally is it not recommended to go to a listing agent directly. The law states that the listing agent has fiduciary responsibilities towards the Seller. This means that the listing agent is supposed to look out for the best interests of the Seller only!
It is generally very hard for one agent to fully represent both parties in a fair manner.
Hope this helps Eden
Equity Capital Real Estate
(203) 280 3838
Best of Luck,
Best of Luck,