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"Wordy Wednesday" Real Estate Terms Defined

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Real Estate Agent with RE/MAX Professional Associates

Agency: The relationship that a real estate agent has with a customer or client.

A real estate agent can represent a seller or a buyer.  In Massachusetts the relationship is defined at the first meeting and a form is filled out to declare the relationship and ensure the customer understands how the real estate agent represents their interests.  Understanding agency is important for the consumer.  A Buyer Agent represents the buyer and their interests, while a Sellers Agent, aka the listing agent, represents the seller and their interests.  If an agent represents both parties in a transaction she is a Dual Agent.

 

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Buying and selling a property takes knowledge & professionalism, integrity & innovative thinking. Call on Lisa Matondi, your local Real Estate Professional, to make sure your real estate transaction is a success.

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Randy Ostrander
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI

I have never been a big fan of a dual agency. Pick a side and represent.

Nov 16, 2010 10:43 PM
Lisa Matondi
RE/MAX Professional Associates - Brookfield, MA

Randy, the only thing about that is when you have a buyer client with whom you have a buyers agency agreement who is interested in a listing of yours, then you are in a dual agency situation.  Doesn't happen all that often, but happens.  As real estate professionals we can surely represent both parties properly.

Nov 16, 2010 11:03 PM
Barbara Hensley
RE/MAX Properties - Rockwall, TX
Homes for Sale in Rockwall County, Texas

It is easier to pick a side, but it is not difficult to be on both sides...a dual agency.  We just have to be very careful and let both parties know at the start that this is our position.

Nov 16, 2010 11:49 PM
Kathleen Cooper
Kathleen Cooper, Sposato Realty Group - Worcester, MA
Sposato Realty Group - Broker Owner

I'm in a dual agent situation and it is not ideal by any means, but was unavoidable.  It's very important to understand agency correctly and educate the consumer.  That's why we have to have them sign the M&M form upfront, but most still don't get it.  

Nov 17, 2010 01:02 AM
Brigita McKelvie, Associate Broker
Cindy Stys Equestrian and Country Properties, Ltd. - Lehigh Valley, PA
The Broker with horse sense and no horsing around

Lisa,

It amazes me as to how many agents do not inform the consumer of the different agencies at the first meeting or anytime for that matter.  I have met with buyers and sellers that had worked with agents before and they tell me that that they were never informed of the agencies.  It was just "sign here".

Brigita

Nov 18, 2010 12:34 AM
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