Broker Bryant's post about agency struck a chord with me when it was pointed out to me by a fellow ActiveRainer (Thanks Fran!) (Here's the Link)

My reply deserves its own post, so here it is:

I agree 100% that there is absolutely NO advantage to either Seller OR Buyer in Dual Agency. It should be abolished and I still wonder why it has not been. I am surprised at how many Sellers sign away their right to full representation at the same moment they hire an agent to list their home. I am surprised at how many Buyers sign away their right to full representation at the same moment they are hiring an agent to help them buy a home.

I have to believe that the consumer does not truly understand what they are doing (or what their alternatives are) when they sign the agreement allowing their agent to become a dual agent or a transaction broker. NAR even said that (what was it?) less than 30% of consumers were being disclosed to. Of those 30%, who really understood what was going on?

Agents, ask yourself: If you were a Buyer or Seller, would you read the terms of that agreement and say "Gee, that sounds like a really good deal... I pay the same (or more!) and you quit giving me full representation! Wow! Where do I sign?"

Of course not.

Who in their right mind would agree to that when full representation costs no more and gives the client a better outcome? Can you even imagine a defendant to a lawsuit agreeing to work with the same attorney that works for the plaintiff? That's ridiculous.

Broker Bryant said: "there are too many REALTORS® who by lack of knowledge, ability, financial constraints, or simply, lack of caring are not able or willing to uphold their end of the bargain in a fiduciary relationship."

I mostly agree with his assessment, I disagree with the solution.

I believe new agents should be trained to be true fiduciaries to their clients rather than eliminating fiduciary responsibilities and true agency from the marketplace.

More agents should choose to step up and fulfill the responsibilities of a true fiduciary of their own free will and choice, and not because the Federal Trade Commission or the US Department of Justice or anyone else gets involved.

Agents: What level of representation would you want as a consumer? Provide that same level of representation to your clients.

Homebuyer Representation, Inc. is an Exclusive Buyer Brokerage servicing Homebuyers in Salt Lake and Surrounding Areas. We do not list any homes. We do not represent Sellers. We work for BUYERS ONLY on the Buying side of the transaction.

We work to get BUYERS the Best Price and Terms when they Buy...

"We're the Real Estate Agents who Represent the Home Buyer" TM

If you are thinking about buying a $250,000-$500,000 home in the Salt Lake area in the next 30-90 days, call us at (801) 969-8989 or contact us via the link on this page.