dual agency: A Response to Glen Kelman of Redfin on "Dual Agent" Transactions - 02/23/12 09:27 PM
If you read Inman News, it is likely that you have seen the story on Redfin's blog entitled "Sellers Lose in Dual Agency." Glen Kelman, CEO of Redfin, had his firm look at the data covering 230,000 closed deals and concluded that homes sold in what REDFIN deems to be dual agent transactions sold for 1.6% less than transactions where a buyer agent was involved. In Redfin's post, Mr Kelman was gracious to link to my own counterpoint from a little while back. He disagrees, but does not address any specifics. 
I don't know about you, but if I were a consumer … (55 comments)

dual agency: What You MUST Know About Dual Agency if You Are Selling a New York Home - 12/17/11 11:58 AM
Pop quiz:In the State of New York, if I as the listing agent bring my own buyer to the closing table, does that automatically make me a dual agent?  
If you answered "yes" you'd be wrong. If a New York real estate agent sells their own listing to their own buyer they are NOT automatically a dual agent. As a matter of fact they probably shouldn't be.
Dual agency is one of the most misunderstood and controversial topics in the real estate industry. Part of the problem is that even professionals can't agree because the rules vary greatly across state … (25 comments)

dual agency: There is a Big Difference Between Selling Your Own Listing and Dual Agency - 02/23/10 01:18 PM
One of the things I have noticed in the ongoing debates on Dual Agency in Agent Genius, Active Rain and other industry forums is the near universal presumption that if an agent sells a home they have listed to their own buyer that it somehow automatically constitutes dual agency. While I can only speak of how it is where I am licensed here in New York (and Connecticut), that should not be the case. 
Simply put, dual agency is when a licensee represents two clients in one transaction. Two clients. Two separate parties that have hired that agent. It takes more than … (57 comments)

dual agency: Why Dual Agency Should be Rare - 12/23/08 05:17 AM
In light of this post by the Somers team on Dual Agency I feel compelled to share my thoughts on the practice. I can only speak about it from my own knowledge of the practice in New York, so agents in other states might get limited value from my thoughts.
When I list a house, I am hired by the seller to be their advocate. I work for them. They are my client. They hire me  because they feel that I have the best chance of bringing them a buyer. But if I do bring a buyer myself, they have utterly no desire for … (9 comments)

 
J. Philip Faranda, Broker-Owner (J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY)

J. Philip Faranda

Broker-Owner

Briarcliff Manor, NY

More about me…

J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

Address: 522 North State Road , Suite 100, Briarcliff Manor, NY, 10510

Office: (914) 762-2500

Mobile: (914) 450-8883

Email Me

Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 80 agents & closed 1000+ transactions valued at over $500 million. He was 2014 President of the HGMLS and a 2017 Inman Influencer. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900.
Warning: *Sarcasm and irony advisory at all times.*

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