Is your Realtor working for YOU?

By
Real Estate Agent with First Weber Hedeman Group

Is your Realtor working for YOU?

Let's look at some of the terms, what they mean and how they would effect you.

 

Seller's Agent Your duty is to obtain the best deal for the seller. You are allowed to give the buyer only material facts about the property. A Seller's Sub Agent is an agent from another office who is not working as a Buyer's Agent.

Buyer's Agent Your duty is to obtain the best deal for the buyer. You may pass on any and all information you obtain about the seller or the property.

 Dual Agent You must be loyal to both parties. Dual agency occurs when a real estate agency owns a listing, and an agent from the office, working as a buyer's representative, shows that listing. In areas where it's allowed, Dual Agency must be disclosed and agreed-to in writing by both parties. Some real estate educators, compares Dual Agency to "walking a tightrope," since it's sometimes difficult to focus on the needs of one client versus the other.

Designated Agent Very similar to Dual Agency, and also not available everywhere. The broker-in-charge designates two agents to work a transaction, one for the seller, one for the buyer.

 

 

From Scott Larson of Towne Square Realty in Monroe, Wisconsin

“Your Realtor of the Region”

E- Mail scott@greencountyhomeguide.com

On the web at greencountyhomeguide.com

I think you will be surprised how affordable the Dairyland is,

so come to my land of cows and plows and visit for a day, but stay for a lifetime

608-2124-9844 Direct

 

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Ambassador
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Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Great basic explainations....I think there is confusion sometimes as to what a buyers agent really is.

Oct 13, 2009 02:09 AM #1
Rainmaker
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Martin Kalisker
Greater Boston Association of REALTORS - Boston, MA
Professional Standards & Legal Assistant

Scott - the definitions may not be the same in all parts of the country.  In MA, a "dual agent" is an agent that has a pre-existing relationship with a seller client and a pre-existing relationship with a  buyer client.  Under designated agency, the agent is both a listing agent and a buyer's agent.  When he puts the two together to purchase the house that he has listed, then he becomes (only upon the written consent of both) a dual agent. 

Agents that represent a seller cannot become dual agents if they meet someone at an open house and get them to buy the house through them.  They are seller's agents and the buyer is more or less on notice that the agent is only working in the interest of his client - the seller.  So, most firms here in MA will assign a designated buyer's agent from the office to work with this client.  The brokerage is then said to be practicing dual agency, but the agents themselves are fully disclosed designated agents to their respective clients.

Aren't you glad you asked?

Oct 13, 2009 02:20 AM #2
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