Dual Agency, Bad for Buyers (And Sellers!)

By
Real Estate Agent with Homebuyer Representation, Inc. DRE# 5467433

A true agent only works for a buyer or a seller. Not themself.When I first began my career in Real Estate, I observed agents as they asked consumers to agree to dual agency. Sellers are often asked to do so when they list the home. Buyers are often asked to do so when writing an offer.

When taking a listing they may have said something like:

Initialing here allows me to bring a Buyer for your home.

When writing a contract with a Buyer, they may have said something like:

Initialing here allows me to help you with the paperwork to buy this home.

No discussion whatsoever about what fiduciary duties a Seller or Buyer may be giving up when they initial or sign the documents.

While the definition of Agency Relationships varies from State to State, that doesn't mean that proper disclosure of what a Buyer or Seller loses by agreeing to dual agency should not take place by every licensee.

I believe that if most of the public were truly educated well about what they lose in a dual agency relationship, many fewer, if any, consumers would consent to a dual agency relationship.

A true agent only works for a Buyer or a Seller... NOT themself.

Buying a home in Salt Lake City or the Surrounding Area? Make sure you get an Agent on YOUR side of the transaction!

Exclusive Buyer Brokerages do not list homes and never represent Sellers.  Their agents represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...

If you have excellent credit and will be buying a $300,000-$800,000 home in the next 90 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.

©2009 Homebuyer Representation, Inc.  "The Real Estate Agents on the Buyer's Side" TM Exclusive Buyers Agents (EBA) - All Rights Reserved

 

©2009 Homebuyer Representation, Inc. - Salt Lake City, UT

Exclusive Buyers Agents (EBA) - All Rights Reserved

Finally...

real estate agents on the buyers side

 

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Topic:
Home Buying
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Utah Salt Lake County
Tags:
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relationships
agency
dual agency
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Rainer
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Laura Degiovanni
Home Buyer's Agent of Ann Arbor - Milford, MI
Milford Exclusive Buyer Agent

Hi Ben,

The Michigan Association of REALTORS (MAR) and our local Ann Arbor Area Board of REALTORS include the dual agency disclosure in the "Exclusive Buyer Agency" contract.  It is just one of ~15 items and the buyer doesn't have to initial it--they just sign at the bottom.

Also, the "Exclusive" part of the contract applies to the buyer, not the agent.  The buyer must agree to work with ONLY this agent.  I doubt these contracts are thoroughly explained to buyers and because of the misleading title of the contract, they probably rarely ask for explanations.

Apr 04, 2009 08:02 AM #1
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Rainmaker
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Benjamin Clark

Buyer's Agent - Certified Negotiation Expert
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