Big changes coming to the Real Estate industry.
At a recent Ocean City Board of Realtors meeting they talked about the death of ‘dual agency’. That’s when the same agent represents both the buyer and seller, at the same time.
With such potentially detrimental consequences, why would anyone ever agree to dual agency in the first place?
How can dual agency be avoided without losing opportunity to buy or sell whatever property you want? Watch video.
Many agents claim dual agency is simply a necessary evil. Yes, dual agency can be evil – but it is definitely not necessary.
Much better to represent one side or another. But some agents make it part of their business to ‘double dip’ the deal. Get both buyers and sellers commission.
Dual agency, a lot of problems with that. You have the seller paying both commissions.
The industry is looking at getting rid of dual agency because there’s so many problems that come from it.
Buyer side not properly represented? Do they really have my best interests or are they just looking to make commission on both sides?
Want your attorney to represent the enemy too? Dual agent and dual agency just doesn’t make sense.
I said it before if you have the same agent in the Dual Agency process, it is a complete fraud and conflict of interest. Neither the buyer or the seller can utilize the power of negotiation. It should not be legally permitted . If anything using the same agency so you have a different person managing your side of the process can be an alternative but you cannot tell me collusion is not at stake.
All agencies should be a sellers agent.
After all the sellers pay the commission. Be fair with all parties. The agencies that get the listings will get the buyers. The buyers have a lawyer in most cases to represent them.
I sold my house a year and a half ago. My realtor who sold my house and another agent from same office bought my home for the owner of the agency.
I complained about it and told my realtor I think It was wrong to do this.
I didn’t find out who it was til l looked into it.
I found this to be unethical in my opinion.
I will look into the settlement and to those who don’t believe this to be collusion are FOS !