Comments on: On Dual Agency http://www.phoenixrealestateguy.com/on-dual-agency/ Phoenix Real Estate - Anything & Everything About It. Plus Random Musings... Fri, 10 Feb 2012 03:19:15 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: F Raja http://www.phoenixrealestateguy.com/on-dual-agency/#comment-62212 F Raja Tue, 22 Dec 2009 11:52:46 +0000 http://www.phoenixrealestateguy.com/?p=2642#comment-62212 Real estate agents owe certain duties to their clients, I cannot see how can they meet those if with dual agency. Real estate agents owe certain duties to their clients, I cannot see how can they meet those if with dual agency.

]]> By: Andy http://www.phoenixrealestateguy.com/on-dual-agency/#comment-61406 Andy Tue, 08 Dec 2009 12:45:49 +0000 http://www.phoenixrealestateguy.com/?p=2642#comment-61406 Consider this case. Say I knew the agreed upon commission is 6%. So sellers agent gets 3% and buyers agent gets 3%. I know the price I want to offer on a property. So i know how much is 6% of that. Now if the dual agent agrees to pay his part of the 3% when the deal is falling apart (since I am not budging and the selling is not budging from the said price), is it still a bad deal? Consider this case. Say I knew the agreed upon commission is 6%. So sellers agent gets 3% and buyers agent gets 3%. I know the price I want to offer on a property. So i know how much is 6% of that. Now if the dual agent agrees to pay his part of the 3% when the deal is falling apart (since I am not budging and the selling is not budging from the said price), is it still a bad deal?

]]> By: Staten Island Real Estate http://www.phoenixrealestateguy.com/on-dual-agency/#comment-59488 Staten Island Real Estate Thu, 13 Aug 2009 17:05:03 +0000 http://www.phoenixrealestateguy.com/?p=2642#comment-59488 There is always going to be a conflicting interest when a transaction has a duel agency agreement. The agent needs to stay neutral and support both sides equally. Most agent find this hard and unknowingly lend to a side. There is definitely something too be said about it. Great post. There is always going to be a conflicting interest when a transaction has a duel agency agreement. The agent needs to stay neutral and support both sides equally. Most agent find this hard and unknowingly lend to a side. There is definitely something too be said about it. Great post.

]]> By: Staten Island Real E http://www.phoenixrealestateguy.com/on-dual-agency/#comment-58580 Staten Island Real E Thu, 13 Aug 2009 12:05:03 +0000 http://www.phoenixrealestateguy.com/?p=2642#comment-58580 There is always going to be a conflicting interest when a transaction has a duel agency agreement. The agent needs to stay neutral and support both sides equally. Most agent find this hard and unknowingly lend to a side. There is definitely something too be said about it. Great post. There is always going to be a conflicting interest when a transaction has a duel agency agreement. The agent needs to stay neutral and support both sides equally. Most agent find this hard and unknowingly lend to a side. There is definitely something too be said about it. Great post.

]]> By: rerockstar http://www.phoenixrealestateguy.com/on-dual-agency/#comment-59487 rerockstar Thu, 13 Aug 2009 10:18:32 +0000 http://www.phoenixrealestateguy.com/?p=2642#comment-59487 <blockquote>"Bottomline: Dual agency is doable and really represents an advanced level of real estate brokerage practice."</blockquote>I guess since it's such an <strong>advanced level of real estate</strong> guys like you and I just don't get it Jay. We're not nearly smart/skilled enough to understand.Are you serious? Advanced? Limited representation requires "limited" work - there is no advanced in there. Advanced is when you have to work hard for your client and make sure a transaction happens (and like you mentioned keep it all together) and they get the best representation you can possibly give. Dual agency is nothing more than a way to get paid the big bucks. It's legal, but it's not right in my book.

"Bottomline: Dual agency is doable and really represents an advanced level of real estate brokerage practice."

I guess since it's such an advanced level of real estate guys like you and I just don't get it Jay. We're not nearly smart/skilled enough to understand.Are you serious? Advanced? Limited representation requires "limited" work – there is no advanced in there. Advanced is when you have to work hard for your client and make sure a transaction happens (and like you mentioned keep it all together) and they get the best representation you can possibly give. Dual agency is nothing more than a way to get paid the big bucks. It's legal, but it's not right in my book.

]]> By: rerockstar http://www.phoenixrealestateguy.com/on-dual-agency/#comment-58575 rerockstar Thu, 13 Aug 2009 08:18:32 +0000 http://www.phoenixrealestateguy.com/?p=2642#comment-58575 <blockquote>"Bottomline: Dual agency is doable and really represents an advanced level of real estate brokerage practice."</blockquote>I guess since it's such an <strong>advanced level of real estate</strong> guys like you and I just don't get it Jay. We're not nearly smart/skilled enough to understand.Are you serious? Advanced? Limited representation requires "limited" work - there is no advanced in there. Advanced is when you have to work hard for your client and make sure a transaction happens (and like you mentioned keep it all together) and they get the best representation you can possibly give. Dual agency is nothing more than a way to get paid the big bucks. It's legal, but it's not right in my book.

"Bottomline: Dual agency is doable and really represents an advanced level of real estate brokerage practice."

I guess since it's such an advanced level of real estate guys like you and I just don't get it Jay. We're not nearly smart/skilled enough to understand.Are you serious? Advanced? Limited representation requires "limited" work – there is no advanced in there. Advanced is when you have to work hard for your client and make sure a transaction happens (and like you mentioned keep it all together) and they get the best representation you can possibly give. Dual agency is nothing more than a way to get paid the big bucks. It's legal, but it's not right in my book.

]]> By: Vikram http://www.phoenixrealestateguy.com/on-dual-agency/#comment-58550 Vikram Wed, 12 Aug 2009 11:44:03 +0000 http://www.phoenixrealestateguy.com/?p=2642#comment-58550 Agreed.I am a buyer. I saw a house for short sale at a decent price (little less than fair market value).. I contacted my agent (buyers agent) and asked him to send an offer. He warned me that it is a short sale, there are other offers on the property bla bla. I told him I dont mind offering at list price... Basically he did not wanted to send an offer. I contacted an other agent... he was also not keen on sending an offer. Finally I decided to call the listing agent myself.Guess what, Listing agent was really excited to know that i am interested in the house. he showed me the house personally.. He also told that there are several other offers on the house and he will be making a decision soon. I asked him to take my offer. I decided to offer little less than listing price after all the analysis. But listing agent confirmed that there is already an offer and he told me that if I am going to match that offer he will send my offer to bank. I matched the other offer.. and deal done. Next day he sent me a signed contract.. Seller also was motivated. I saw the house status from active to contingent...Now, If I was always prepared to pay the listing price dual agent or single agent. If I had gone with single agent, I am sure my offer would not have been sent to bank. Since I chose dual agent, my offer was selected and also the agent is very keen to get the closing done ASAP as he gets double commission. everybody wins in this case.but every case is different. Agreed.I am a buyer. I saw a house for short sale at a decent price (little less than fair market value).. I contacted my agent (buyers agent) and asked him to send an offer. He warned me that it is a short sale, there are other offers on the property bla bla. I told him I dont mind offering at list price… Basically he did not wanted to send an offer. I contacted an other agent… he was also not keen on sending an offer. Finally I decided to call the listing agent myself.Guess what, Listing agent was really excited to know that i am interested in the house. he showed me the house personally.. He also told that there are several other offers on the house and he will be making a decision soon. I asked him to take my offer. I decided to offer little less than listing price after all the analysis. But listing agent confirmed that there is already an offer and he told me that if I am going to match that offer he will send my offer to bank. I matched the other offer.. and deal done. Next day he sent me a signed contract.. Seller also was motivated. I saw the house status from active to contingent…Now, If I was always prepared to pay the listing price dual agent or single agent. If I had gone with single agent, I am sure my offer would not have been sent to bank. Since I chose dual agent, my offer was selected and also the agent is very keen to get the closing done ASAP as he gets double commission. everybody wins in this case.but every case is different.

]]> By: Team Jodi http://www.phoenixrealestateguy.com/on-dual-agency/#comment-58541 Team Jodi Wed, 12 Aug 2009 05:22:58 +0000 http://www.phoenixrealestateguy.com/?p=2642#comment-58541 I love that you went into so much depth on this article about Dual Agency. I could not agree with you more. I don't practice Dual Agency. As much as I would like to make more money, I too have my client's best interests at heart. I am a firm believer in 100% representation of the client. It has helped me to build a Team. If I have a buyer for one of my listings, my Buyer Agent will represent that client, we will refer that client to another agent in our office or the buyer can find another agent. We establish this fact with our buyers at first point of contact. I love that you went into so much depth on this article about Dual Agency. I could not agree with you more. I don't practice Dual Agency. As much as I would like to make more money, I too have my client's best interests at heart. I am a firm believer in 100% representation of the client. It has helped me to build a Team. If I have a buyer for one of my listings, my Buyer Agent will represent that client, we will refer that client to another agent in our office or the buyer can find another agent. We establish this fact with our buyers at first point of contact.

]]> By: pattyknaggsalot http://www.phoenixrealestateguy.com/on-dual-agency/#comment-58430 pattyknaggsalot Sat, 08 Aug 2009 08:38:16 +0000 http://www.phoenixrealestateguy.com/?p=2642#comment-58430 Excellent post. So well done. We feel like we are the only ones who thinks this way, sometimes! Yet, when we explain it to customers (soon to be clients), they sure don't agree with dual agency (single-agent, same transaction)! What don't people understand about "conflict of interest"? Excellent post. So well done. We feel like we are the only ones who thinks this way, sometimes! Yet, when we explain it to customers (soon to be clients), they sure don't agree with dual agency (single-agent, same transaction)! What don't people understand about "conflict of interest"?

]]> By: Dead Horse and Dual Agency – Closing Thoughts http://www.phoenixrealestateguy.com/on-dual-agency/#comment-58307 Dead Horse and Dual Agency – Closing Thoughts Thu, 30 Jul 2009 04:30:18 +0000 http://www.phoenixrealestateguy.com/?p=2642#comment-58307 [...] Thompson of Phoenix Real Estate Guy answers the question, “why do real estate agents practice dual agency?” on a recent [...] [...] Thompson of Phoenix Real Estate Guy answers the question, “why do real estate agents practice dual agency?” on a recent [...]

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