Thursday, July 13, 2006

To do or not to do Dual Agency

Dual agency is one of those terms that as a realtor was drilled into my head during training, but one sellers or buyers rarely think about or even know about. First, let's start with a quick definition of dual agency. Dual agency is the practice of "representing" both the buyer and the seller in the same real estate transaction provided each have given their written consent. You may ask, well how can a dual agent represent both the buyer and the seller, isn't it a conflict of interest? In reality you don't truly "represent" the best interests of buyer or seller. The seller is looking to get the highest price possible for their property, and the buyer is looking to pay the lowest possible price and in the midst of this the agent needs to remain impartial and keep each parties position confidential. In my opinion as an agent, I think it's a tricky place and I find that my clients, buyer or seller, want to have someone to advise them and look out for their best interests exclusively. I'd love to hear your opinions or if you have been involved in a dual agent transaction, how it went and if you would do it again.