Think about it sellers want to land at a high price, while buyers want to land on the lowest one possible. It can be tough for agents to remain neutral while acting as a dual agent. Not only do agents get the whole buyer and seller fee, but most agents acting as a dual agent cut the price for both parties, meaning dual agency can be great for everyone (financially speaking). Commission and FeesĬommission is probably the most significant advantage of dual agency. That’s 25% less hassle in scheduling meetings, times, closing, and more. It’s much easier to coordinate a transaction with three people than four. Here are the advantages and disadvantages of dual agency: Advantages Faster Processĭual agency streamlines the home-buying process. There are both pros and cons to a dual agency for all parties. What are the Advantages and Disadvantages of Dual Agency? It’s also worth noting in some states dual agency refers to two agents working for the same company, each representing a buyer and seller (sometimes referred to as a designated agency). The general term agency refers to the relationship an agent has with a buyer or seller (or, in our case, both parties). In most states where dual agency is legal, written consent is almost always required. A dual agent can not disclose confidential information to either party and must be neutral toward both parties. What is Dual Agency?ĭefinition: Dual agency occurs when one real estate agent represents both the buyer and seller in a transaction. Within it, we will discuss whether or not dual agency is legal in your state and whether or not it’s worth the risk. This article is the ultimate guide on dual agency. In most states, though, dual agency is legal, but state laws have measures in place to protect parties that use it. While it may seem ideal from an agent’s perspective, it can lead to some significant risks, which is why it is illegal in eight states. Dual agency is when one real estate agent represents both the buyer and seller in a transaction. Ever wonder what it would be like to represent a buyer and a seller in a transaction? Well, dual agency is just that.
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