Saying NO to Dual Agency

If you’re considering a purchase, whether your first ever (or last ever), a second (or third…) property, land, condo, single or multi-family home, you’re in…and with…great company. 

Accredited Buyer Representative

As an Accredited Buyer Representative, I fully represent buyers in their transactions. Not merely an off-shoot of my listing business, but true single-sided representation. All of the agents at Nest Realty Group agree (from the Nest website):

No Dual Agency

“Dual Agency is not in the client’s best interest — it’s only in the agent’s best interest. Nest Realty prides itself on providing the best possible service to our clients, and this means complete focus on one aspect of the transaction. We believe the Realtor cannot do a top-notch job representing both the buyer and the seller. Therefore, Nest agents will only represent our client as the buyer or the seller. Not both. “

In the old days, (and really, many places in the country-still), the seller agent (aka the listing agent), works for the seller, responsible for getting the best price and the best deal for the seller. Period. When a buyer came (or comes) along, the seller agent presents the property, the price, the opportunity in a way that favors exclusively the seller. Buyers can ask questions, but short of lying, seller agents don’t have to reveal much. Buyers happily ‘negotiated’ with the seller agent, signed the paperwork and moved in. Without an advocate, insider knowledge, education or insight it was and is a very lopsided and one-way transaction, indeed.

Now, buyers can specifically ASK for representation (each state has differing rules and laws about how this is done). Most still don’t, and most agents don’t hold them selves out to the public as being ‘buyer agents’ or ‘buyer reps.’ They take buyers as they come, haphazardly or only after expressing interest in the agent’s listings.

The State of Virginia as some very interesting things to say about dual representation. It is so fraught misunderstanding, issues, concerns and slight-of-hand, there is a specific statute that requires a number of disclosures to the public about doing dual agency. The law requires that it must be done in writing AND (emphasis added):

“the disclosure must be conspicuous, printed in bold lettering, all capitals, underlined, or within a separate box.”

That alone should give a warning to anyone considering have one person represent both sides that even the state considers it risky behavior.

 Most agents complain they ‘make less money’ if they don’t get both sides of the commission (the money allocated to the seller agent and the money allocated to someone bringing a buyer–even if that person is the seller agent). Any agent who can’t make a living from honest, one-sided representation should reconsider.

The tide is changing everywhere in this regard as buyers ask intelligent questions and seek the web to find solutions. And that means better outcomes for buyers everywhere. I seek out and market myself to buyers, aside from my listing activities. I was an early advocate of buyer-representation, have taught classes to first-time home buyers about the importance of advocacy, and have given in-house trainings for fellow agents on why it’s a good thing for clients and for their business.

No matter where you buy or who you chose, you have the right to exclusive advocacy and representation.  Ask for it.  Demand it.  And reap the benefits!