Looking to buy or sell a house? If you're like 90% of North Americans that will mean you will working with a real estate agent. In real estate there are buyers and sellers; both commonly have agents working for them (single agency). Part of any agent's responsibility to their clients, called their fiduciary responsibility, is to try to get the best deal possible for that client. In other words, the seller's agent tries to get the highest price possible for the property, while the buyer's agent wants to negotiate the lowest possible sale price for the house.
However with dual agency a single agent acts for both the buyer and the seller in a transaction. Because of the obvious conflict of interest (an agent just cannot get the highest price for the seller and the lowest price for the buyer at the same time), a number of states don't allow dual agency. In others, dual agency is an accepted business practice.
In spite of the appearance of a conflict of interest, dual agency isn't necessarily bad. Thousands of homes are sold to satisfied customers under dual agency every year. In a fast-moving market where houses are sometimes sold before they even get listed, it could the only way to buy a house. However, if you feel your interests can't be represented and protected under dual agency, you can always walk away. You can look at other properties or you could sign with an exclusive buyer's or seller's agent - an agent who will definitely have only your interests at heart.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125