How will agents master the delicate art of dual agency (and unlock double the opportunities) while balancing the delicate line of fair representation?
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Each week on Download, Inman’s Christy Murdoch goes deeper into the week’s hottest stories to give you the information you need to face Monday. This week: How will agents master the delicate art of dual agency (and unlock double the opportunities) while balancing the delicate line of fair representation?
Imagine you are a buyer who is scraping together enough money for a down payment and closing costs, only to hear media reports about buyer’s agent commissions and thousands of dollars in additional out-of-pocket costs for buyer’s representation. You may be tempted to contact the listing agent directly associated with the home you’re eyeing online to close the deal and minimize costs.
This is a hypothetical scenario envisioned by many industry insiders working in markets that allow dual agency. (If you’re in Alaska, Colorado, Florida, Kansas, Maryland, Texas, Vermont, or Wyoming, you’re off the hook.)
Legality aside, many agents and brokers don’t “do” dual agency because they find it problematic from a fiduciary perspective. Agents must treat both parties equally, provide the same information, show no favoritism, and protect confidential information. This is a daunting task that can leave both agent and client dissatisfied.
Whatever your perspective (and we hope you’ll share it in this week’s Pulse), understanding dual agency—both enacting practices and processes around inquiries and transactions—is now critical. This week, we’re hearing from a variety of voices on the topic and offering you the chance to join the conversation.
The concept and practice of dual agency has received more attention recently as a result of the National Association of Realtors’ landmark commission lawsuit settlement. The settlement has fueled widespread speculation that the real estate industry is on the verge of major change, which some believe could lead to an increase in the incidence of dual agency.
In response, Jim Dalrymple II We reached out to industry leaders and experts across the U.S. to learn about the dual agency landscape. Notably, one takeaway from these conversations is that there is little consensus on the impact of commission settlements.
However, many industry members did say that situations that tend to create dual agents are likely to become more common in the future, requiring agents to evolve the way they work to cope.
Love it or hate it, the concept of dual agency is pretty popular right now. We want to better understand the possibilities, so this week in Downloads you’ll find advice from top compliance experts, a review of fiduciary duty principles, and a poll where you can weigh in on your own Attitudes and dual agent intentions.
Dual agency is accelerating. Should you walk a tightrope?
Everything an attorney should know about fiduciary duties
Keller Williams says real estate agents should familiarize themselves with these responsibilities and ensure they are followed to avoid legal liability and maintain their clients’ trust and confidence. Julia Rashe Israel wrote.
Do you plan on doing more double-ended trades? pulse
Will buyers seek dual representation more frequently?
