In NC, real estate agents can work exclusively for a buyer, for a seller, or they can represent both buyer and seller at the same time which is called dual agency.
Representing both buyer and seller is a can of worms and can get extremely messy. Equal loyalty to two parties in the same transaction is (in my opinion) impossible. Personally, I’d rather work exclusively for a buyer or exclusively for a seller, that way there’s no question where my loyalty and allegiance is and whose best interests I’m working to protect.
When representing a seller, I’m working to get them the best terms and most amount of money for their home. When representing a buyer, I’m working to keep the most amount of money in their pocket and work out the terms that are most favorable for their needs.
What happens when buyer or seller is upset, concerned, confused during negotiations on price, terms, inspections, repairs? A dual agent can’t give advice that would be less than ideal for the other party, in other words can’t fully work for either buyer or seller’s best interests…..as if the agent’s hands are tied. Now how is that fair for buyer or seller?!?!
Representing both buyer and seller on the purchase of a single property – NO WAY!!!! I’d much rather know that both buyer and seller have their own representation and have their own exclusive agent to give them counsel, support, advice and negotiation throughout a real estate transaction. Between the stress and emotions involved for both buyer and seller, I’d rather know that I’m firmly on my client’s side and there for them with 100% loyalty, anything less just isn’t acceptable to me.
I’ve heard the question: wouldn’t it be better for you to work with both, that way you get both sides of the commission? My answer: NO!!! The amount that a seller or list firm offers to pay me has nothing, I’ll repeat nothing to do with my ethical duties when representing my clients. Just a little thing called “ethics” but hey, maybe that’s just my opinion….
Before hiring a Charlotte NC real estate agent, ask their opinion on Dual Agency!
Copyright©, 2008 by Diane McDermott, All Rights Reserved, “Dual Agency Is A Can Of Worms!!!”