Does anyone have tips on how to educate and reassure your clients when entering into a dual agency relationship where you represent both sides of the transaction? Also, any public members, what were your experiences in dual agency... Did you like it, dislike it? Any advice from your prespective would be valuable, too.
I am in a medium sized Iowa market (Cedar Rapids, Iowa) where my company Skogman Realty is the largest listing, selling and builder in the area so we run into dual agency situations quite often.
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The best way to reassure them is to tell them to go find a buyer's agent. I always recommend the buyer never go into a dual agency relationship. While you are likely a very honest person with high integrity that's not always necessarily the truth. Buyers need representation that they can go to and say in private, "am I really getting the best deal?" BUYERS: Never call the listing agent. Get a buyer's agent for your own protection. That's why there are buyer's agents and listing agents.
I work as a facilitator. If you are a sellers agent and find a buyer
you could transition to a facilitator for both parties. Dual agency is a law suit waiting to happen. Some states do not even allow dual agency!
Since most of my clients are friends from within my sphere, I take my responsibilities of representing their interests very seriously. As a result, I have only been involved in a few dual agency situations.
I always inform my clients up front, usually at the very start of our process. I give them a copy of the Agency brochure and explain the various agency scenarios.
I feel that my primary obligation is to whichever party I was working with first. That's not always hard and fast. Bottom line though, is that it's my clients decision, and not something I force on them. My usual preference is to simply refer the other party to another agent in our office. Both parties deserve professional, diligent representation.
We represent the transaction as transaction brokers. Haven't dealt with dual agency in years. Very glad we don't have it anymore.