So Why Does Dual Agency Even Exist?
Brokers want to double-dip on their own listings. What are the benefits of dual agency? to a Buyer or Seller NON,
A listing agent who also represents the buyer is a dual agent. Dual agents cannot operate in a fiduciary (“trust,”) relationship with either party and must treat both sellers and buyers equally. They cannot share confidential information but they cannot give confidential advice.
A dual agent in California was sued by the seller because she told the buyer to ask for a carpet allowance from the seller. It is very difficult to obtain the highest and best price for the seller when the agent also represents the buyer. The dual agent cannot advise on home price nor terms nor negotiate on anyone’s behalf.
Brokers have invented a fig-leaf called Disclosed Dual Agency in order to cling to the doubled commissions.
No Dual Agency!
Dual Agency is the process by which one real estate broker represents both the seller and the buyer in a transaction. It is legal in Georgia, provided it is fully disclosed and consented to by all parties. It is also of questionable ethics at best! Agents in some states are forbidden to engage in Dual Agency.
So What Benefit Does a Buyer or Seller Have When Using a Dual Agent?
Buyer = NON,
Seller = NON,
Dual Agency = Full 6% Commission
The Florida Everglades are not the only place posing a big problem with snakes.
Builder Holds a Florida & Georgia Real Estate Lic.