Double Agents, Are They Good For Your Home Buying/Selling Experience?

Double Agents, Are They Good For Your Home Buying/Selling Experience? Home Buying and Home Selling Tips in Dallas, Texas by Becky Hopkins

Be careful about agents who work both sides of the table.

Thanks in large part to the internet, today’s buyers and sellers are more informed than in years past – which is a good thing.

While catching up on reading recently, an issue of Texas Realtor magazine with statistics from a 2009 survey caught my eye. According to the survey, 38% of buyers and sellers worked with a Realtor who represented both buyer and seller in a transaction. This is known as “dual agency” and although it is legal in the State of Texas and was disclosed to the buyers and sellers, I have to ask myself
why an informed buyer or seller would want their agent to also represent the
other guy.

My question: Did these buyers and sellers understand how dual agency would affect them in the transaction and especially during the contract negotiation phases?

I need to disclose that I am not a lawyer and am not attempting to practice law, but it seems to me that dual agency is a conflict of interest and really is a buyer or seller common sense decision. With dual agency, there is not the same line of open communication between a Realtor and his client because the Realtor has
made the same type agreement with the opposing party(ies). With dual agency, the Realtor can’t advise either client so it isn’t unlike working with one hand tied behind his back.

The next time you are preparing to sell or buy property, be sure to (i) read what you are asked to sign and (ii) ask about anything you don’t understand before signing. In Texas, contract forms don’t use the words “dual agency” but you can ask your Realtor about this and say that you don’t want dual agency in your
transaction.

Sales teachers may tell their agents to sell the sizzle – but in real estate at least, my suggestion is to go with the steak – or substance.

Becky Hopkins, REALTOR®, SRES, GRI
CENTURY 21 Judge Fite Company

Direct: 469-568-7654

www.50andholding.com

Serving the Dallas/Fort Worth Metroplex

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