Comments on: Dual Agency and The Exclusive Buyer’s Agent http://www.sequim-real-estate-blog.com/exclusive-buyers-agent/dual-agency-and-the-exclusive-buyers-agent/ Welcome to Sequim & Port Angeles Real Estate, a Branch Office of Adamas Realty Thu, 01 Dec 2011 10:45:41 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Andrew Thompson http://www.sequim-real-estate-blog.com/exclusive-buyers-agent/dual-agency-and-the-exclusive-buyers-agent/comment-page-1/#comment-6327 Andrew Thompson Fri, 12 Aug 2011 21:36:09 +0000 http://sequim-real-estate-blog.com/?p=493#comment-6327 Remember dual agency is whenever two agents work for the same brokerage for both the buyer and seller of a particular house. We as agents must have a wide a client base to generate enough money to make ends meet at the end of year. We can develop the same bonds with our buyers (showing them 20 houses) as we do with our listing clients who we contact constantly. My ultimate goal is to have every sale be a win-win situation whether I represent both clients or just one. I have had sales negotiations where the other Realtor has gotten in the way of the sale by due to their ego, or just lack of intelligence. Having two agents in a deal could kill a deal. One that both the seller and the buyer to learn to regret having lost. Remember dual agency is whenever two agents work for the same brokerage for both the buyer and seller of a particular house. We as agents must have a wide a client base to generate enough money to make ends meet at the end of year. We can develop the same bonds with our buyers (showing them 20 houses) as we do with our listing clients who we contact constantly.

My ultimate goal is to have every sale be a win-win situation whether I represent both clients or just one. I have had sales negotiations where the other Realtor has gotten in the way of the sale by due to their ego, or just lack of intelligence. Having two agents in a deal could kill a deal. One that both the seller and the buyer to learn to regret having lost.

]]> By: Chuck Marunde http://www.sequim-real-estate-blog.com/exclusive-buyers-agent/dual-agency-and-the-exclusive-buyers-agent/comment-page-1/#comment-2368 Chuck Marunde Sun, 15 Feb 2009 04:12:47 +0000 http://sequim-real-estate-blog.com/?p=493#comment-2368 Kirsten, I appreciate your comment. I guess I would add a couple of thoughts to what you said. I would say that not ALL real estate agents can represent both buyer and seller at the same time and adequately and fairly represent the best interests of both. There are so many inherent conflicts of interest. Just one is the price. The listing agent is bound to get his agent the highest possible price while at the same time getting his other client, the buyer, the lowest possible price. If that isn't a conflict, my name is Elmer Fudd. And there are many other duties and potential conflicts of interest. There is a situation where I could feasibly represent both sides, but it took me 20 years of law practice and another 10 years in sales and brokerage to full understand how to disclose and deal with every single conflict, and still I prefer not to go there. But more importantly with respect to your comment, I would disagree on your statement that the bad eventually get pushed out of the real estate business. I can guarantee that isn't true. Both the legal profession and the real estate sales profession have many incompetent people, and the proof of that is seen monthly somewhere in the U.S. as those people are sued for fraud, misrepresentation, and breach of fiduciary duties. There's probably a new lawsuit every single week somewhere in the country, and that's a conservative estimate. Actually, I think you have at least 365 new lawsuits every year, which is one new one every day. And it may be much higher than that nationwide. Many of these dishonest or bad people have been in the business for an entire career. That's as true as anything I've ever written. It really is. Too bad. The frustrating thing for those of us who have committed our entire careers to serving our clients honestly and faithfully is that those in our profession who we would all agree are "bad" if the truth were exposed, keep on getting new clients. My pet peeve is that clients don't do their due diligence, and they just as easily hire a bad person as a good and honest person. Ultimately, the client is the one who pays the price, and that is unfortunate. No matter how much I preach that clients should seek out honest Realtors who are competent and experienced, most people simply don't hear the message, or don't consider it important enough to take serious . . . until they get royally ripped off. Then it's too late. Okay. I've said my peace. Kirsten, I appreciate your comment. I guess I would add a couple of thoughts to what you said. I would say that not ALL real estate agents can represent both buyer and seller at the same time and adequately and fairly represent the best interests of both. There are so many inherent conflicts of interest. Just one is the price. The listing agent is bound to get his agent the highest possible price while at the same time getting his other client, the buyer, the lowest possible price. If that isn’t a conflict, my name is Elmer Fudd. And there are many other duties and potential conflicts of interest. There is a situation where I could feasibly represent both sides, but it took me 20 years of law practice and another 10 years in sales and brokerage to full understand how to disclose and deal with every single conflict, and still I prefer not to go there. But more importantly with respect to your comment, I would disagree on your statement that the bad eventually get pushed out of the real estate business. I can guarantee that isn’t true. Both the legal profession and the real estate sales profession have many incompetent people, and the proof of that is seen monthly somewhere in the U.S. as those people are sued for fraud, misrepresentation, and breach of fiduciary duties. There’s probably a new lawsuit every single week somewhere in the country, and that’s a conservative estimate. Actually, I think you have at least 365 new lawsuits every year, which is one new one every day. And it may be much higher than that nationwide. Many of these dishonest or bad people have been in the business for an entire career. That’s as true as anything I’ve ever written. It really is. Too bad. The frustrating thing for those of us who have committed our entire careers to serving our clients honestly and faithfully is that those in our profession who we would all agree are “bad” if the truth were exposed, keep on getting new clients. My pet peeve is that clients don’t do their due diligence, and they just as easily hire a bad person as a good and honest person. Ultimately, the client is the one who pays the price, and that is unfortunate. No matter how much I preach that clients should seek out honest Realtors who are competent and experienced, most people simply don’t hear the message, or don’t consider it important enough to take serious . . . until they get royally ripped off. Then it’s too late. Okay. I’ve said my peace.

]]> By: Kirsten Mason http://www.sequim-real-estate-blog.com/exclusive-buyers-agent/dual-agency-and-the-exclusive-buyers-agent/comment-page-1/#comment-2367 Kirsten Mason Sun, 15 Feb 2009 01:06:17 +0000 http://sequim-real-estate-blog.com/?p=493#comment-2367 I feel that a Realtor can work in both the buyer and sellers best interests. But it depends on the Realtor of course. Just like any industry you have your good and you have your bad. The bad eventually get pushed out of the real estate business in many ways thankfully. I feel that a Realtor can work in both the buyer and sellers best interests. But it depends on the Realtor of course. Just like any industry you have your good and you have your bad. The bad eventually get pushed out of the real estate business in many ways thankfully.

]]> By: Chuck Marunde http://www.sequim-real-estate-blog.com/exclusive-buyers-agent/dual-agency-and-the-exclusive-buyers-agent/comment-page-1/#comment-1331 Chuck Marunde Mon, 03 Nov 2008 14:29:47 +0000 http://sequim-real-estate-blog.com/?p=493#comment-1331 Thank you Joel. What happened to you should never happen. I'll go back to my original post and include a link to the Washington Post article and the International Real Estate Digest article on your case. Folks, Joel's case is proof positive that you really do need an exclusive buyer's agent. Wisdom strongly urges you to use a buyer's agent and avoid dual agency. By the way, I am a Realtor, but I was very surprised to learn in the Post article that according to the National Association of Realtors (NAR), 70% of agents don't fully disclose their dual agency representation to buyers in their first meeting. "According to new research by the National Association of Realtors, just 30 percent of all buyers in 2005 received disclosures about representation from their agents at their first meeting. Nearly half of all first-time buyers either received no disclosures during the sales transaction or were unaware of whether they did or did not." Thank you Joel. What happened to you should never happen. I’ll go back to my original post and include a link to the Washington Post article and the International Real Estate Digest article on your case. Folks, Joel’s case is proof positive that you really do need an exclusive buyer’s agent. Wisdom strongly urges you to use a buyer’s agent and avoid dual agency. By the way, I am a Realtor, but I was very surprised to learn in the Post article that according to the National Association of Realtors (NAR), 70% of agents don’t fully disclose their dual agency representation to buyers in their first meeting. “According to new research by the National Association of Realtors, just 30 percent of all buyers in 2005 received disclosures about representation from their agents at their first meeting. Nearly half of all first-time buyers either received no disclosures during the sales transaction or were unaware of whether they did or did not.”

]]> By: Joel Stern http://www.sequim-real-estate-blog.com/exclusive-buyers-agent/dual-agency-and-the-exclusive-buyers-agent/comment-page-1/#comment-1330 Joel Stern Mon, 03 Nov 2008 14:13:11 +0000 http://sequim-real-estate-blog.com/?p=493#comment-1330 You're right on the mark. I was victimized by a sham buyers agent in 2005 (working for the Weichert Company of Maryland). For more information about my case, go to Google and type in my name "Joel Stern", then "Weichert"; you'll find lots of blogs and websites devoted to this matter. Contact me if you'd like further details. You’re right on the mark. I was victimized by a sham buyers agent in 2005 (working for the Weichert Company of Maryland).
For more information about my case, go to Google and type in my name “Joel Stern”, then “Weichert”; you’ll find lots of blogs and websites devoted to this matter. Contact me if you’d like further details.

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