What is dual agency? An agent who works with both the buyer and the seller is called a dual agent. Also, if the sellers and the buyer’s agents are from the same broker firm, then it is called as dual agency again. Dual agency has its share of advantages and disadvantages. In here, Zack Childress, a million dollar real estate investor and mentor reviews the bonuses of dual agency.
Simple and quick real estate process:
Everything in the transaction takes place through the same agent. Thus it becomes easy and rapid to schedule everything.
The buyer may be lucky enough to buy the same home that his agent lists:
Suppose the buyer finds a home and he is really impressed by it and wants to purchase it. It so happens that the buyer’s real estate agent is listing the same home. Then doesn’t it make things easy?
The home sells more easily:
Since the seller’s agent is representing both the seller and the other side, he has a higher drive to sell the home.
The home finds buyers easily:
A seller may find a buyer before even the home gets listed. This happens since the same agent is working for both sides.
The chances of getting all the information increases:
Real estate professionals are required to get all the information with regards to a transaction and if he does not, then he is blamed. They cannot instill confidence in their clients unless they reveal all the information. But, sometimes real estate agents are unable to get hold of complete information. This inability is termed as inefficiency and it affects the reputation of the real estate agent. On the other hand, dual agency removes this problem. When the same person is the agent for both the parties, it becomes easier. For instance: the seller’s agent may not disclose certain things to the buyer’s agent. But in the case of dual agency, he already knows it.
The agent fees may be lower:
The agent may agree for a lower fee since he does not have to share the commission with anyone. Thus the seller may save potentially and utilize this amount for something else.
Negotiations become easier for the buyer:
Since the seller and the buyer are both handled by the same agent, price negotiations for the buyer become easier.
Real estate agents working from the same agency:
Sometimes dual agency is feared since people believe that dual agents are not effective. This is because they represent both parties are said to not work for the interests of both properly. But, this is not the case when two different agents from the same agency represent both sides. They communicate easily, negotiate well, provide complete information and represent the interests of both the parties fairly.
These are some of the pros of dual agents as reviewed by Zack Childress. Zack Childress is an expert real estate investor and guru. He is a whizz in areas such as real estate wholesaling, co-habbing and short sales.