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Dealing With Dual Real Estate Agents New York

Historically, real estate agents have represented the seller of a property. The seller, after all, is usually the one who pays their commission, and agents therefore have a fiduciary relationship with the seller.

Local Companies

Calamar Development
(716) 693-0006
3949 Forest Parkway
Wheatfield, NY

Cityview Properties, LLC
(716) 856-8400
726 Exchange St., Ste. 600
Buffalo, NY

Mary Collins Real Estate, Inc.
(845) 687-0911
Route 213 East
High Falls, NY

Keller Williams Realty, Capital District
518.724.5996
800 New Loudon Road Suite 3100
Latham, NY

Hunt Real Estate ERA
716-743-5297
3571 Niagara Falls Blvd
N. Tonawanda, NY

Century 21 ~ Kellie Place
607-434-5263
416 Chestnut St
Oneonta, NY

Hunt Real Estate - Wheatfield
716-743-5297
3571 Niagara Falls Blvd.
Wheatfield, NY

EDGE PROPERTIES Inc
516 610 9057
1 Benington Ave
Freeport, NY

1031 Investment Services LLC
(914) 447-3785
12 Ackerman Court
Croton on Hudson, NY

Battery Park Reality
(212) 786-1789
21 South End Avenue
New York, NY

More recent trends have introduced buyer's agents, who usually work on a fee basis exclusively for the buyer, and dual agents. Dual agents represent both seller and buyer, particularly in cases where the agent's company is the listing company. Dual agency is legal in most U.S. states; however, most consumer advocacy organizations recommend against using a dual agent. This is because there is an inherit conflict of interest for the agent - they receive a commission based on the selling price of the property. The higher the price, the higher their commission, so their reasoning is that dual agents never really have the buyer's best interests at heart.

If you've decided to work with a dual agent, this will need to be disclosed to both the buyer and seller, and they both have to agree, in writing. Dual agents are bound by law and ethics to treat both buyers and sellers honestly, equally, and fairly. Dual agents can be prevented from divulging confidential information about each party to the other. This could severely harm negotiating positions.

The bottom line in dealing with a dual agent is to remember that the buyer and seller have conflicting interests in the price and other terms of the sale. It's very difficult for an agent to truly and equally represent both parties, since the conflicting interests make that inherently impossible. If you do choose to use a dual agent, be sure the exact nature of your relationship with the dual agent is clear, know what services the agent will be performing for you during the transaction, how the agent will be paid, and how any conflicts that arise will be handled.

About the Author:

Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

Article Source:

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Featured Local Company

Calamar Development

(716) 693-0006
3949 Forest Parkway
Wheatfield, NY

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Regional Articles

- Do You Need a Real Estate Agent to Sell Your House? New York

Advice on selling your house without the help of a real estate agent.

- How To Find Real Estate Agent New York
- Things Real Estate Agent Need To Know New York
- Buying or Selling a Home in a Slow Market New York
- How dual agency works New York
- Discounters Vs. Full Fee Vs. Flexible Fee Real Estate Agents New York
- How Real Estate Agents Get Paid New York
- Real Estate And Marketing; Part 1 New York
- Step 4: Finding a Real Estate Agent New York
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