There have been several posts in the last week about the merits of buyer agency. I personally think buying or selling you should have your own agent. You wouldn't dream of going to court, even for the smallest thing and use the same attorney as the guy (or gal) you're up against, would you?
Why do that in a real estate transaction? If you're a buyer, it's not just that it's the biggest financial transaction of your life. It's also the place you're going to spend significant chunks of time in the next few years. You want to make sure you're close to what you need to be. That the kids have an easy time getting back and forth to school, that you feel comfortable and it feels right when you go home at night.
If you're a seller you want to make sure you're not jibbed. That you get what your home is worth. For you it's mostly about the bottom line. Very often your bottom line is what dictates what happens next and how much home you can afford when you move up or down.
Buyers and sellers have different motivating factors. I think the most obvious is that a buyer will always want to pay the lowest price possible. The seller will always want to make as much money as possible. How can one agent representing two parties achieve both those goals? There's a conflict of interest right there... I could go on, but I think I've already made my point!
So how do you go about finding the right agent? The first thing you do is to try and figure out what is important to you. Then you talk to a few agents and figure out if it's important to them too. Empathy is what it's all about. Trust your gut. Just because buying or selling real estate is a big deal, doesn't mean you need to be intimidated by the so-called Professional in front of you. If it walks like a duck and quacks like a duck, it probably is a duck. Move on... I'm sure where you work you have colleagues who go the extra mile and others who just show up every day. It's the same with Realtors. Some just show up. You don't want one of those. Move on...Find yourself someone willing to go the extra mile.
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Hi Denise ~ Sometimes I play a game with myself and try to think about what my parents should do if I wasn't around and they needed to buy or sell a property. I think about all the agents I know and try to decide who would to entrust them to. You're absolutely right - empathy plays a huge part in it. Empathy and who would right by them.
Liz
You have some great points about how to find an agent...just not sure I agree with your view of dual agency...OK, I am sure. I will agree that we disagree.
Denise, I couldn't agree more with you on dual agency. Both the buyer and seller should have representation and not from the same REALTOR.
San Antonio Real Estate
Hi Liz ~ Yep, knowing who we would entrust our nearest and dearest too is a great barometer. And of course empathy alone won't cut it, but it's a very big part of the equation.
Hi John ~ It's okay, you're not the first to disagree with me on this subject. I also know that in some states there is no buyer or seller agency and agents act as a transaction broker. That's a different subject altogether and I'm not addressing that in this post. In Iowa we can choose to elect to work with a single agent rather than a dual agent and I believe strongly in taking advantage of that option.
Hi Liz ~ There are obvioulsy different schools of thought on this, glad you're with me on this one.
Thank you all for stopping by.
Denise
Hi Denise. I was going to say... in Florida we are transaction brokers. Dual agency is strictly forbidden but then real estate is local just as laws are. There are some states that allow dual agency. Sometimes it can work but in Florida it is not an option. ~ Lana
Hi Lana ~ Yes, after I published this post I thought about the fact that dual agency is not allowed in all states, that's why I addressed transaction brokerage in my comments above. Thanks for clarifying it for us all. As you point out, real estate laws are different from state to state and our posts are not one size fits all.
Denise
Dual agency can be tricky, but I have seen it work. I was refreshing myself on agency relationships earlier and there is a strong bias towards honesty, integrity, and fair play. If any agent commits to those principles I think they can navigate the tricky waters of dual agency.
Hi Dave ~ I don't honestly think that is a lack of commitment to the principles you mention that is the problem with dual agency. I think it's the "doing your job with your hands tied behind your back" part I don't like. If you're a dual agent, you are bound by the rule of agency to keep all kinds of information to yourself that you might otherwise share with a client. (Whether that is the buyer or the seller).
Thanks for stopping by. I'm sure buyers or sellers reading this post will appreciate the different views.
Denise