I wish I could shout this from the mountaintops... or at least until everyone knows. Too many unsuspecting buyers fall victim to this and have no idea there is a better way. I can't tell you how many buyers I have talked to that think they must go through the listing agent to buy the home. I actually just talked to a buyer this weekend that was buying a local business and the agent representing the seller TOLD THE BUYER that she would handle the situation and to not tell anyone else about the deal. She said that the buyer would pay HER a commission for selling THEM the business. Um... so think that through. The buyer has NO representation. They have to trust the agent selling the property or business. Remember, that agent is working for the seller to sell THAT property or business. Their best interest is not for the buyer but for the seller.
Any agent that says a buyer CANNOT have their own agent is downright lying and performing unethical practices.
As a buyer, you absolutely have the right to your own representation. It's like an attorney representing both the plaintiff and the defendant! It seems ridiculous! I told the buyer that they absolutely should have their own representation throughout the deal so they know they are protected and they are not taken for a ride.
When this buyer changed their tune and wanted to have their own representation, the selling agent was actually irritated! I couldn't believe it. She should know better.
Now- Here's my one caveat. It's okay to have one agent be the primary representation for both buyer and seller in some rare instances. If both parties understand the situation and both the buyer and seller have already come to terms on the details, one agent to just facilitate the transaction may be all that's needed. There may also be a reduced commission since only one agent is receiving the commission. It can also streamline the transaction because, without another party involved, communication can be easier.
But honestly, this is about all the pros to a dual agency.
I would always strongly suggest every home, business, or property buyer have their own representation when buying that has no affiliation with the sale of the property., Only then can you know for sure that your agent is only working for your benefit, and not the benefit of the seller.
Have more questions? Ask me anything! Visit my video blog for quick and easy answers to many real estate questions.
As a certified Realtor® for the top-rated Columbus Realty Firm - Vision Realty, with 32 years of dedicated real estate experience, I can help buyers, sellers, investors, short sale sellers and more find, sell or invest in the right property, at the right price, at the right time. Contact me anytime for updates and information on the Columbus OH Real Estate market.