Princeton Town Topics – November 2, 2011
DUAL AGENCY
Most Americans (over 90%) prefer to work with an experienced REALTOR® to buy or sell a home. But when choosing a REALTOR®, it’s important to know exactly how they will represent you before you make a commitment.
In real estate, both the buyer and the seller usually have an agent (single agency) that works for them alone, where each agent’s responsibility is to get the best possible deal for their client. But sometimes an agent acts for both the buyer and the seller. This is called “dual agency”.
In the case of multiple offers and to avoid any conflict of interest, the agent or broker will usually assign a different REALTOR® to each party, called a Designated Agent. That way each client will get the strongest representation while protecting their privacy.
The practice of dual agency is actually quite common, and every year thousands of homes are bought and sold successfully this way. When dual agency is handled properly, both parties can leave the bargaining table feeling satisfied with the outcome of the sale.
