Dual agency definition: Occurs when the same brokerage represents both the buyer and the seller under written agreement. This means that if you have a buyers agreement with a real estate agent and find a home you are interested in that is under the same broker that your agent works for, another agent or the same agent within the same office can represent the seller.

That doesn’t sound so bad does it? Written agreements are made, that sounds safe.

Think again. Dual agency can be detrimental to a buyer in certain cases. A company that allows dual agency may say they work as a dual agency but actually operate more closely to a single agency. In small offices, phone calls with the buyer discussing pricing and terms can be overheard or faxes accidentally seen. Unintentionally an agent may be talking about a buyer in the break room and be overheard by the sellers agent. This can give the sellers agent information that may benefit the seller.

By using a dual agency, you are basically giving up your right as a buyer to have complete 100% buyer representation and loyalty from you real estate agent since the agent (agency) is also representing the opposite side of the transaction as well. If you are using a dual agency, I would suggest you be careful with the information you pass onto your agent as this could be intentionally or unintentionally used in the real estate transaction.

The only way to completely avoid this issue is to use an Exclusive Buyers Agent. There are never any listings within the entire office of exclusive buyers agencies.

If you are ready to buy a home remember that you have the right to have complete buyer representation and an agent whose fiduciary responsibilities are to you and only you.

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