Beware
of
"Dual
Agency"
The Ultimate Conflict of Interest
Many agents call themselves Buyer's Agents and will offer to represent you as a
buyer's agent even though they list property and represent sellers. Because
their expertise is usually oriented toward selling, not buying, their advice may
be questionable at best.
Then, if you wish to look at even one
property listed by any agent in their company,
they immediately become "dual agents" - trying to
represent both you and the seller at the same time. The only one who benefits
from that situation is the agent.
In Dual Agency, the agent and the agent's company can legally represent both the
buyer and the seller in a real estate transaction, only with the buyer's and
seller's knowledge and consent. Dual agency is favored by most real estate
companies because they make more money when they collect both sides of the
commission in a sale. If you buy through such a company, they will try to
convince you that dual agency is in your best interest and that they can and
will represent you fairly. Don't believe it!
While Dual Agency is not prohibited by law, it is regulated by NC Real Estate
Commission rules. Dual Agents are not permitted to give you advice based on
information they might have about their other clients - the sellers. If they are
honest and respect this restriction, their value to you is drastically
diminished. If, however, they are giving you confidential information about the
seller, you can be sure they are also giving the seller confidential information
about you. Either way, you lose. Using a Dual Agent when buying a home is not
illegal - it's just stupid.
Exclusive Buyer's Agents
An Exclusive Buyer's Agent, by definition, works for a company that does not
take listings. An EBA will not only help you find a home or land, but will also
represent you much like an attorney represents a client. In a real estate
transaction, an Exclusive Buyer's Agent legally and ethically owes all his
loyalty to his buyer client - not to the seller. Only an Exclusive Buyer's
Agent can and will tell you all he knows about both a property and the seller
and can guarantee that confidential information about you will be kept
confidential.
A true Exclusive Buyer's Agency, Dana Realty does not take listings and
never represents sellers. As Buyer's Agents for over 15 years, our expertise is
in buying property and our only objective is to help you find the best property
at the best price. We realize our buyers are real people with real needs who
deserve respect and knowledgeable representation when buying a home.
While other real estate companies will try to sell you a home, at DANA REALTY as
your Exclusive Buyer's Agent, we would appreciate the opportunity to help you
BUY one - there really is a BIG difference.
Just as it would be foolish to ask an opponent's attorney for legal advice,
it is equally foolish to ask the seller's agent for real estate advice. You
should have an Exclusive Buyer's Agent to advise you in all aspects of your
purchase.
Our Fee
Many people are reluctant to use an Exclusive Buyer's Agent because they
mistakenly think it will cost them money. This is certainly not true in our
case. Our fee is almost always paid by the seller or the listing agent from
the listing agent's commission, and any sales incentive or bonus we receive from
the seller will be paid to our buyer. Occasionally, there may be times when
it is in the buyer's best interest to pay us directly, in which case we will
discuss this with you and proceed only with your permission. You will never be
asked to pay some hidden fee.
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