“In dual agency, the agent represents two parties in the same transaction. Dual agency requires equal loyalty to two different principals at the same time – a high burden that means neither principal has the full, undivided loyalty of the agent. Dual agency arises, for example, when a real estate broker is the agent of both the seller and the buyer. The broker’s sales associates as agents of the broker, also have fiduciary or statutory responsibilities to the same principals. The challenge is to fulfill these fiduciary obligations to one principal without compromising the interests of the other. While practical methods of ensuring fairness and equal representation may exist, it should be noted that a dual agent can never fully represent either party’s interests because the duty of undivided loyalty cannot be shown to both principals at the same time. Similarly, it is impossible to maintain both confidentiality and full disclosure to parties whose interests are in opposition.
Because of the risks inherent in dual agency – ranging from conflicts of interest to outright abuse of trust — the practice is illegal in some states. In those states where dual agency is permitted, all parties must consent to the arrangement, usually (and always preferably) in writing.” – Modern Real Estate Practice 19th Edition Dearborn Real Estate Education
Local Agents and Brokers Laughed At Me, when I said I was going to exclusively represent buyers. But then NBC put me on TV for free through out the tri-state area and Woman’s Day Magazine recommended to home buyers across the country to call me…I smiled and laughed alot!
“Sellers Trust is founded on one simple principal, make a promise and keep it.” – Steve Schappert. The big advantage to agents is the ability to stand above the crowd, by doing the right thing and making more money by specializing. Regardless of your market your competition is typically hundreds, if not thousands of other agents. You can be the expert and take a stand in your community.