Imagine you're buying a house. Normally, you'd have your own agent looking out for your best interests, and the seller would have their own agent doing the same for them.
Dual agency is different. It's when one agent works for both the buyer and the seller. This can happen if both you and the seller are clients of the same real estate company. The agent acts like a middleman, trying to get the deal done for everyone.
Here's why it's important to know about the dual agency:
- No secret info: Since the agent works for both sides, they can't keep secrets from either you or the seller. Everything needs to be out in the open.
- Fair play for all: The agent has to be fair to both you and the seller. This means making sure everyone understands the deal and their rights and avoiding situations where one side might get a better deal.
- Trust matters: Agents have to be upfront about being a dual agent and get your permission before working with both sides. This helps build trust and makes sure everyone knows what's going on.
- Not for everyone: Dual agency can be tricky, so some agents (like ours!) avoid it altogether. We believe it's better for everyone to have separate agents looking out for their best interests.
In short, dual agency can work, but it requires careful handling to make sure everyone gets a fair deal. If you have more questions the DMV Living team can help. (301)571-7711 www.dmvliving.com
