Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png What Is Dual Agency In Real Estate? – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Tue, 13 Sep 2016 11:30:18 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 Pros and Cons Of Dual Agency [caption id="attachment_9787" align="aligncenter" width="450"]What Is Dual Agency In Real Estate What Is Dual Agency In Real Estate[/caption] There are many reasons why hiring a real estate agent whether buying or selling a home is a very good idea.  The majority of real estate transactions include a buyer, a seller, a buyers agent, and a sellers agent. Depending on which state you're located in, it's possible you may encounter a potential scenario where the same real estate agent or company represents both the buyer and the seller.  This scenario is known as dual agency.  One great question to ask real estate agents when selling or buying a home is whether or not they work as a dual agent. If an agent indicates that they do work as a dual agent, you need to be aware of the pros and cons.  Read on to find out what the pros and cons of dual agency in real estate are.  It's important that if dual agency is allowed in your state and your real estate agent does work as a dual agent that you understand what dual agency is and also what the positives and negatives are to this scenario.

What Is Dual Agency In Real Estate?

A real estate broker may represent both the buyer and seller if both parties give their informed consent in writing.  n such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller.  An agent acting as a dual agent must explain carefully to both the buyer and the sellers that the agent is acting for the other party as well.  The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and sellers are giving up their right to undivided loyalty. There is also the potential scenario of a dual agent with designated sales agents, which is when two real estate agents work for the same company but each agent is appointed to represent their respective client, either the buyer or the seller. It's important to note that dual agency is not legal in some states.  This is mainly because dual agency is sometimes viewed as a conflict of interest, even though Realtors® are held to a strict Realtor® code of ethics.  It's important before getting involved in buying or selling a home that you find out if dual agency is a potential scenario you may encounter.  The best way to find out if dual agency is legal or not is to ask an experienced real estate agent.

Pros Of Dual Agency In Real Estate

[caption id="attachment_9788" align="aligncenter" width="450"]PROs To Using A Dual Agent When Buying Or Selling A Home PROs To Using A Dual Agent When Buying Or Selling A Home[/caption] If you're thinking about getting involved in a real estate transaction where dual agency exists, you'll want to know what the benefits are to this.  Below are some of the great benefits of working with a dual agent when buying or selling a home.

Smooth and Efficient Real Estate Transaction

Generally speaking, when dual agency exists the real estate transaction will be very smooth, which is a huge benefit to both a buyer and seller.  There are many reasons why real estate transactions fall apart and one of the biggest culprits is the lack of communication between real estate agents. When one agent or the brokerage is working with both the buyer and the seller, the chance of missed deadlines, missing documents, or delays in closing greatly reduces.  For example, if one real estate agent is working for both the buyer and the seller and a document needs to be signed by both parties, the dual agent has total control of how long it takes to get the document signed.

Full Disclosure

Real estate professionals are required to disclose all important information when they're representing a buyer or a seller.  Not disclosing important information can get a real estate professional in big trouble but some real estate professionals still decide to not provide full disclosure or do not have the ability to do so. One benefit of dual agency in real estate is that the chances of getting full disclosure greatly improves.  If a real estate agent is representing a seller and they share important information about the home, they're required to disclose this to the buyer.  In the case of a buyers agent and a sellers agent, it's possible the buyers agent never finds out about this information and it goes without being shared.

Potential Savings

When a Realtor® is working as a dual agent, there is a possibility that both the buyer and seller can save some money.  It's extremely important to remember, real estate brokerage fees are negotiable. Real estate brokerage fees in most cases are shared between a buyers agent and a sellers agent, so when the scenario of dual agency exists, the same agent or company receives the whole amount.  Dual agents are more inclined to reduce the amount of brokerage fees because they don't have to share with another agent or company. For a seller, using a dual agent may lead to a reduced percentage or dollar amount of brokerage fees.  For a buyer, this could mean a reduced sale price because the dual agent is able to adjust the amount of brokerage fees which impacts a sellers bottom line.

Cons Of Dual Agency In Real Estate

[caption id="attachment_9790" align="aligncenter" width="450"]Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside Is Dual Agency In Real Estate Risky - Find Out The Potential Drawbacks Of Dual Agency Inside[/caption] Before entering into a real estate transaction where dual agency exists, it's vital to understand what the potential drawbacks are.  Below are some of the cons of dual agency in real estate when buying or selling a home.

Greedy Real Estate Agents

There are some real estate agents that will say and do anything to make a deal.  One of the potential drawbacks of dual agency in real estate is that some agents will do whatever it takes to make a deal because they are receiving the entire brokerage fee. It's important that if you're entering into a dual agency situation, you know what some of the common lies real estate agents tell.  If you don't like the idea that you may not be told the truth or it may feel like an agent is saying whatever it takes to make a deal, you need to avoid dual agency.

Restricted Showings

A sellers agent is to utilize the best real estate marketing strategies to provide their clients home maximum exposure to secure top dollar.  Another negative of dual agency for a seller is that the dual agent may restrict showings in order to reduce the competition for the buyers offer. By restricting showings, the dual agent eliminates the chance another buyer is able to make an offer on the property unless they are willing to do site unseen.  This doesn't help a seller receive the most amount of money for their home, in fact, it could be costing them thousands of dollars.

Lack Of Advice

Whether buying or selling a home, receiving good advice from a real estate agent is very important.  One of the biggest reasons why FSBOs fail in real estate is because they aren't receiving quality advice.  One of the biggest drawbacks of dual agency is there is often a lack of advice being provided. For example, if a dual agent is presenting an offer to a seller, they may not suggest they counter the offer if it's low.  Lack of advice may also apply for a buyer when determining how much to offer for a home.  The dual agent may not recommend a fair market value when writing a purchase offer.

Final Thoughts

Dual agency is not for everyone.  Before you agree to work with an agent, you need to know whether or not they practice dual agency.  If you're not comfortable with working with an agent who practices dual agency, don't hire them. It's vital to keep in mind that some agents are great dual agents.  There are some real estate agents who strictly follow the code of ethics and can be trusted as a dual agent. If your state allows dual agency, you'll likely be required to sign documentation agreeing to dual agency.  Understanding the pros and cons of dual agency in real estate will help you make the determination as to whether or not you're comfortable with it.

Other Dual Agency Articles & Resources

Are you looking to buy or sell a home in Rochester NY?  If so, you need to be aware of dual agency because it is legal in New York State.  The above pros and cons to dual agency in real estate will help you determine if it's the right fit or not for you.  If you're unsure, contact me, and I'd love to sit down and discuss dual agency in detail.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "What Is Dual Agency In Real Estate?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.]]>