what is dual agency in real estate

Best answer

Dual agency is whenone agent represents both the buyer and seller in a real estate deal. This sets up a potential conflict of interest: an agent is supposed to negotiate on their client behalf,but one agent representing both sides of a sale can negotiate against themselves.

People also ask

  • What is dual agent in real estate?

  • Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. Most people familiar with the housing market know that a buyer agent works for the buyer, a listing agent for the seller, but there a third category that much more mysterious: the dual agent.

  • How much Commission does a real estate agent get for dual agency?

  • When the real estate agent is not acting as a dual agent, the commission is split with the buyer agent. In most areas, the buyer agent receives 2.5%?% and the seller agent receives 2.5%-3%. However, with dual agency, the agent retains the full real estate commission.

  • What is single agency and dual agency?

  • Single agency is when an agent represents only one party. A different agent who works for a different company represents the other party. Single agency allows an agent to act in their client best interest without conflict. How Does Dual Agency Work?

  • Is dual agency a good or bad idea?

  • For us control freaks, dual agency can seem like a great thing.?Because a dual agent is working in a potential conflict-of-interest situation ?one client (the seller) wants to get as high a price as possible, while the other client (the buyer) wants to pay as little as possible ?the agent can take sides or give advice.

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