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Great answers here, thank you friends.
I can do it. I have about 4 times in 15 years and honestly too. When I get a listing and the client signs the dual agency agreement I ask them to please not mention to me what their bottom line is. If by chance I get a buyer and they start asking me questions I generate a CMA for them and give them a range from that and ask the buyer what they want to offer. I then take it back to my seller client ask them for a response. One time I got into a stalemate situation. With the permission of the clients I got them all to meet in a conference room and they did the negotiations themselves and met in the middle. They walked out of the room slapping each other on the back with a smile on their faces.
It can be done if you keep your mouth shut as you should anyway even if it is not a dual agency deal. We are just the messenger. I only give advice if asked. Of course when you price a listing to start that is a different story.
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Noah Seidenberg I have been pretty good at it - and both buyers and sellers were happy at the end of it - except one buyer. And the best part is, that buyer has send 3 referrals since then!
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I do.
When buyers approach me to represent them on the purchase of one of my listings, they usually ask me for a financial perk or for the lowest price the seller will accept. It won't happen.
I offer excellent representation. I won't throw the seller under the bus, give compensation to the buyer, etc. At that point, most people walk away and that's fine. I want to be selected for the right reasons.
When buyers do choose me to represent them on then purchase of my listing, I explain that I keep their confidential information confidential and I do the same for the seller.
Buyers either want an agent they can trust or an agent they can manipulate. It's up to the agent to decide which kind of agent they want to be.
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John Meussner
Fair Oaks, CA
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Yes, I've done many deals representing both sides. It does take skill though and IMO unless an agent is well versed in all the legalities of dual agency they shouldn't try it.
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Hi, Noah...we don't have dual agency in Colorado. I have worked as a transaction broker with both buyers and sellers and I think I do a good job at it.
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Colorado removed the dual agency several years ago and stated if you do both sides of a deal, you have to be a transaction broker. I do about 2-5 each year.
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Since dual agency came into the picture, the word "fair" has been removed from the code of ethics. No need to wonder why...
Dual agency only benefits one person....the agent who will make more money. It never benefits the buyer or the seller.
Eve
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I don't think disclosed dual agency is a good way to go in most instances. Personally, I have never done it.
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It may be legal, depending on which state you are licensed in, but I won't do it. You are not able to fulfill your obligations when you are representing both sides. Thus, in comes Larry...
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After 18 years, yes I've done it, several times, but I don't like to do it. I think it opens us up to a lot of liability.
Plus I'm a big believer that "you can't serve two masters."
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YES!!! I do close to 60% Dual Agency. You have to represent the client you are with at the time, shich means that you write contracts the way you are instructed although you know that you dual client will not like it.
16 years neverr a complaint and many many have said it was the smoothest transaction they had ever had.
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We don't ever do both sides of a transaction. We give one side to one of our other agents to keep things from getting complicated.
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Good evening, I believe it can be done fairly. I also believe it is a can of worms waiting to happen. How many things are we 'holding back' that we would normally say if representing only one side? Not a matter of being dishonest just not being as agressive? Mark
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Noah,
It is allowed in California, and it can be fair. I have seen it many times. In our case, we did many dual deals, the idea was always to get the best deal possible for both sides. No one was ever unhappy with our results. We also enjoyed cooperating with other agents, because they had the same mindset, the best deal for both parties. There were very few hissy fits or nonsense, perhaps because, we all were business people dealing with business people, and everyone understood, it was the deal that mattered. Egos were set aside.
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I don't like dual representation. I don't think it should be allowed. The goals of the buyer and the seller are really mutually exclusive. I try not to do it but have done both side one or two times...It's impossible to be equally fair to both sides.
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Although it is allowed in our state and I believe I can be fair, I prefer not to participate in a transaction where I represent both sides.
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If it's a straight forward transaction, yes. Though, if issues develop, it can become quite difficult.