Before you call an agent about the next home you want to see, ask the agent: “Does your company policy allow you to represent buyers as a “dual” or “designated” agent?”
A company that allows their agents to practice dual or designated agency must disclose to you upfront that on homes listed now or in the future with the agent’s company, the company must divide their representation of your best interests with those of their seller-client by representing both of you at the same time – on the same home.
Dual agency is legal, but you can protect yourself in advance when you’re ready to start looking at homes by calling Carolina Buyer’s Agent or an exclusive buyers agent whose company policy does not allow the practice of dual or designated agency representation. With Carolina Buyer’s Agent, you’ll never risk the conflict of interests that dual or designated agency presents because as a company policy, we don’t list homes for sale or represent sellers – ever.
For example, your buyer’s agent may start out representing you as an “exclusive” buyer’s agent, but if you later fall in love with a home listed by your agent or your agent’s company, then your buyer’s agent can only legally represent you (along with his firm’s seller-client), as a dual or designated agent, and you must agree to sign a dual agency agreement before you would be allowed to make an offer on that home. When you sign a dual agency agreement, you’re giving your agent’s firm permission to represent the best interests of you and the seller at the same time.
Don’t risk the conflict of interest that will arise if you later become interested in purchasing that home or another home listed with your buyer agent’s company in the future. Otherwise, you may be obligated to work with the agent who showed the home to you first, regardless of their experience and negotiating skills, or whether the agent’s company would be representing the seller, too.
Carolina Buyer’s Agent guarantees that you’ll never risk dual agency because we specialize in buyer representation only. And best of all, our fee is already included in the listing sales price so you’ll never pay extra for our helping you locate, evaluate and negotiate your next home purchase in the Charlotte area.
The listing agent (the agent whose name is on the sign) always represents the best interests of the seller. And most real estate brokers who take listings encourage their agents to practice dual or designated agency on their own listings because this policy allows their company to keep the entire commission from your purchase of an in-house listing rather than having to share the commission with a buyer’s agent who is affiliated with an outside company. The irony is that the greater the number of dual or designated agency sales the company handles, the more profit your buyer agent’s company is making on the sale of an in-house listing – while at the same time decreasing the amount of legal representation they’re allowed to offer you!
Get a free referral and extra cash back from Carolina Buyer’s Agent when your home sells!
Do you have a home you need to sell? Get an additional cash credit from Carolina Buyer’s Agent when your existing home sells!Carolina Buyer’s Agent doesn’t represent sellers or take listings, but we can analyze the MLS sales statistics for over 5,000 Realtors® in the Charlotte area, and give you a free referral to the listing agents in your neighborhood who sold their clients’ homes at the highest price in the shortest amount of time. And as our buyer-client, you’ll get 100% of our referral fee back as an additional cash credit to you when your home sells! Check out our new tool called Real Time Market Snapshot to generate a free report that compares the asking prices to the sales prices for the homes in your ZIP code that sold within the last three months. You can also see the asking price, size and features for each home currently listed in your neighborhood.
Did your last real estate agent explain the risks of dual agency representation before showing you homes? Add your response to our survey question and track the Charlotte Real Estate Sales Prices over the past year at our blog, Charlotte Home Buyer Alert, and become an informed buyer! A designated or dual agent cannot by law give you the same degree of legal protection that an Exclusive Buyer’s Agent or EBA can. The only way to ensure that your agent will legally represent only your best interests is to choose an EBA whose company represents buyers only, and does not take listings or practice dual agency.
“Only an EBA can represent your best interests at all times and negotiate only on your behalf on any home you decide to buy,” says Tom Early, past president of the National Association of Exclusive Buyer Agents (NAEBA). “The job of a listing agent is to get the seller the highest price on the best terms. The job of an EBA is to get the buyer the lowest price on the best terms, and provide all the facts as to value, market, neighborhood conditions, and obvious physical defects. A buyer’s agent who works for a company that takes listings must explain that his company is also legally obligated to represent their sellers’ best interests as well.”
As a member of NAEBA, Carolina Buyer’s Agent is dedicated to promoting the rights and representing the best interests of buyers only in every real estate transaction. NAEBA, founded in 1995 to educate the public about exclusive buyer agency, is an independent alliance of exclusive buyer agents throughout North America whose real estate companies do not take property listings or represent sellers, and who work to preserve the right of buyers to be unconditionally represented 100% of the time when purchasing real estate.
Your Charlotte agent can make finding your home an exciting, rewarding experience, but unless you’re familiar with the agency disclosure requirements for NC, you risk not getting full representation at some point during the home purchase process. Click Exclusive Buyer Agency Agreement to print a copy of our Exclusive Buyer Agency Agreement and the information in the NC Real Estate Commission Consumer Agency Disclosure.
NOTE: The risk of dual or designated agency representation applies when the firm you hire represents both sellers and buyers. Carolina Buyer’s Agent represents buyers only, never sellers, so you will never risk dual or designated agency representation when you choose Carolina Buyer’s Agent to represent you.
The most important thing you can do before you call about the next home you want to see is to contact Carolina Buyer’s Agent or call us at 1-855-304-9266 or 704-366-0542 to set up a showing for you!