I'm interested to know how many rather just be the listing agent & let other agents get buyers.

I know it means both ends of the commission for you if you also work with a ready & willing buyer, but what are the things one does to keep everything fair & issue-free in a disclosed dual agency ?

Each states laws vary on Dual Agency.

In Florida, they are illegal..BUT

We do have something that looks like the same duck, talks like the same duck, walks like the same duck but we call it FROG.... well not actually it is Transactional Brokerage.

The only real differences is that we are not agents... we do not work for the interest of a single party, we work for the Transaction with limited responsibilities to the parties involved. We must Deal Honestly and Fairly; Account for all funds; use skill, care, and diligence in the transaction; Disclose all known facts that materially effect the value of residential real property and are not readily observable to the buyer; Present all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; Limited Confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or list price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivations of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or any other information requested by a party to remain confidential that does not violate the material disclosure requirements or other laws of the state; and any additional duties that are entered into by this or a separate written agreement.

But to anyone other than a real estate licensee it looks like dual agency... but it isn't because our state doesn't like the term so they invented one... think it is the same as Colorado.

That is Transactional Brokerage... we are not "agents" we are real estate facilitators working for the benefit of the transaction.

Simple answer!

Disclose, Disclose, Disclose!!!

Disclose Everything that is allowable to disclose.

Make sure both seller & buyer understand fully what dual agency is and if they are not comfortable then pass the buyer to another agent in your office and get the referral fee!

Our office somehow has managed to sell 97% of its own listings in house and disclosed duel agency is not as scarey as you might think. You represent both parties with out giving info about the other and letting them negotiate the price as you cannot help there because you represent both. Now I havent delt with trasactional agent too much. I do know my broker doesnt like them due to the fact that being a trans agent is basicly saying "I dont represent either of you I am just here to get paid" I cant say I agree with it either as it is not in the best intrest of either of your clients.

I am not sure about your states laws but Paul suggested referng them to another agent in your office. This may not work. Let me explain. Any listing by any agent in your office is the Brokers so even if you refered then to another agent in that office you would sill be a duel agent. What it boils down to is in any office there is only 1 agent the Broker, everyone else works for that broker

Chip,
Dual Agency as in the same office is not as bad as both buyer and seller have an agent looking out for them

"But to anyone other than a real estate licensee it looks like dual agency... but it isn't because our state doesn't like the term so they invented one... think it is the same as Colorado."
Except to attorneys, who caused this.
Yes we have Transaction Broker in Colorado, but.....

"Any listing by any agent in your office is the Brokers so even if you refered then to another agent in that office you would sill be a duel agent."
Again, not here in progressive Colorado, when the buyer is refered to another agent in the office on an in-house listing, they might be called "Designated Broker", who will represent the buyer as a buyers agent.

In GA it is not legal so we have designated agents. The broker assigns an agent to the buyer and a different agent to the seller and we DISCLOSE everything leagal to everybody who is a part of the transaction.

Realty Check - very cute!!

Legal in Ohio: Agent can potentially represent Buyer and Seller, with disclosure and consent from all parties. A more likely scenario is a dual agent broker and two agents working for the same brokerage.

Ohio has us present our Brokerage's agency policy at the first substansive meeting with buyer or seller, and agency disclosure must accompany the first offer made by buyer.

Dual Agency, IMHO, is not the big problem everyone makes it out to be. It's one less person at the negotiation table, the listing agent receives a higher commission, the seller (usually) pays a lower commission. The buyer benefits from the seller not having to pay as much in the form of more wiggle room in the price.

Of course, the opportunity for abuse is there, but disclosure is the remedy for about 90% of any problems, and ethics covers everything else.

Good Times!

Dual agency does exist in Maryland. Maryland laws also allow agency to be enacted between the buyer and an broker/agent or seller and an broker/agent. As an agent you can have the seller as a client and the buyer as a customer. Regardless of all the disclosure in the world, one agent can not completely represent both. It may be legal, but I do not sell my own listings. I am much more comfortable having another agent represent the buyer. I believe that each side of the transaction deserves full representation.

I'm with Paul - simply disclose, disclose, disclose.

In Iowa -

Consensual Dual Agency - (very few companies in my area) - any agent at that company represents every listing as a dual agent, whether or not they are the actual listing agent.

Designated Agency - (more the norm) - the only agent who represents the seller is the listing agent. Other agents in the same office do NOT represent the seller in any way. If I bring a buyer to my coworkers listing, we are each designated agents to our clients.

Dual Agency - only time this happens if I am both the listing agent AND have the buyer. Then it is "fence-sitting" time. You can facilitate the transaction, but cannot advise or advocate for either side.

Dual agency is allowed in Nevada with both parties consent. However, ethically, I think it is much too diffcult to provide both clients the service that you should be providing them

My father (a Realtor) and I work together in a retirement community. We often sell the listings we get in there.

The bottom line is that we simply do not discolose anything to buyer or seller anything relating to what either party is or is not willing to take for the property. When approaching one party or the other with a number, we use all the information available to indicate why that number was choosen by the other party.

We will then help with the buyer or sellers response by providing whatever material we have... that did not come from private discussions with the other party.

It sounds complicated, but its really pretty easy once you get used to it.

As a side note, I love doing dual agency. I feel like I am providing the maximum protection for both parties. While in deals with other agents, I often feel like the other party is not getting the protection they deserve. I suppose it makes sense for a real estate agent to believe they provide the best service and protection for their clients. Lucky for me that it happens to be true in my case ;-) !

Oh... by the way. If you care, here is the low down on California Dual Agency:

http://www.abbottandsutro.com/articles/agency.htm

In states where dual ageny is not permitted (Florida for example), the problems can be avoided, I believe by full disclosure and working as a transaction broker. If both agents are in the same office it the best way.

Excellent replies by Paul & cherir.

Dual Agency is legal in NY. I have worked as such on several occasions, and have NEVER had a problem with it. In fact, I have put deals together that would have likely not come together because of my relationship with both parties. DISCUSS ALL FORMS OF AGENCY RELATIONSHIPS BEFORE you get to the point of dual agency occuring! Prepare each party for that possibility, answer questions before hand, and thoroughly discuss the disclosure forms (make sure YOU get them! ) and you won't have problems.