Richmond VA Real Estate Dual Agency vs Designated Agency: what is the difference?
When you sit down with a Richmond VA Realtor to discuss selling your home, you will (or should!) learn about dual vs designated agency. Dual agency is when the listing agent representing you finds a buyer for the house and “represents” both parties: you the Seller and them the Buyer. I put the quotations around represents because once your listing agent engages in dual agency, they must become a neutral party to the transaction. Your Richmond VA real estate professional can no longer advise you on many things, including price. They can also not advise the buyer as there would clearly be a conflict of interest. Essentially you and the buyer are left on your own to hash out the deal.
Personally, I do not work as a dual agent. I truly believe in my clients best interests and, in my opinion, do not think it is in your best interest to no longer have the Richmond VA real estate agent you hired to become a neutral party. You hired me to be your advocate and I believe it should stay that way!
What if I, as your listing agent, just so happen to have a buyer for your home? I would refer the buyer to a colleague in my firm at Keller Williams Realty Richmond West so that you still have me as your exclusive representative and the buyer will have their very own agent acting on their behalf. When two different agents from the same brokerage work for the seller and the buyer, this is called designated agency. With designated agency, the lines are clearly drawn and both parties to the transaction are clearly represented.
Still have questions? I would be happy to answer them! Contact me, your Richmond VA real estate professional, today!
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