Buying and selling a home requires a lot of work and knowledge. This is why people decided to hire a real estate agent to help them through the process. There are two types of Agents in a transaction. A seller’s agent also know as a listings agent and a buyer’s agent also know as a selling agent. Depending what side of the transaction you are on, you will be working with a least one of them.
However, what happens when the same agent represents both the buyer and the seller? When both the buyer and the seller work with the same agent this is called dual agency. For some, they believe working with the same agent is a good idea and others think it a bad idea.
If you are considering dual agency, we put together this blog post that will let you know some of the pros and cons of dual agency when working with a Reno Real Estate Agent.
What is Dual Agency?
So what exactly is dual agency and how would you come across this situation? Dual agency is when a real estate agent represents the seller and buyer in a single transactions. Dual agency can also occurs when both parties are represented by a different agent but both agents work at the same brokerage or office.
Dual agency is allowed in Nevada. However a real estate agent in Nevada must disclose to both parties. Both parties will have to consent to dual agency.
How would dual agency occur. This often occurs when a buyer locates a house they like and contact the agent on the sign of listing information. They also might meet them at an open house. This can also happen when a buyers agent contacts a seller that is not being represented by another agent. These are examples and can occur in many other ways.
Pro: Full Consent Is Required
As we mentions above you must give consent to move forward. Also everyone involved in the transaction must be aware and give consent.
Professional agents will provide the legal document required to proceed. They will make sure all paperwork is properly signed before continuing.
Con: It Can Be Difficult to Understand
It can be a stressful situation when you are dealing with dual agency in Nevada.
Things are very simple when you are dealing with one Realtor. You let you agent know your wants and needs, they will find and show you homes that are available in which you will most likely be interested in. If you are interested they will help write you an offer that can get you a good deal on the house. Or if you are the seller, they will help only you get the best price on your home.
When you now have one agent representing both buyer and seller, things can become complicated and confusing for some.
Pro: Simple Communication
Often there are laps in communication with you are dealing with two separate agents. If both you and the other person have the same agent, or two agents from the same organization, communicating can be easier and faster.
This could allow for quick response times on offers or contingency proposals. It can also open up the possibility for a very quick and clean transaction to take place.
Con: A Neutral Agent
If you have one agent to broker the transaction, this adds to a scenario in which the agent needs to be neutral to all sides to make sure that things are properly handled. That means you won’t be able to get some kind of guidance or any information you may otherwise have received by getting your own agent to assist you.
When one group employs an agent, they work with one person, so if all sides in the agreement negotiate for the same agent, then the agent acts to insure that the transaction goes along seamlessly, rather than working for either side. Possibly preventing you from getting a better deal.
Pro: Possible Access to More Properties
In the case of a dual agency with all agents belonging to the same company, you can be given the chance to see more desirable properties or receive a faster offer on your house in no time.
Real estate offices other have many agents and each of them manage and sell several of their own properties. When you hire an agent, you’re also hiring the agency and the resources at its disposal to assist you in accomplishing your goals.
Con: You Have to Advocate for Yourself
Sometimes in a transaction people someone will try to get the upper hand and would like the deal to better suit them.
Finding your own representative ensures that the agent acts with you to achieve the best result that can please you, and they must have their skilled eye on anything that occurs in the negotiation to discourage you from having something other than what you want or deserve.
Pro: Potential Savings
Some agents will offer a discount on their commissions if you agree to dual agency. Commission is always negotiable before you hire your agent. However both the buyer and seller could possibly benefit.
Professional Dual Agency in Reno, Nevada
If you are dealing with dual agency and need a professional Reno Nevada real estate agent to assist you, contact us today. We will even help you with your own representation. Contact Us Here or give us a call at 775-525-0980.