Dual Agency... good or bad idea?

Question

I was wondering if anyone has used dual agency as a buyer and what the experience was like. I was looking into it, but I can't decide if it's a good or a bad idea. Thanks in advance!

Naomasa Hase · Answer

@Russell Brazil and @Bobby Lee Thank you for your responses!

Bobby Lee · Answer

In a hot market I'd say it's a good idea. I've done it twice as a buyer now.

Even though agents are supposed to be watching out for their clients only and not for their own self-interest, we're all human. So while other buyer agents won't know what the strongest bid is, guess whose buyer agent *does* know what the strongest bid is?

And this agent gets a bigger bite of the pie. Again they're not supposed to take that into account, but again we're all human.

Now some will say "I can't represent both parties" and I actually prefer that. They're honest. Then I ask them to recommend someone from their office, as I'm not currently working with an agent. Now who will the selling agent likely help out - some agent from another firm or their buddy they just recommended over to you? Maybe their buddy will hound them for clues as to the strongest bid and they'll play a game of "hot or cold" with the numbers so the selling agent doesn't have to feel ethically compromised. At any rate his buddy is more likely to get helpful hints than some agent from another firm.

You have to make a judgment call though, as you want to make sure you don't end up with an unethical one that will really try to fleece you by pretending there are higher offers. If someone is willing to represent both sides, you really don't have someone fighting just for you.

Russell Brazil · Answer

Hire your own agent.