In North Carolina, there are three different types of agents to help the public buy or sell real property. Buyer's agents and listing agents are self-defined. Buyer's agents represent buyers and listing agents represent sellers during real estate transactions. A dual agent is an agent that represents both the buyer and seller in the same transaction.
To better understand how a dual agent impacts the consumer. For example, let's imagine that Sally seller's agent is listing the home at 123 Main Street. Bob sees Sally's sign in the yard at 123 Main Street and calls the number on the sign. Sally answers the call and sets a time for Bob to see the home with Sally. Bob views the home and tells Sally he s pre-approved and wants to put on offer in on the home. Bob tells Sally that he would like her to represent him in the transaction. Sally calls the sellers and informs them that she has a buyer that wants to put an offer in on the home and wants to represent Bob. Since Bob wants to purchase the home and the sellers want an offer, both the sellers and Bob agree to allow Sally to be a dual agent,
Both the buyer(s) and the seller(s) needs to allow the agent to represent both parties in the transaction. During the negotiation phase, the dual agent is unable to help either side with negotiations. At this point, the dual agent is only helping facilitate the transaction. The dual agent provides all the necessary contracts but is unable to coach either side and help negotiate. A dual agent provides no tactical advantage for either party.
One of the main concerns with using a dual agent is figuring out who the dual agent now represents. First, the dual agent had an original agreement to represent the seller(s). The most recent arrangement is with the buyer(s) to help purchase the home. So, does the dual agent represent the buyer(s) or the seller(s)? Or, since the agent is now getting paid on both sides of the transaction, does the agent represent him or herself now? Here is the simple answer: the agent represents both parties, but does not aid either party to negotiate and still gets paid on both sides of the transaction.
At Tyre Realty Group, we do not want any of our clients to wonder where their agent's loyalties lie. If a client wants to sell with us, we have dedicated listing agents represent the seller(s). If a client wants to buy with TRG, we have dedicated buyers agents to help buyer(s). If our client(s) want to buy and sell with TRG, then we still have a dedicated agent for each side of the transaction. If you are needing to buy, sell or both buy and sell and do not want to chance to be in a dual agent situation, feel free to call Tyre Realty Group at (252) 758-4663 or send us a Direct Message on either Facebook or Instagram (@tyrerealtygroup).