Buyers would each have a BDBA with their respective agent. Any designated representative must respect the confidentiality of the information provided by his client, act exclusively in the interest of his client and ensure a full representation of the Agency. According to the Consumer Federation of America, about 10-20% of home sales are tied to a dual agent and 20% to the sale of a home to a designated agency. I`ve been a real estate agent for 38 years. This article and the writer`s comments refer to grossly greedy and ignorant real estate agents (“MOST agents don`t know the laws in their own state”). There also seems to be a very poor representation of all the work that agents do throughout the Tranasaction, not only “negotiating the agreement to get the commission, or double commission,” or that their only duty is to get the seller the highest price or the buyer the lowest price than their respective agents. A buyer-agent cannot magically induce an informed seller to sell his home for less than he will agree to sell. There are many cases where buyers recommend agents pay a higher price to actually get the home that the buyer wants to buy. I am offended by the unethical representation of real estate agents and agencies, as proposed and presented by the writer! I have not bothered to research the writer`s profession itself, but he seems to promote himself, his own or his main interest and likely legal profession, in a government agency or commission rather than as a real estate professional. Some forms of the agency, the buyers` agency, the duale agency, the designated agency, etc. Perhaps the writer can explain how hundreds of years were bought and sold in our great country, like millions, or probably billions of homes, and how billions of people and families woke up happy in their own homes every day, without double agency, purchasing agency, etc.
Perhaps before the point where some lawyers invoked different forms of agency, each billion homeowners, home buyers were exploited by unscrupulous real estate agents? Perhaps the author thinks that all buyers and sellers are sheep who cannot manage their own affairs, and that most real estate agents are greedy for ruthless, unprofessional and cannot do a great job, both without the careful supervision of lawyers and government authorities who enact rules and try to micromanure all aspects of their lives and affairs. I agree that it is important for agents, buyers and sellers to be informed that the types of agencies and representations are understood in accordance with the laws and rules. Nevertheless, as a long-time real estate agent who worked professionally for many years before several types of agencies existed, I feel compelled to say that the writer misreprescing the real estate industry and the many professionals who offer all their clients and clients a fantastic service, regardless of the name or type of agency, that regulate and micromaner some highly employed body lawyers and government authorities. It is up to the buyer to decide how they want to proceed with the transaction. It is also a good practice to get this discussion in writing and let the buyer opt out at the same time as the Agency`s disclosure statement that your broker is legally required to make the buyer available. If you want to buy a property, talk to a real estate agent to discuss your needs. You tell the agent what you are looking for and how much you are willing to pay.