The end of Dual Agency. FINALLY!
Right now, many BC Realtors are rioting in the streets (figuratively speaking) because we may no longer be able to act as a Limited Dual Agent or "double end" a listing as we say in the trenches.
Buyers and Sellers are pretty confused about what this all means. Don't you want a Listing Agent who has Buyers? Don't you want to buy the house from the Realtor who knows the most about it? Nope, no you don't!
When we as Realtors engage a client be it a Buyer or a Seller, we work for them *PERIOD* Our job is to get on their team, gather as much information as we can to do the best possible job, keep all sensitive information confidential, negotiate the best price/dates/and conditions for them and work under their instructions. On the flip side, we also fish for as much information about the opposing party to use to our client's benefit and we MUST report everything we know back to our client.
So Buyer's... when you walk into that open house with no agent... everything you say can and should be used against you in the purchase of that property... if the Listing Agent is doing a good job for their Seller.
BUT, what if that Listing Agent takes you on as their Client under the former Limited Dual Agency? Well, you tell me. How can you negotiate the price both downwards and upwards? How can you keep your client's information confidential but report everything you know? How can you make recommendations that are in the best interest of one party but work against the other? What do you do with two sets of instructions if they conflict? This is the reason I (personally) am happy to see Dual Agency go down with the dinosaurs! Effectively, in this position an Agent would get paid double for not really representing anyone.
For Sellers, the issue is growing smaller. Your Listing Agent can help a Buyer that may come along with no Realtor of their own, but they will do this in a 'customer' (not client) capacity. Completely on your team but able to provide a viewing of the property and draft the paperwork for the Buyer in a robotic fashion offering no advise or sensitive information. My personal belief on this scenario is that you should ask for a significant discount on your commissions since you are not paying a Buyer's Agent. Check your listing contract for the amount that has been allotted for an Agent that represents the Buyer.
Buyers, there is HUGE value in hiring your own Realtor!!! !!! Find someone you really like, really trust and who is awesome at what they do to represent you.
The one scenario where this gets ooober tricky is when a Buyer engages an Agent first and then finds out that that same agent has a property listed that they want to buy. Damn, now what? Does that restrict the Buyer from purchasing the home or limit the Seller on who they can sell to? There are ways to make this work so don't stress. But you need to know that there is one professional in the mix who has way too much intel and will have to pick 1 team or none at all. Go in eyes wide open and ask what all your options are.
