Double ending a real estate listing – this means for the listing agent to also representing the home seller.
Thereby “double dipping” or “double ending” a single transaction.
This equates to the listing agent earning a double commission, unless something “less” was pre negotiated between the listing agent and the seller. Example, “If I bring the real estate buyer I will reduce the total commission from 6% to 5%.”
However, in the world of real estate, this feat is rarely accomplished. The reason is because there are literally thousands of real estate agents with buyers for any real estate seller.
Also, the other caveat is the issue of dual agency. The listing agent, the one the seller hired to sell their home, condo or townhome knows their most personal secrets. Although it says as part of the agreement that the sellers agent cannot reveal the “seller’s bottom line” unless previously agreed to, it may still happen in the home seller’s mind.
In addition, it also says the buyer’s agent, the agent representing the home buyer, cannot reveal the buyers “top end” as far as how much they are willing to pay.
In the end you have an agent that has all of the appearances of being Bipolar 🙂 – no offence to my Uncle Rich who has bipolar disorder, in a bad way.
How can you have a singular agent represent both a buyer and seller on the same property? The answer is you can, but they have to be completely transparent and not sales people.
In the world of real estate several states in the United States say you cannot. In fact, it’s illegal for the listing agent to represent the home buyer on the same property.
It’s an interesting dilemma and there is even a disclosure that the California Association of Realtors has imposed to be signed by all parties related to who represents whom in the transaction. This disclosure is known as “Real Estate Agency”.
In California Dual Agency is legal. However, a lot of buyers and sellers wish to steer away from this type of transaction.
At New Homes – while most people give up their email addresses and names to be on the “get notified” list, once we explain that negates us being to represent them, they don’t make this a practice. Make sure you don’t sign up for anything. Even at open houses, and especially at new housing and new builder communities. This non act will ensure you will be able to keep your own realtor and have them run interference for you 100%.
I’m Connor T. MacIvor and I’m glad to be of service to you and yours with everything that is real estate procurement and sales.