When writing a contract to sell a house or meeting a realtor through a yard sign in the desired home, you may come across the term "Dual Agency." Today, let's explore what Dual Agency is and discuss its advantages and disadvantages.
Firstly, what is Dual Agency?
Dual Agency refers to a situation in real estate where one realtor represents both the buyer and the seller in a transaction.
In Illinois, if a real estate transaction involves Dual Agency, the consent of both the buyer and the seller is required. The agreement must be documented with their signatures on the contract, and a separate document called the Dual Agency Addendum must be prepared.
When a realtor represents either the seller or the buyer alone, they can strive to ensure the best interests of their client. However, in the case of Dual Agency, the realtor must navigate neutrally and handle everything impartially.
From the realtor's perspective, Dual Agency is more challenging than a regular transaction because they need to work hard to avoid any conflicts and ensure that neither party feels neglected. Consequently, many realtors may prefer to avoid Dual Agency situations.
In reality, this aspect can also be a disadvantage for both buyers and sellers. It may seem frustrating for clients as the realtor appears to be not entirely on their side. Additionally, information that could be shared when not in a dual agency situation may be restricted due to the complexities involved.
However, there are potential benefits for buyers and sellers. From the seller's perspective, listing a property often results in numerous inquiries and showings. Dual Agency can streamline the process by allowing the realtor to handle inquiries and negotiations more efficiently. Sellers can also receive clearer insights into the buyer's perspective through direct communication with the realtor.
In the next post, I will address more questions you may have.
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