Thursday, September 9, 2010

Stuck in the middle with you...Dual Agency

Remember that old song?
"Stuck in the middle with you?"
How many times have you represented both sides of a transaction? It can be sticky, tricky business. It is very important that dollar signs don't get in the way of cautious careful and dual representation. BEFORE deciding to represent both sides, take a breath - and ask yourself if this is beneficial for all. If you have even the slightest doubt, consult your broker- or bring in a second agent. In most cases you will do just fine. But ultimately, when all is said and done- you want both parties to feel they had the best possible experience, representation and outcome.
As it is, we are in the middle in all transactions. Being in the double middle has both challenges and rewards. Be sure both parties have a clear idea of what dual agency is. As the mother of two sets of twins (now 21 and 13) I certainly seem to be a good negotiator. Seeing double, taking or not taking sides, playing fair, empathy...
Here are a few suggestions when choosing dual agency:
  • Give them a clear choice up front for individual representation (my own suggestion) If they are comfortable with dual agency-
  • Get EVERYTHING in WRITING...every small detail
  • DISCLOSE, DISCLOSE, DISCLOSE
  • Communicate OFTEN with both parties
  • ASK if there are any concerns that have not been addressed
  • After the deal, follow up with both parties and ask how things are going
Most people are wonderful and quite reasonable. But with the extra stress on people when they are buying and selling real estate, stay calm, cool, and professional. Be the glue, be the anchor, be the solution.

No comments:

Post a Comment