Dual Agency is a fancy phrase that means the realtor represents buyer and
the seller. The realtor doesn't have to share the commission. Being a
dual agent is great for the realtor; it also means that the buyer could be
getting less than the best representation. Your realtor isn't just working for
you; he's working for the seller also. Think of it in terms of the courtroom.
If you were being charged with a crime, would you want the prosecutor to be
your defense lawyer? First-time buyers need to have a realtor dedicated solely
to their best interests.
First Rule of Engagement for Realtors
Most real estate companies have unwritten rules of engagement, and the first
rule is that if a potential buyer asks about a certain piece of real estate
then that person is directed to the realtor who has that listing.
You walk into a real estate office because you saw an advertisement for a
particular home or piece of property. If you inform the receptionist that you
want information about a particular property, you have already made your first
mistake. You are now tied to the realtor that has that listing. It doesn't
matter if that realtor is the top producer or the new kid on the block. You're
stuck with that realtor for the duration.
Second Rule of Engagement for Realtors
Buyers who walk in the door or call without a particular property in mind belong
to the floor realtor. Most real estate companies have a sign-up sheet for floor
days. The realtors sign up for floor days because the realtor on the floor that
particular day acquires all potential buyers who walk in or call.
You walk in a real estate office and say, "I'm looking to buy a
house." Guess what? You get the floor realtor. It's the luck of the draw;
whoever is on floor that day becomes your realtor.