Recently, the Real Estate Council of British Columbia, Canada banned the practice of dual agency. When the same real estate agent (or company) represents both the buyer and the seller in a transaction, this is called Dual Agency. While at first glance, this practice may seem efficient, it does present a serious conflict of interest, and many in the industry view it as an unethical practice.
As the recent change in law in Canada shows, more and more people are agreeing with this perspective. However, the practice of dual agency remains legal throughout most of the United States. Only four states - Colorado, Florida, Kansas, and Wyoming - prohibit dual agency. California and Washington, D.C. have taken steps to regulate the practice, requiring agents to specifically disclose their dual agency status to both the buyer and the seller in writing prior to the signing of the purchase contract.
Here at Globella Buyers Realty, I talk a lot about the pitfalls of dual agency. As quoted in an article from WFG National Title Company, Christine Hopkins, an agent at Advon Real Estate in Virginia, summed it up perfectly: “Dual agency is no agency.” At the end of the day, dual agency hurts homebuyers and/or sellers.
As of the writing of this post, I have operated as an exclusive buyers agent in San Diego for 10 years. My company never takes listings. Instead, I focus all of my attention and expertise on helping homebuyers find their next perfect San Diego home. My clients never have to worry about me possibly representing a seller and/or becoming a dual agent.
If you’re buying a home in San Diego, I recommend that you work with someone you can trust. To learn more about how an exclusive buyer’s agent can work in your favor, contact me today to set up a Buyer Strategy Session.
Also read: San Diego Real Estate Agency 101
Also read: Buyer Agent Interview