When you set about buying a home for the first time, the
lay of the land can be a little tricky. It’s worth recalling some familiar
sayings, like
All that glitters is
not gold; and
Don’t judge a book
by its cover; and
Appearances can be deceiving
Likewise, just as “doubletalk” isn’t twice as reliable as
“talk,” in the Metairie and New
Orleans home-buying vernacular, a “dual agency” transaction doesn’t necessarily
involve twice as many Metairie and New Orleans real estate agents—it can involve
just one (or two who are working under the aegis of a single broker).
This can become important for home buyers who sometimes
make a strategic decision based solely on what seems like common sense. They see
a Metairie or New Orleans home or a listing that looks promising, and make the
assumption that they will get the best deal by going directly to the property’s
listing agent—you know, to get all the information
Straight from the horse’s mouth!
Now in fact, real estate agents are responsible for carrying
out a wide array of duties, including staging homes for sale; marketing them;
showing the homes to buyers; aiding in negotiations, etc. The real estate agent
who listed the property (aka the seller’s
agent) is obligated to represent the interests of the seller. Makes perfect
sense. And when a prospective buyer chooses to enter negotiations without their
own agent to represent their interests, the listing agent remains duty-bound to
represent the seller—but now the buyer, also. In the event of a conflict
between the interests of buyer and seller, the real estate agent has to
represent both—which, as you might imagine, can be tricky.
When you think about how attorneys and real estate
agents are similarly duty-bound to their clients, you can see why it usually
wouldn’t make sense for a buyer to forego separate representation. It would be
like having the same attorney represent both sides in a negotiation. Also, since
there is no additional commission charge for employing a buyer’s agent
(commissions are customarily split between agents, with both being paid from
the seller’s proceeds), most buyers decide that teaming with their own Metairie
or New Orleans real estate agent will get them the best possible deal. After
all,
No one can serve two masters!
Does that mean you as a buyer should never proceed
with one Metairie or New Orleans real estate agent—in other words, make a ‘dual
agency’ transaction? Not quite. Remember,
Never say ‘Never’!
In some cases, it does work out. For instance, if the parties are related (and have
the same goals); or if every detail has already been agreed to; or if time is such
an overriding factor that it trumps other considerations, then everyone can be well-served
by a single real estate agent. In any case, as long as an agent is able to
remain scrupulous in not violating any confidences, since each party has the
chance to make their own decisions at every point in the transaction, nearly
one in ten home sales does wind up as a single-agent transaction.
If you will be on the lookout for a new home in
Metairie or New Orleans this fall, I’d be
pleased to put my experience at your service to help find and negotiate the deal.
Call me!
View Homes For Sale in Metairie
View Homes For Sale in New Orleans
Terez B. Harris
Terez Harris NOLA Real Estate Group
Terez Harris NOLA Real Estate Group
(504)297-2619
www.TerezHarris.com
TerezHarris@kw.com
Search the MLS!
(multiple listing service)
Search Terez's Active Listings!
TerezHarris@kw.com
Search the MLS!
(multiple listing service)
Search Terez's Active Listings!
Terez B. Harris Terez Harris NOLA Real Estate Group 504-297-2619 www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.
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