The real estate ‘double ender.’ Consumers cringe when they hear it. And honestly, so do I. Because whenever you see something in the news about REALTORS® behaving badly, most of the time the agent was acting for both sides of the transaction. And the consumer was hurt immeasurably.
Real estate clients and consumers have a right to be treated honestly and fairly when entering into the biggest transaction of their lives. While I’m a free market capitalist at heart, there is good reason that our industry is regulated. If the sale or purchase of a home goes badly, it can have lasting impacts on you and your family, sometimes for the rest of your life.
As a REALTOR®, I have entered into transactions where I acted for both sides, but strict protocols were followed, the clients were informed, and written consent was provided by all parties. Those clients were very happy when the keys were handed over on closing day.
It’s important to note that in Alberta, we don’t even call it dual agency anymore…
That’s because in some regards, dual agency is a misleading term. A real estate agent can’t fully ‘represent’ both the buyer and seller on the same property. In Alberta, we call the process of facilitating the deal between a buyer and seller Transaction Brokerage. It’s a fair distinction because protocol says we must enter into facilitation mode where the agent acts in an objective and even-handed manner without favouring one party over another. And if that isn’t possible, the negotiation doesn’t happen and one party is referred out to another agent or brokerage.
As a consumer, it’s imperative that you know what your choices are when working with a REALTOR®, before entering into a negotiation
On my real estate team, we provide a full consultation and needs analysis as soon as we start working with you. You deserve to have all your questions and concerns addressed early in the relationship. A professional in-office consultation provides the space, time and open communication required for a transparent discussion. Who wouldn’t want that when making multi-hundred-thousand-dollar decisions?!
Below I explain how 2 pieces of paper — the Consumer Relationships Guide — can make a big difference in your level of comfort and education as you begin this life changing journey!