A “deal” is not necessarily a “deal”:
Buyer walks in to an open house and falls in love. Buyer has been working with a reputable real estate agent, Marin Real Estate Agent A. Real Estate Agent B is the listing agent for the open house and is representing Seller. Real Estate Agent B tells Buyer if they list their house with her/him, she/he will help them get a "deal" on the house they fell in love with. Real Estate Agent B will then handle both sides of the open house transaction, representing the Seller and Buyer. Real Estate Agent B will then go on to represent the Buyer of the open house on the sale of their home.
So who really gets "the deal"?
Real Estate Agent B, of course. Real Estate Agent B now has the original listing, can double end it with his/her own buyer, and will also have the listing on Buyer’s home. Three transactions. In pricey Marin County, that equals big $$$.
What about everyone else? Do they get a "deal"?
· Seller doesn’t. Seller’s real agent is negotiating the sale of their house with her own client, and therefore has a conflict of interest. That client may not be the best buyer for the house, but Real Agent B wants to put the deal together to capture both sides. Did they get the highest possible price and most favorable terms for their home, or did their real estate agent just want to make a deal?
· Buyer doesn’t. This so called "deal" they were offered is no deal. Who is representing Buyer’s exclusive interests when Real Estate Agent B is also representing the seller? When Buyer puts their own house on the market, will their real estate agent, Real Estate Agent B, also be looking to making a "deal" with a future buyer of their home?
It is important that you, as a buyer or seller, understand the relationship with your Marin County real estate agent and ensure that your real estate agent has your best interests in mind throughout the entire transaction. Fortunately, Marin County has many fabulous real estate agents (like yours truly, Ginger Wilcox!) who focus on the best interest of their clients. Be sure to interview carefully to make sure your real estate agent doesn’t take the better end of the "deal".
**Caveat**
Just because a real estate agent handles both sides of the transaction does not make them unethical. Some agents do this extraordinarily well. I personally do not handle both sides of a transaction because I do not feel like I can provide the type of representation that I feel my clients need and deserve. If one of my clients wants to purchase one of my listings, I would refer one of the parties to another real estate agent who could properly represent their best interests.
Hire someone who looks out for YOU.