Why is Duel or Designated Agency so Hard for Buyers to Understand

By
Real Estate Agent with Keller Williams Greenville Central

Well I guess because the wording of the actual contract is lawyer talk! In South Carolina and here in Greenville, the Buyer Agency agreement is a 4 page jumble of marbles in the mouths of normal folk and even to most agents.

Explaining it is another issue. And even when it's explained and you find yourself in that scenario, it can really spook a buyer. We love to sell our company listings and help our fellow agents, but the buyers think we're steering or leading because we tell them we're in Duel or Designated Agency. Of course we're not! We just happen to be two seperate agents working in the same office that represent a buyer or seller on the same  property and we have to make sure we let everyone know this so that there IS no misrepresentation. It's that simple. Yet it gets misunderstood so often.

I'm going through this scenario right now. I have a listing and another fellow agent in my office brought a buyer and is ready to go. However they were extremely cautious regarding the explanation of Agency. Is Duel and Designated not the same all over? Are other states different. These folks come from Florida. I'd heard that there is some kind of transaction fee instead of Duel or Designated there. Is that the true case FL agents? Is Agency not the same across the board? If not then no wonder our clients can be confused. It's hard enough when the state specific contracts are mind boggling enough. But then if someone sells in another state and comes to South Carolina to buy, our wording is so different.

What is the reasoning behind so many different contracts. Shouldn't Agency be a requirement in all states, and wouldn't it be a dream if all states had the same contract. No wonder they find us shady at times. We have to explain the lawyer talk in layman's terms...and I for one didn't go to law school!

Can't we try to get along>>>LOL

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Topic:
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Anonymous
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Rainer
50,856
Holly Lynch
Keller Williams Greenville Central

LOL Sorry But I think Duel is more appropriate my bad ....

November 30, 2008 12:05 PM
Rainmaker
204,521
Gene Mock
GRI, CRB, CRS, ABR, CIPS, TRC, SFR, SRES
Associate Broker ~ Premier Team, KW Realty

it is required here in SC.    I think if it is explained in laymans terms it is easier for them to understand!

November 30, 2008 12:08 PM
Ambassador
957,967
Alan May
Evanston & Northshore of Chicago real estate
Coldwell Banker Residential

many a transaction is conducted as though it were duEl agency... pistols at 20 paces...

November 30, 2008 12:41 PM
Rainer
1,446
Edward Balcsik
Law Office of Edward Balcsik

Rules vary state to state.  This is not the problem.  The concepts could easily be explained if that is what state regulators wanted.  The regulators could produce a short description in plain language of what it means.  Who does the agent work for?  Whose interest are the watching out for?  Is what you tell them confidential?  and so forth.  Most states simply haven't done so.

November 30, 2008 01:11 PM
Rainmaker
720,579
Richard Weeks
Realtor, Associate Broker - Manager Business Development
Waller Group

Holly,

It would be my guess that not only do buyers not understand but probably many agents don't either.

It Texas we handle in house transactions with Intermediary.  The broker is always the Intermediary and can have policies as to how in house transactions will be handled.  If one agent represents both clients it would be an intermediary without appointments.  The agent could not give advice or opinion to either client.  If each client had an agent assigned it would be intermediary with appointments.  Then the cleints could receive advice and opinion from their agent.

December 02, 2008 08:51 AM
Anonymous
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Rainer
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Holly Lynch

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