The process of buying or selling a home involves a lot of details, and a qualified real estate professional fits the bill to guide you through the process. It might seem like a great idea for both the buyer and seller of a property to use the same agent or agency. If you’re considering this, here are some pros and cons of dual agency when working with a New Jersey real estate agent.
Pro: Full Consent Is Required
For you to move forward with a dual agency, everyone involved must be fully informed of the entire process and consent to move forward under those established conditions.
Any reputable agent or agency pursuing a situation of this kind will make sure every I is dotted and T crossed before continuing on.
Con: It Can Be Difficult to Understand
Dealing with a dual agency can be a frustrating situation to put yourself in.
When you’re working with your own agent, things are very simple. You communicate your wants and needs to the agent, they and you select properties in which you’re interested, they show you those properties, and then you possibly begin putting in offers.
When you now have one agent representing both buyer and seller, things can become complicated and confusing for some.
Pro: Simple Communication
When you and the other party are both using the same agent or two agents from the same agency, it streamlines communication. This allows for rapid turnaround times on offers or contingency requests and allows for a very quick and clean negotiation to take place.
Con: A Neutral Agent
If you are using one agent to facilitate the deal, this leads to a situation where the agent has to remain impartial to both parties and make sure to keep things professional. This means you won’t be able to receive any sort of advice or get any information you could otherwise have possibly gotten from having your own agent.
When an agent is hired by one party, they work for that party, but if both parties in the deal are working with that one agent, the agent then works to make sure the deal goes through smoothly rather than pushing for either party.
Pro: Possible Access to More Properties
In a dual agency situation with both agents belonging to the same agency, you may be given an opportunity to see more available properties or hook yourself up with a new buyer in no time.
Agencies employ many agents, and they each have their own portfolios to use when matching up buyers and sellers. When you hire an agent, you’re also hiring the agency and the resources at its disposal to assist you in accomplishing your goals.
Con: You Have to Advocate for Yourself
Sometimes people make mistakes or try to get the upper hand in a deal.
Having your own agent means that agent is working for you to get the best possible outcome that leaves you satisfied, and they are going to keep their trained eyes on everything going on throughout negotiations to prevent you from getting anything less than what you want.
Pro: Potential Savings
Once negotiations are underway, the concern of paying commission can be on the table.
If both the buyer and seller are using the same agent, it’s conceivable that both parties could end up saving some money once all is said and done by not needing to both pay full commission to the agent. The thing to remember here is that commission is negotiable prior to hiring the agent.