Posts Categorized: Real Estate Terms

Dual Agent Vs. Team

real estate team near me

 

Team vs. Dual Agent

Clients often ask us, “why did form a team instead of just doing everything yourself?” In the beginning of Rosie’s 25 year career she did it all! She chose to form a team for several reasons such as being able to help more people, growing the business, streamlining the process and also ethical representation for her clients on both the buying and selling sides. In this blog we are going to focus on the latter…

What is a dual agent?

A dual agent is when a real estate agent works with the buyer and the seller on the same transaction simultaneously. Here’s a common scenario when dual agency may occur:

A real estate agent is hired to sell the home of a client named Mary. That real estate agent has a second client, named Rob, who is in the market to buy a home. Rob tours Mary’s home and decides he wants to purchase the home. Because both Rob and Mary are clients of the same real estate agent, the transaction is considered an example of dual agency.

Sounds pretty cut and dry, right? WRONG! It can muddy the waters because it creates a huge Conflict of Interest. When a real estate agent represents a seller, they are supposed to obtain the highest possible price for their seller with the least amount of contingencies. Similarly, when an agent represents a buyer, they are supposed to help them get the lowest possible price while making them feel comfortable with the condition of the home, usually through an inspection. However, if the same agent is representing both the buyer and the seller, getting the client the best price becomes extremely difficult. If the real estate agent is selling a home that is overpriced, they cannot disclose that to the buyer because they are going against their loyalty to their seller. However, they are also doing a disservice to their buyer because they are knowingly selling an overpriced home and are unable to advise the buyer against purchasing it out of loyalty to the seller. Without realizing it, the agent may also favor one side of the party a bit more than the other, depending on how long the real estate agent has known the buyer/seller, personal relationships, etc. This may be completely unintentional but can happen without the real estate agent realizing it. 

A dual agent is more likely to overlook important details as well!  Being a dual agent is extremely stressful and puts the real estate agent in a precarious situation. Managing both a buyer and a seller on the same transaction simultaneously may lead the real estate agent to mix up certain documents or miss important information altogether without meaning to do so. They also have the inability to negotiate price or inspection issues. In dual agency, the real estate agent is working in the best interests of both the buyer and the seller, making negotiations tricky. In a standard transaction scenario where a buyer’s agent and seller’s agent are both involved, the seller’s agent will advocate on the seller’s behalf to ensure the seller does not have to pay excessive repair costs if an inspection report comes back with several issues. The buyer’s agent will do the same for their buyer, negotiating that the repairs are taken care of or the buyer is credited in some way for excessive repair costs. However, this is difficult to do as a dual agent because the real estate agent’s interest is divided equally between the buyer and seller.  

For the reasons outlined above, this is why we formed a team.  An ethically-minded real estate agent always puts their clients’ needs first, even if that means giving up a larger commission. We have buyer’s agents who work exclusively with our buyers and seller’s agents who work exclusively with our sellers. As listing agent Melissa Hudson always says, “it’s like church and state”, meaning we as a team keep everything separate to protect the clients. This is the way we have chosen to do business and it must be working, we are the top real estate team in the King County area and top 1% nationwide! It pays to put your clients first!

LIVE TO LIST

From Living in Your Home to Listing Your Home!

People always ask me, "Rosie, how is your team different from other real estate agents?" We take the time and put in the work BEFORE your home lists to help you get it ready! Most agents sign the listing agreement and you don't hear from them until listing day... that is NOT US! I've always found that pre-inspections, work orders and simple updates to a home is the secret sauce for a successful listing.

My team and I meet with vetted contractors, help you declutter/organize, and we know what today's buyer is looking for. We are there to hold your hand every step of the way, we want this to be a stress free experience! Here is a great example of a recent listing in Fairwood and how they went from LIVE TO LIST with the Rosie Rourke Team, enjoy! 

 

 

After watching the video you'll first hand how we were able to help this client! Yes, they did get top dollar, which is important, but they also had a stress free experience! Here is a great testimonial from them:

"We have watched Rosie and her team in action over the years and thought perhaps her group would be a good choice when it was time to sell our home and find a new one. We were impressed from our first meeting with her team. To say she knows the area she sells in is an understatement. Rosie and her group are long-standing community members who truly have the business experience to put their knowledge and connections to work for clients. Let me be clear-we also chose Rosie and her group because we really had confidence that they were working in our best interest at all times-not something we feel is true of all agents in our area. Rosie’s team was there for us at every level with advice, assistance and excellent business contacts for banking, contractors, inspections...the works! We brought a home to market with a clean inspection, completed a purchase of a new home and sale of existing one in a few short weeks. Looking back, I know for certain we would have spent more money and taken much longer to get to the finish line had we worked with anyone else. We are so grateful for all the hard work and responsiveness of her entire team. Questions were answered, problems solved, good humor an professionalism right down the line. This is not our first home and we recall all the setbacks and frustrations that can come about during this process if details are missed or someone has their bottom line as a priority over your own. We are doubly aware of the quality of services we received. Do not hesitate to give Rosie’s group a call. I’d put them at the top of your list. Set up a meeting, do your homework and let them impress you."

Need Help?

Thinking about buying or selling? Fill out the form below to get in touch with me (Rosie) or you can call or text me anytime with questions! 

Rosie’s Real Estate Reveal: What Does Contingent Mean?

Welcome to another edition of Rosie’s Real Estate Reveal! These are blogs where Rosie Rourke helps you understand real estate terms and what they mean to you, the buyer or seller! Today’s reveal is all about contingent offers! Believe it or not, a lot of newer agents don’t even understand what a contingent offer is. Honestly it’s been a while since listing agents have been accepting them. But now with the market slow down, massive amounts of homes for sale, and buyers that have cooled off, agents are entertaining the contingent offers again.

What is a contingent offer?

It simple terms, it’s when a home buyer makes an offer on a new home before selling their current home. The sale of the new home is contingent or dependent on the sale of the current home. The “official” definition is as such: It means an offer on a home has been made and the seller has accepted it, but the finalized sale is contingent upon certain criteria that have to be met. Usually the successful sale of the buyer’s current home.

What does this mean for you?

When a home is “Contingent” it doesn’t mean the house has SOLD and is off the market! Did you know that you can still tour and MAKE AN OFFER on a contingent home? Not a backup offer, but you can BUMP the contingent offer and the home is YOURS!

So if you are in the market, see a home you love, and the status says Contingent… you still have a chance! I actually have 2 homes listed right now that are contingent, both of these sellers are looking for new buyers to BUMP the current contingent offers!

 

 

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