Are you a buyer or seller with the same property agent? In most cases, the buyer’s agent and the seller’s agent are usually different real estate professionals, but there are chances you might encounter a dual agent!
Will this transaction benefit you is the major question? Let’s take a quick run-through of the pros and cons. Our estate agents in Doncaster are fully equipped with the best property knowledge to help landowners and investors alike with a range of services. Before you decide to go with a dual or designated/separate real estate agent, it’s crucial to understand the basic workarounds.
Can the same estate agent work for the buyer and seller?
Yes, the same real estate agent can play a dual role in representing both parties( home buyer and seller). Traditionally, most of the real estate transactions require separate agents to represent both the property buyer and seller. This was mainly to avoid chances of conflict of interest which can happen when the same agent mediates for both parties.
It is also common to work with a dual agent, especially when you like a property that your agent has listed, but in most cases, there are chances that the buyer’s agent might be working with the listing agent. As long as both parties are in consent, there is no law against an agent working for both.
Some pros of buying through the same estate agent you’re selling through include:
- If you use the same estate agent for both purchase and sale, you may be able to negotiate a better commission rate. You’ll also benefit from their familiarity with the process and transaction.
- It is more practical if the houses are in the same region.
- Estate agents are involved in more than just a single property. For example, they’re involved in the entire conveyancing chain and know much of what’s going on with both parties. Even though they have to maintain confidentiality between the two parties, they are in a better position when it comes to the larger picture.
- As there is only one agent involved in the process, the stress and hassle with coordinating 2 agents is reduced, resulting in speed of the transaction. Thus time can be saved.
- There is also the potential to save when you sell.
Cons of buying through the same estate agent you’re selling through include:
- One of the major drawbacks you could face is “conflict of interest”. There is always a possibility that there might be a breach of confidential information.
- This option may not be very practical if you’re relocating. The same agent won’t be able to carry out viewings as they won’t be aware of the new region and its policies.
- Difference in types of property choices. Estate agents usually specialize in certain sets of properties. For example: if the estate agent specializes in smaller properties and you are in need of a bigger property, they would be of much help.
Pros and cons apart, another reason to choose the same estate agent over others is for the person. At the end of the day, it is the trust and comfortability with the person working that eases the whole business.