When holding my listings Open, I have repeatedly been asked the same question by potential buyers, "Are you the listing agent?". When I confirm that I am, they proceed to say, "Good, I will ONLY deal with the listing agent."
When I look suprised and say, "Why would you do that to yourself?" The reponse is"I'll get a better deal because you know the sellers bottom-line and you will cut your commission!"
Then the conversation gets interesting.
I explain that as a basic business practice I won't act as a dual agent and double-end a transaction. My seller has hired me to get their home maximum exposure and to negotiate the highest possible price the market will bear. If I can improve on their bottom-line, it is my job to do so! My fiduciary responsibility and my loyalty is to my seller. I choose not to lessen that commitment by dancing on the razor's edge of dual agency.
If they were my buyers, my fiduciary responsibility and loyalty would be to them. It would be my responsibility to negotiate the lowest combination of price and terms that is possible on any home they wish to buy. A good negotiator can return far more than the 1% commission savings.
I find it disheartening the we, as an industry, have done such a poor job communicating the level of negotiation, contractual knowledge and protection (in the form of appropriate property inspections) that professional Realtors bring to a transaction.
Refusing to double-end a transaction, honoring my commitment to my client and, thus, limiting my potential income on a single transaction seems to be an excellent way to bring the point home.
Your thoughts?
Wendy Cutrufelli
Broker Associate
925.917.1135
The positions on this site are my own and don't necessarily represent Alain Pinel Realtors' positions, strategies or opinions.
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