Good bye dual agency
Most sellers and buyers have no clue what dual agency is, even if they find themselves agreeing to it in a transaction. The Commonwealth of Massachusetts has a legal definition.
“A real estate agent may act as a dual agent representing both the seller and buyer in a transaction but only with the express and informed consent of both the seller and buyer. Written consent to dual agency must be obtained by the real estate agent prior to the execution of an offer to purchase a specific property. A dual agent shall be neutral with regard to any conflicting interest of the seller and buyer. Consequently a dual agent cannot satisfy fully the duties of loyalty, full disclosure, obedience to lawful instructions which is required of an exclusive seller or buyer agent. A dual agent does, however, still owe a duty of confidentiality of material information and accounting for funds. The written consent for dual agency must contain the information provided for in the regulations of the Massachusetts Board of Registration of Real Estate Brokers and Salespeople.”
We feel that our sellers and buyers deserve our full attention, obedience, loyalty, disclosure, confidentiality, accounting and reasonable care. When one enters into a dual agency situation, a broker cannot provide all of that (see above in bold). If you ask most buyers and sellers, when they sign that listing or buyer contract, typically that is what they are expecting and paying for. In an effort to provide maximum value to our clients we will no longer participate in Dual Agency or Designated Agency.