In the Asheville real estate market, there’s no shortage of agents to work with. Whether you’re buying or selling a home, whatever specialty market you’re interested in or a part of, there’s almost certainly a local agent whose expertise lines up perfectly. Still, even with the abundance of agents, there’s always the possibility that you could find yourself in a dual agency situation. But what exactly does that mean, and what do you need to know to navigate it successfully? Read on to find out!
Dual agency simply means that the same agent – or different agents at the same agency – is representing both the buyer and the seller in a transaction. At first glance, that might seem like a contradiction of terms. One of the greatest benefits of working with a real estate agent, after all, is that you have someone with a fiduciary responsibility to seek the best possible deal for you and always have your back in the transaction. And if the buyer and seller want opposite outcomes when it comes to price, how can one agent have the best interests of both in mind?
It can be a fine line for an agent to walk, but it is possible – particularly in the Asheville real estate market and markets like it, where properties often sell very close to their listed price, there often isn’t much room for negotiation, to begin with. Thus the agent can in good conscience recommend that their buyer put their best offer forward and that their seller look to identify and accept the best offer.
Tricky aspects aside, there are benefits to dual agency as well – it can make for a very smooth transaction, as there aren’t as many moving parts involved. If the buyer has a question they can simply ask their agent, who probably already knows the answer. Paperwork is much more easily facilitated too, as there’s no back-and-forth between agents. In some cases, the seller may be able to save on their commission as well – their agent may drop their commission slightly as they’re profiting from both sides of the transaction.
While dual agency is relatively uncommon in a market as lively as the Asheville real estate scene, it’s still wise to be aware of what it can mean and how it can be both a benefit and a challenge.
If you’d like to learn more about dual agency in Asheville, visit AshevilleCashBuyers.com or give us a call today at 828-224-6443!