Market News

New Rules will change the way Realtors represent parties in a real estate transaction

By July 27, 2018 No Comments
2018 has been a year filled with many changes in the real estate market, and arguably the biggest change just took place.
As of June 15, 2018, Realtors will no longer be able to represent both a Seller and a Buyer in a limited dual agency situation.  This has been a long time coming and is something I think is an improvement as it should only improve the level of service and protection buyers and seller receive from the real estate professionals.
The biggest factor in all of this is loyalty.  The challenge with limited dual agency was that it was impossible to offer undivided loyalty.  Any issues with a property still had to be disclosed and a realtor could know information about a person’s motivation or back ground but that information could not be disclosed to the other party in a limited dual agency scenario.  I’m proud to say that any time I was involved in a dual agency situation it was handled extremely well and all parties went away happy with the result they achieved, but there is no doubt that being in that position could be a difficult one to navigate at times and if a Realtor was not acting in one or both parties best interests it could easily create a conflict of interest or issue.
The good news is with the elimination of limited dual agency, buyers and sellers will be able to receive the kind of professional service and advice they deserve.  You will receive expert advice, protection and oversight to ensure that your best interests are guaranteed.  The duties owed to you by your Realtor are undivided loyalty, disclosure of material facts, and protection of your confidentiality.
Again, this is a positive step towards raising the bar of service that we as professional Realtors provide to our clients.  The basis of my business has been full service through hard work and honesty and I’m excited to see our industry continue to grow and ensure that every person who buys or sells a property is afforded the absolute maximum level of service and advice so they can make the best decisions possible.
As always, if you have any questions about these new rule changes or the current state of the market, please don’t hesitate to reach out.