should i use a listing agent

We all have to live someplace and from time to time most of us imagine that there is someplace better than where we are now. Our primary driver is usually emotional and the secondary is financial. When we get this emotional urge we typically go online to a real estate search site and put in some parameters and up comes a bunch of amazing opportunities with great photography, storybook sounding descriptions and maybe a video walkthrough of the property. It’s easy to save what you like and you’re one click away from contacting an agent. As you get more serious, you look to see if there is an open house and decide to go see one or two next weekend. It all seems so easy! At the open house you meet the listing agent who is really nice and knows the property and answers all your questions about it. You like the property and tell the agent you really like it. The agent asks if you have an agent and you say no. Then the agent says that they can represent you and put in an offer for you and it won’t cost you anything to have them help you. STOP! Let’s take a look at this.

This really nice listing agent who knows the property, brought in the professional photographer, wrote the amazing description of the home, already has a contract with the owner of the property. The owner is paying them based on the terms of the contract and they have signed a New York State disclosure agreement pledging the following:

“A seller’s agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A seller’s agent does not represent the interests of the buyer.”

As you can see, the listing agent has a conflict of interest and already has pledged their undivided loyalty to the seller. So, what to do. The sellers agent then tells you that they can act as a Duel Agent for both you and the seller, but then they must disclose to you that they cannot give you their undivided loyalty or give their full range of fiduciary duties. You are still on your own with no professional representation that only works for you.

Now that you know, will you hire the listing agent?