All brokers hold the same responsibility, which is to inform their clients of all potential risks that could arise due to conflicts of interest. Legally, brokers are not allowed to work on both sides of any transaction without consent from the clients. If you’re selling your home and you don’t want your broker to also work with the buyer of your home, it’s your right to say so in the listing agreement. This is also true for buyers. A buyer can get out of an agreement with a broker if they are interested in purchasing a home their broker is listing. When it comes to dual agency, there are definite advantages for the seller. • Trust has already been gained with your listing broker, so representation for the buyer has been established. • Your broker brought you the buyer knowing that you’re selling, even if your property has not yet hit the market. • Your listing broker will have already covered and researched your neighbourhood’s market to gain buyer inquiries, which means your agent will be working from all sides of the deal to sell your house faster, and with more incentive. • Your broker works together with corporate relocation buyers who need to find a house quickly, and they will ensure it’s your house that’s bought. There are also cons for the seller when it comes to dual agency, and they are: • You can’t be advised by your broker as thoroughly when they must act as a dual broker because impartial facilitation is required. • Your listing broker is not allowed to negotiate the best or highest price for you if also negotiating both the best and lowest terms for the buyer.
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