Consumers Vulnerable to Real Estate ‘Double Agents’

Consumers Vulnerable to Real Estate ‘Double Agents’ 13 June 2018 Matthew Hughes the urban developer | 13/06/2018 Growing concern consumers are increasingly vulnerable to conflicts of interest due to major selling agencies opening “buyer’s agency” services, has been voiced by leading industry heads. The concern comes after major real estate brands have launched their own dedicated buyer advisory division, which the Real Estate Buyers Agents Association described as creating the potential for “double agents” acting on behalf of both the seller and purchaser. REBAA president Rich Harvey said these scenarios make it possible to mislead clients in believing they’re receiving independent real estate advice. “An independent advisor cannot operate on both sides of the transaction,” Harvey said. “Professional advisors, such as licensed independent buyer’s agents, have a fiduciary duty to put their clients’ interest first.” Harvey, who is also the founder of propertybuyer.com.au, explains that the way a buyer’s agent is paid will be a major factor driving their behaviour. “Agents need to decide which side of the fence they are acting on – for buyers or sellers- but not both. A buyer cannot b

the urban developer   |   13/06/2018    Growing concern consumers are increasingly vulnerable to conflicts of… Read Article

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