What does a dual agent do?

What is a Dual Agent?

A dual agent is a real estate agent who works for both the buyer and the seller in the same deal. This can make communication and negotiations smoother, but it also creates possible conflicts since the agent has to stay neutral and can't fully support one side over the other. In some places, dual agency is allowed, but both the buyer and seller must agree to it. There are often rules limiting how much the agent can help with negotiations or share private information. The laws around dual agency differ depending on the location. Even though dual agency has its challenges, it can reduce costs because only one agent is handling the transaction.

What does a Dual Agent do?

Duties and Responsibilities
In their neutral role, dual agents help both sides navigate the real estate transaction smoothly and transparently. Their responsibilities include:

• Facilitating Communication – They act as a single point of contact, relaying offers, counteroffers, and important details between the two parties.
• Providing General Guidance – They can offer general advice about the process, paperwork, and timelines, but they cannot favor one side over the other or advocate for a better deal for either party.
• Handling Documentation – The dual agent helps both parties complete the necessary forms and legal documents required for the transaction.
• Ensuring Disclosure Compliance – They ensure that all legal disclosures are made, keeping both parties informed of essential facts about the property.
• Remaining Neutral – A key duty of the dual agent is to stay impartial and not provide strategic advice or negotiate terms that favor one party over the other.

Types of Dual Agents
Now that we have a sense of the dual agent’s work, let’s look at some different types of these realtors, which generally fall into two categories:

• Single-Agent Dual Agency – This occurs when one real estate agent personally represents both the buyer and the seller in a transaction. In this scenario, the same individual is handling the interests of both parties, which requires them to maintain impartiality.
• Designated Dual Agency – In this case, two different agents from the same brokerage represent the buyer and seller, but the brokerage itself is considered a dual agent. The individual agents may advocate for their respective clients, but since they work under the same broker, the brokerage maintains a dual role. This model can sometimes offer more flexibility, as each party still has their own representative.

Regulations and permissions for these types of dual agency can vary depending on local real estate laws.

While there aren't specializations strictly for dual agents, real estate agents who act as dual agents can develop expertise in certain areas that enhance their effectiveness in particular roles. Here are some examples:

• Residential versus Commercial Properties – Some dual agents focus on either residential or commercial transactions, allowing them to better understand the specific needs of buyers and sellers in these markets.
• Luxury Real Estate – Agents working in the luxury market often handle higher-value properties with more complex negotiations and may specialize in dual agency for high-end clients, streamlining the process while maintaining discretion.
• Investment Properties – Dual agents may specialize in facilitating deals involving income-generating properties, like rental units or multi-family homes, offering insight into investment returns and market trends for both buyers and sellers.
• Property Types – Some dual agents might focus on particular types of properties like condos, multi-family homes, or rural properties, bringing specific knowledge of those markets.
• Geographic Specialization – A dual agent can specialize in a specific region or neighborhood, gaining an in-depth understanding of local market conditions, regulations, and buyer / seller needs.

What is the workplace of a Dual Agent like?

Dual agents are typically employed by real estate brokerages, which are companies that oversee and manage real estate agents.

The workplace of a dual agent is typically similar to that of a traditional real estate agent, but with a few nuances. Dual agents often work out of a real estate brokerage office, which provides a central hub for handling administrative tasks, meeting with clients, and coordinating with other agents and legal and financial professionals. In addition to the office, their work environments include:

• Mobile / Remote Work – Dual agents often work remotely or on the go. Their ‘workplace’ can be anywhere they meet clients, including homes, cafes, or even via virtual meetings – especially when managing both the buyer and seller in the same transaction.
• Property Visits – Showing properties to both buyers and sellers, managing inspections, and negotiating with contractors are common parts of their day. This means the dual agent’s workplace often shifts to various property sites.
• Digital Tools – Dual agents heavily rely on technology, such as CRM (customer relationship management) software, real estate platforms, and communication tools, to manage the complex demands of representing both parties in a deal.