The Boston luxury condo market continues to heat up for both buyers and sellers coupled with rising interest rates and the limited supply and high demand. A lot of buyers out there do not fully understand the types of different agency relationships that exist and their relative importance.
There are essentially three types of agency relationships:
- The first is “Buyer Agency” which means that there are agents that exclusively represent a buyer’s interest during the search and purchase process.
- The second relationship is “Seller Agency” which is where listing agents exclusively represent sellers with the sale of their Boston luxury condo
- Lastly, the third relationship is “Dual Agency.” “Dual Agency” is a very misconstrued relationship as these agents represent both buyers and sellers in the same transaction. In this situation, although an agent may have a listing to represent the homeowner for the sale of their Boston luxury condo, they also are to advise and consult the prospective buyer in the same transaction. While they are professionally committed to do this, it is almost impossible.
The biggest concern that should be on the buyer’s mindset when working with the seller’s agent to represent them in this “Dual Agency” is a conflict of interest. The listing agent’s responsibility is to get their sellers the highest price and best terms. What the buyer may not understand is that in order to put themselves in the best position for negotiation relative to price, repairs, and other terms, they need to have the best representation for their rights as a buyer that is in their interest exclusively. Please feel free to contact our office with any questions regarding agency relationships.
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