I just posted a comment to Broker Bryant’s post about agency… he is again clear and to the point… but I thought I would elaborate my comment here…
I posted:
Bryant, again a clear and concise post… and unfortunately, I must agree with you…
I say unfortunately because one of the states we practice in, Rhode Island, has passed new legislation, which claims to abolish Dual Agency, but in typical RI fashion, really has simply changed the name, eliminating the word “Agency” but otherwise leaving the institution intact, and introducing a new classification: Transaction Facilitator… so now, according to the law in RI, there are:
1) Transaction Facilitators: “A licensee who provides assistance to a buyer, seller, landlord or tenant, or both, in a real estate transaction as a neutral facilitator who does not represent either party.
2) Designated Client Representatives: “A licensee who represents a buyer, seller, landlord or tenant in a real estate transaction and advocates on the client’s behalf.”
3) Dual Facilitators: “a licensee who assists a buyer AND seller, or landlord AND tenant in the same transaction and must be neutral as to any conflicting interests between the parties to the transaction”
and
4) Transaction Coordinators: “a principal broker or his or her designee who supervises a real estate transaction in a neutral capacity.”
–> Dual Facilitator????
Wait, did I miss something?
Well, as with all things Rhode Island, this is what the “community” wanted, so they got it…
We shall see how this goes… If I could, I would argue to get rid of this NEW category…
For you buyers and sellers out there, be clear on one thing, it is by definition impossible to represent the conflicting interests of two distinct parties to a transaction at the same time… If you are a buyer, and go to an open house, and use the listing agent to represent your interest, you can rest assured that your interest is not getting the best representation… Get your own agent to represent your interests and work on your behalf… you will benefit greatly…