This firm represents only sellers. They
have signed an agreement with sellers in their office and from
other offices to try to get them the highest price and best
terms. They usually still serve buyers as customers because they
can't serve them as clients.
Dual Agency Office
This firm was a type 1 above until they had to tell home buyers
the truth. Now they want to offer buyer agency services to
buyers while still hanging on to their listings. They promise to
get sellers the highest price unless there is a agent from their
office who is acting as a buyer's agent. In this case they
represent both the buyer and the seller without giving full
service to either. This conflict of interest is bad for both the
buyer and the seller but great for the company because they get
to pocket both sides of the commission.
On houses that are not
listed inside the firm they may still be dual agents if one
agent from their company is trying to sell the house as a
traditional seller's agent while another is acting as a buyer's
agent.
Buyer's Only Office
This is a company that never takes listings and only works for
the buyer's best interest. This allows a higher level of service
and a higher level of loyalty.
Single Agency Office.
This is a company that will represent sellers and buyers, just
never both in the same transaction.
One
operating under the protection of another. (There is a client
relationship when a seller works with a seller's agent or when a
buyer works with a buyer's agent.)
Customer:
One who
buys goods or services.(A buyer working with a traditional
real estate agent is a customer. Just like when a car buyer goes
into the showroom to buy a car.)
Agency:
In Tennessee
real estate refers to the company policy of representation. Agents
have no individual agency identity, they must follow the company
identity. There are four variations:
