Transparency and trust have become more critical than ever in the real estate industry. One practice that has come under increased scrutiny is dual agency, where a single agent or brokerage represents both the buyer and seller in the same transaction. With the 2024 National Association of Realtors (NAR) settlement introducing new disclosure rules, it’s clear that how we approach agency relationships has a significant impact on our clients’ experience.
What is Dual Agency?
Dual agency occurs when one real estate agent, or agents within the same brokerage, represents both parties in a real estate transaction. While this arrangement might seem convenient, it often creates unavoidable conflicts of interest. Dual agents are legally bound to remain neutral, meaning they cannot advocate for either side or provide the full fiduciary duties that clients expect and deserve. This can leave buyers and sellers feeling underserved and uncertain about whether their best interests are being protected.
The 2024 NAR Settlement and Its Impact
The NAR settlement introduced important disclosure rules designed to increase transparency in real estate transactions. Agents are now required to clearly explain their agency relationships and disclose any potential conflicts of interest. This includes outlining how dual agency works, what limitations it imposes on representation, and how compensation is structured.
These changes have highlighted the complexities of dual agency and show why it may not always be the best choice for clients. For many buyers and sellers, the realization that a dual agent cannot fully advocate for them has sparked a growing demand for dedicated representation on both sides of a real estate transaction.
The Concerns Surrounding Dual Agency
One of the primary issues with dual agency is the inherent conflict of interest. A dual agent cannot negotiate aggressively for the seller while simultaneously seeking the best deal for the buyer. This balancing act often results in compromises that may not serve either party well. Additionally, dual agents face challenges in maintaining confidentiality, as they have access to sensitive information from both sides of the transaction.
This lack of advocacy and the potential for diminished trust can leave clients feeling unsupported during one of the most significant financial decisions of their lives. As these concerns gain more visibility, many buyers and sellers are seeking alternatives to dual agency.
Why We Say No to Dual Agency
At The Cyr Team, we’ve made the decision to avoid dual agency because we believe our clients deserve uncompromised representation. By exclusively representing either the buyer or the seller in a transaction, we can provide the full range of fiduciary duties—including loyalty, confidentiality and dedicated advocacy. This approach ensures that our clients’ best interests are always our top priority.
The new NAR disclosure rules align with our commitment to transparency. We take the time to explain agency relationships clearly, helping our clients understand their options and feel confident in their decisions. By avoiding dual agency, we eliminate potential conflicts of interest and focus entirely on achieving the best possible outcomes for those we represent.
Our Client-First Philosophy
When you work with us, you can trust that your goals are our goals. Whether you’re buying your dream home or selling a property, we’re here to guide you with personalized service, clear communication, and unwavering dedication. Our approach isn’t about taking shortcuts—it’s about putting your needs first, every time.
If you’re ready to navigate the Southeastern Pennsylvania and Northern Delaware real estate markets with a team that prioritizes your success, contact us today. Let’s work together to make your real estate journey a smooth and rewarding experience.