Coming Soon Means Dual Agency/Danger!
Don’t be suckered into a bad negotiating position and overpaying
“Coming soon” is now a big part of the un-real estate industry. What does it mean? Simply, a real estate agent has gotten a person to list or are going to list a property.
Then, the agent advertises it as coming soon.
And since this is a hot real estate market, you think that calling the agent direct will get you an in. It doesn’t. He/she/it is smiling ear to ear. They get to control the process and the price, and make DOUBLE the commission because they represent the buyer and the seller. And those fees can be the difference between making $40,000 to $80,000 on ONE deal. More than a brain surgeon!
How’s that? A buyer and a seller? Can you imagine that your lawyer is also defending the person or company you are suing? Same thing.
It’s a come on. It should be illegal. It has to stop. I call on every state (there are some states that do not allow it) to make dual agency equal to attorney laws. You should only be able to represent one party at a time. Done.
(I have never allowed any of my agents to do duel agency for any residential owner occupied purchase. We will never hurt the people we represent.)