Representation, or “Agency” 

 

In the state of Florida, by default the relationship between the agent and buyer, or seller, is referred to as a Transaction Agency. This means the agent doesn’t truly represent you. They represent the transaction. I and other Keller Williams Realty Emerald Coast agents work as a Single Agency. This means I represent my clients 100%. When I talk with buyers and seller, they all say they assumed the past agent they worked with represented them. Crazy enough, they most likely did not, unless they were given a form acknowledging so. Working as a Single Agency representation, for instance, if I learn the other party is desperate to buy, or sell, I can tell you what I know, because it is my fiduciary responsibility to protect your best interests. Ethically, Transaction Agency agents cannot, unless given permission to. They still must deal honestly and fairly; however, they can’t give you the “inside scoop.” This can make a huge difference with negotiations, with sales price, etc. Single Agency agents must give notice of their relationship, whereas Transaction Agency agents do not. Reach out to me if you'd like to learn more about this.

 

Robert Bonhardt, (850) 585-0585