Although they are supposed to help with difficult tasks, a real estate transaction agent is not supposed to influence the decision on the sale itself or give advice on anything that directly influences the transaction. Their main job is to help all parties involved in a real estate transaction ( buyer and seller) with any difficult tasks that may come up. A transaction broker is typically a licensed real estate agent who understands how real estate transactions work. This person can give advice to both the seller and buyer in a real estate transaction and doesn’t represent a single party. To start, let’s answer the question “what is a transaction broker?” A transaction broker is someone who acts as a mutual resource throughout a real estate transaction. Here is everything you would need to know about partnering with a transaction broker to see if one would fit your needs. Transactions brokers can be much more cost-effective than the traditional real estate agent. Although real estate agents can definitely help, you may also want to consider working with a transaction broker. “Technically, according to Florida law, this guy didn’t do anything wrong.If you are looking to buy or sell a property, you would typically look to a real estate agent to help you throughout this process. “Instead of making $40,000, he made $80,000, and he did not break the law, because he’s a transaction agent,” Santana says. “You would think that he would say, ‘No, we can’t take your offer right now,’ - because what if another offer comes in? And odds are, this property was going to sell for more than the asking price.”īut as a transaction broker, the agent did his job - he got the deal to close. “Even though, that same day, there were literally, like, around 40 people to see this house, this guy allowed me to get this deal for below asking price,” Santana says. The listing agent presented the offer, and the seller accepted - signing the deal even as potential buyers paraded through the property at an open house later that day. He offered the listing agent $1.5 million, explaining that he wasn’t working with a buyer’s agent - which meant the listing agent would keep the entire commission. For example, Santana recently found out about a property for sale near his home the asking price was $1.55 million. That means consumers aren’t always receiving the full fiduciary advocacy they assume they’re getting. “It shall be presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer,” states a 2020 Florida real estate statute. Indeed, transactional agency is the statewide default, whether or not consumers are aware of it. “In Florida, they actually want you to be the complete opposite - they don’t want you to represent anybody, which I also think is bad.” But he’s not a fan of the way Florida seems to handle the situation, either. While dual agency is legal in Massachusetts, Santana doesn’t like or practice it, as he believes it’s all but impossible to truly represent two opposing clients impartially. “The agent is just a transaction agent, which means they’re just there to make the transaction go forward.” “Most clients are under the impression that they’re being represented, but in reality, they’re not,” he says. Santana thinks that’s dangerous for consumers. The simplest way to maintain a good reputation and stay on the right side of the law is to trust your gut and consider how you’d want your own family members to be treated in a real estate transaction. “They just want you to represent the transaction, because it removes the liability from them.”Īlso see our report: The do’s and don’ts of dual agency “In Boston, the brokerages really incentivize you and encourage you to be either a buyer agent or a seller agent, whereas in Florida, all the brokerages really require you to be a transaction agent - which means they don’t actually want you to represent either party,” Santana says. In Florida, meanwhile, agents can work as a single agent representing either the buyer or seller or as a transaction agent. Working in both the Boston and Miami metro areas, Keller Williams Realtor Hudson Santana has a unique perspective on dual agency, since the practice is permitted in Massachusetts but prohibited in Florida.Īgents in Massachusetts can choose to be a seller’s agent, buyer’s agent or dual agent - or simply act as a facilitator, not representing either party.
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