The following are Highlights and references for your convenience! Fell free to reply to this comment with additional tags you found useful to help supplement our studies! 0:04 Summary of the four different types of agencies. 0:59 What is dual agency? 1:27 "get this definition burned into your souls." 2:17 The firm is a group of individuals, not one sole person. 2:35 In dual agency, the best interests of both parties is not mentioned. 3:07 How an exclusive agency looks like 3:58 illustration of dual agency, twins!! 4:23 the twin analogy in describing dual agency. 6:03 no advice given during dual agency. 7:00 giving advice will compromise and hurt the position of the other party. 7:40 how the dual agent should respond when asked for opinion. 8:25 reason why dual agency should be seen as a last resort. 17:25 How easy it is to make a mistake in dual agency. THIN ICE!! 18:25 SAY THIS WHEN ASKED QUESTIONS that would put the other side at risk. 24:40 What about giving really good advice to both sides? 25:45 what` about offering a class to educate the opinion seeker in dual agency? 30:15 inform both the buyer and seller what they are giving up before entering dual agency 30:50 SHIFT TO NEUTRAL when you enter dual agency as a broker. *** I liken it to becoming a REFEREE instead of coaching both sides. ini 49:49 he makes an appearance LOL!! **** 32:08 who represents the buyer? all of the individuals in the firm. 32:40 the buyer can view the property ONCE they both agree to dual agency (or the buyer chooses to go unrepresented) 33:30 what if there is a conflict of interest on opposing sides? 35:38 the inner conflict of the broker in dual agency. 37:56 what to say to the potential buyer before dual agency. 38:23 what happens if they say "NO" 40:58 for them to say no to dual agency is basically saying no to having as many ppl see home as possible. 41:25 what to tell the seller if he refuses. 42:25 the small firm is less likely to fall into dual agency. 44:00 how Travis handles the conversation with a client before dual agency. 44:40 what travis says to a potential client 46:28 what Travis says to an unwilling seller before entering dual agency. 49:40 designated dual agency explained. 52:13 what if there was another alternative to dual agency? Hope this helps!
Thank you, Travis!!! I just got my MD real estate license, and it’s thanks to you! Your videos were extremely helpful, before them I was so lost, especially since English isn’t my first language, you really helped me out understand everything. Will continue to watch your videos because I think you give an amazing advices from the real world when it comes to real estate. I took a real estate classes before, and they just thought us how to pass this exam following the book. And I was so confused and didn’t learn anything after my class was over. You gave so many helpful information that anyone can understand. Thank you so much! 🙏🙏🙏🙏🙏
I imagine you've addressed this before, but the Severalty can make perfect sense, if you break the word up into sever- and -al and -ty. Thus, severing one from the all ties. Maybe this would help somebody at some point. Also, I'm learning so much from your videos! So, thank you for posting them! I'm in Idaho and about ready to take this class next week, so I'm hoping the general info will be useful.
I was an agent for 9 years. 2008 I bailed, it was rough and like a dummy let my license drop. Now I am back to help my father and I have had a tough time retaking the test. These Videos are awesome! I am very grateful!! Thank you Travis for simplifying
What can be negotiable after a contract is signed between seller and buyer? Is it additional earnest money? That wasn’t talked about in the book nor in class? I went to HPW
And also on the state test it’s a question about when is the only time a broker can change language in a contract and I’m taking the test like I thought agents couldn’t rewrite contracts.
there was a question on the state test that ask what was the purpose of dual agency. i did not know the answer, looked it up when i got home, and still do not have an answer. can you help me answer this question?
I would argue that exclusive buyer agency is best for the seller, because it means he's FSBO and can keep more money after the sale of the house, instead of giving a fat commission check to a real estate agent. If you're looking at it financially, it's the best. If you're looking at it from an advice and representation standpoint it's the worst.
Eric, this is a class on agency, not on the opinions of whether paying a commission is a good idea for the seller or not. From an agency perspective, being FSBO is absolutely worst case scenario for a seller.
It depends on the market, how much comission can be competitive. It also depends on the time and skills the seller has for managing the whole marketing, and sellig process. As I can imagine, if the seller messes up something, it can cost more than paying a comission for quality aid. But it might take a good and dedicated agent to justify the price.
