We've had this topic before and things got a bit out of hand (not like that!) because many confused Transaction Broker with Dual Agency, which is NOT the same, no interchangable terms. I'm in Florida, Dual Agency is illegal, Transaction Brokerage is not.
I'm not sure about other states...if your state allows for Transaction Brokerage, do you sell your own listings?
I have done it twice so far. Both on mobile homes on rented land (our office is licensed for it). It never crossed my mind that I would NOT be on neutral ground. I have limited fiduciary duties to both parties. I always require my sellers and buyers to NOT tell me their bottom line.
The latest "two sided" transaction is pending right now. Two weeks of negotiating, I'm not kidding! I never once gave a personal opinion about asking price or the offer. Of course the buyer asked me if his offer was fair. I asked him if it seemed fair to him. He said yes. Voila! Seller did the same thing. I asked her if her asking price was fair to her, she said yes, voila. Dead deal! At this point in time I told the buyer that we can always shop for other mobiles in the area and I told the seller that other buyers would come along. Yes, I could have pushed both of them because I want to get paid but I wasn't hired to get paid. I was hired to sell the sellers mobile and find the buyer a mobile he wanted, which happened to be the seller's mobile. I didn't call the buyer back, HE called ME! "Let's give this another try!" he said. Alright! I tell the seller that the buyer is asking her to reconsider his offer. She takes two days and comes back telling me she would. We negotiate again. He wants to move in before closing date, she refuses. I deliver messages, not my personal opinion. He asks me why a seller would refuse letting a buyer move in prior to closing. I explain to him there might be liability issues; what if he breaks something? Who will pay for it? Etc. He nods and understands what I mean. Next, we're still in disagreement over the sale price. He wants to pay less than she's asking for. Not ever would it occur to me to talk him into offering more and I would have never told her "well, your asking price is a bit too high" - just to get the deal done.
If either side nailed me down on giving an opinion I would present them with market stats for mobiles in the neighborhood. This is what's selling, this is what's not. I still don't give an opinion, just the facts. Both parties would see the exact same stats. I would tell both sides to take a good look and then make a decision based on the facts. I've done the exact same thing before and it worked great. I'm the expert, I have the knowledge. I pass my market knowledge onto both parties and ask them to make a decision. I don't coach, push, or suggest anything. We're on a tennis court and I sit on the net. My feet never touch the ground (I know, sounds uncomfy but it works).
Once buyer reaches a decision I ask: What do you want me to tell the seller? I deliver the message and ask the seller what she wants me to tell the buyer. Deal? That's great! No deal? That's fine too, both parties move on - either way.
I'm a Gemini and maybe that gives me a bit of an advantage because I have no problem being two things at the same time. It's like switching roles or being two agents in one. If I had two children, would I love one of them more than the other? No! Same principle!
And just for kicks, if I had a dollar for everytime a cooperating agents tells me "Uh, my seller will take less / my buyer will pay more!" I could retire. No kidding, few weeks ago a buyer agent told me "My buyer can make up the $5.000 and go full asking price!" Funny, how they always add "...but that's between you and me!"
It's not! It's between them and their ethics!
Greetings, Andrea Mills - sleeping well at night!
www.millsrealestate.net
