The Benefits of Transactional BrokerageKevin Sprague2020-11-18T05:31:02-05:00
The Benefits of Transactional Brokerage
Simplicity – A Transactional Broker/Facilitator maintains the same legal duties with all clients, be they buyers or sellers, throughout the transaction and beyond. With other forms of agency, the agent-client relationship may change from exclusive agency to dual or designated agency mid-stream with the potential for confusion and shifting loyalties.
Ease of Understanding – The role of a Transactional Broker with all clients is consistent from start to finish, and as such, all forms and disclosures are easier to understand and the broker’s responsibilities are clear and consistent.
Win–Win Real Estate – The goal of Transactional Brokerage is to attain the best possible outcome for all parties to a transaction. Buyer/Seller Agency relationships are premised on the practice of law in which the fiduciary agent is solely working for the benefit of their client. This may lead to an adversarial approach or perception of an advantage to one side over the other.
No Vicarious Liability – In both Transactional Brokerage and Seller Agency the licensee is liable for their actions. In Transactional Brokerage the buck stops here, however, with Agency the client is also exposed to liability for any errors or omissions made by their fiduciary agent.
Liability for Errors and Omissions – The Transactional Brokerage is equally liable to the public for errors, omissions, misstatements of facts or any failures to meet the prescribed obligations under licensing laws as are agents.
Similarities of Duties – Transactional Brokers and Agents both share the duties of disclosure, accountability, and reasonable care to all clients. Single-sided agents also owe the duties of obedience, loyalty, confidentiality to their one side, however, these duties are often compromised by the variables of dual or designated agency, past representations or other conflicting client relationships.
Neutrality – A Transactional Broker is understood to be neutral in all transactions, acting in the capacity of a mediator. This relationship allows the Transactional Broker to earn the trust of both parties and foster a cooperative and amicable atmosphere in all transactions.
Consistency – A Transactional Broker does not change roles within a transaction, whereas a Seller agent’s role may change once a buyer becomes involved. The promise of exclusive agency also creates an inherent conflict once an exclusive agent represents more than one exclusive seller, whereas a Transactional Broker may represent multiple parties with equal interest.
Transparency – Since a Transactional Broker assumes the same duties with all clients, all clients know where they stand. With seller, buyer, dual & designated agencies the agent’s duties are not always clear to all sides and may have inherent conflicting loyalties.
Collaborative – The Transactional Brokerage model fosters a deal-friendly atmosphere where all clients, customers, & co-brokering agents are respected and treated with care & kindness.
Reviews on Zillow
"Dan acted as my buyer's agent in searching for the right house and subsequent purchase. What can i say, Dan is a pro. He knows the Berkshire market ... more "
"Dan is a truly outstanding realtor. He quickly understood our needs, gave us a good review of the local market, and didn't waste our time showing us ... more "