Never, often, sometimes, no matter how often you have heard this, or haven't heard this, there is a reason why some states make dual representation a violation of law.
Dual Representation - when the same agent is representing a real estate buyer and a real estate seller on the same property during the same escrow process. If there is a home seller, represented by Agent A and if a home buyer approaches Agent A to buy that very same home that home seller is selling via Agent A, and if the home buyer utilizes Agent A to buy the same home they have listed, you have Dual Agency.
Now you have that intel, let me speak about "Coming Soon" real estate listings you will see published on line. Most of them are going to be pitched on one of the Real Estate Syndication websites. Please read the article about Real Estate syndication websites, it will shine some powerful light on their methods of operation.
The "coming soon" real estate listing is reminiscent of the real estate publications and mailings that used to be "The best way to advertise", for a real estate agent. There was no "police mechanism" over the process of publishing a home for sale, whether it was "real" or not. While the Boards of Realtors maybe able to enforce some things that the real estate agent, who is a Realtor, does, they are too busy keeping track of the Multiple Listing Service.
I will tell you that "most agents" do not practice misleading the public. However, with the advent of the internet, it has become almost too easy to play the "bait and switch" game. Coming Soon listings are not vetted by anyone. Not by the publications, not by the real estate syndication websites, no one. It's up to the real estate agent to keep themselves out of trouble and to avoid misleading the home searching/buying public.
My Opening Statement
This is where I talk about my opening statement. Having your own Realtor is a benefit. To have an agent on your side 100%, one that is not responsible for the home seller's feelings, is a bonus. I will offer that in the other way, a home seller having their own agent 100% on their side - not caring about the home buyer's feelings, goes a long way.
While searching online, you can keep yourselves safer by making a point of doing the following three things.
- Search only on a Real Agent's Website - a certified Realtor, in good standing, who has an actual physical address, local/toll-free phone number and who is a member of a reputable real estate Brokerage.
- Only use an online system to search which is connected to the Multiple Listing Service - there is enforcement on a MLS system owned and operated by a licensed Realtor in Good Standing! They cannot display listings which are fakes and will get sanctioned, fined or worse when they are found to be displaying "coming soon" listings that are fake.
- Double check any online listing on the MLS system you trust - If you are searching for homes, and if you find a home for sale, double check that listing on the vetted Multiple Listing System you are using to search for homes. The same site which is owned and operated by that Local Realtor, in good standing, which is publishing the MLS system listings. If you don't see the "coming soon" listing, which you won't, you should call the agent you trust and have them gather the intel for you.
My experience with the third step, when my clients call me and give me the insight about the "coming soon" listing they observed online, is over 85% are fake. They are being used as a lead generator/hook in order for the real estate agent to get more home buyers and home sellers to utilize their services.
I was a cop way too long to play games such as these. Have an awesome day and thanks for sharing my SCVnest Blog where the truth about real estate is revealed.