Does Networking Really Work?

Instant Access to 1,600 Realtors

Does Realtor-to-Realtor networking really work?

Well, consider this:

With about 20% of the total listings in the Twin Cities housing market, the percentage of Edina Realty listings sold by other Edina Realty agents is 40%.

That could just be because "we" -- all 1,600-plus local Edina Realty agents -- really like one another.

But the truth is, most of us don't even know each other.

What really explains that 40% statistic is the amount of intra-company networking that constantly takes place -- at weekly office meetings, online, via email, etc.

It's always nice to be able to tell a prospective client during a listing presentation (basically, a job interview for Realtors) that, just by pressing "send" on my PC, I can instantly tell 1,600 other Realtors about my hot new listing.

Dual Agency - Two Kinds

When a Buyer represented by an Edina agent sells a home listed by another Edina agent, the resulting relationship is called "dual agency."

That's because both the Buyer and Seller are represented by the same broker, Edina.

While that creates some legal awkwardness, the benefit to clients -- in my opinion -- more than offsets the drawbacks

By contrast, when the same agent represents both the Buyer and Seller, that's called "single agent dual agency."

As they say, "that's a horse of a different color."

While single agent dual agency is permissible with sufficient disclosure and both parties' assent, I personally think it's not worth the risk.

In my opinion, the only way to be on both sides of a deal is ultimately . . . to be on neither.