On this podcast, episode 133, Adrian and Ariel discuss what Double ended deals aka Multiple representations do for homebuyers and sellers. They explain the negative consequences it has for homebuyers making a deal with the seller’s agent.
A double ended deal occurs when an agent represents both the buyer and seller of a particular home. The main problem with this is that the agent is trying to sell the house for the highest price for their seller while also trying to get the lowest price for their buyer.
These practices aren’t illegal but they are highly frowned upon in the real estate industry. This is because the agents have monetary connections to the sale so they can alter the price and basically negotiate with themselves in order to manipulate the final sale.
Double ended dealing may be unethical but it is a result from an overcrowded workforce, of the active 52, 000 realtors of the GTA. There are supply and demand issues among agents resulting in the agents looking to make more per home since there are less sales per agent.
All of that and more on KT Confidential – Real Estate Podcast.
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Adrian Trott
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The founders, Ariel Kormendy and Adrian Trott, started The Kormendy Trott Team, a real estate team based out of Halton region in Ontario, after both being in need of a change from their successful careers in the automotive industry and both experiencing the lack of service being provided in the real estate industry. They kicked off their careers in 2011 and quickly became a top-performing team in the country, ranking 17th of approximately 200 for Century 21 in 2017; as a team of just the two of them compared to much larger teams. They decided that they needed to take their team from being real estate agents in Milton to the rest of the GTA and beyond by expanding and servicing more areas. The team has since grown to have an administrative arm, media department and successful sales team operating a smooth running and successful business. Follow them on social for behind the scenes info, real estate tips, industry secrets and more.
