Esquire Realty Ciaramella & Co.

One of the most misunderstood parts of real estate is the difference between:

• a buyer being represented by the listing agent, and

• a buyer simply working directly with the listing agent while remaining unrepresented.

A lot of consumers think these are the same thing. They are not.For example, a buyer may walk into an open house without their own agent and begin dealing directly with the listing agent. That does NOT automatically mean the listing agent now represents the buyer.

Unless the buyer formally enters into an agency relationship with that agent, the listing agent still represents the seller only. The buyer is considered a customer, not a client. The listing agent must still treat the buyer fairly and honestly, but their fiduciary duty remains with the seller.

Dual agency is different.

That occurs when an agent actually represents BOTH the buyer and seller in the same transaction. For example, if an agent is already signed with a buyer and later matches them with one of their own listings. In New York, dual agency must be disclosed and agreed to in writing by all parties.

This distinction matters more than ever in today’s market because many buyers mistakenly believe that speaking directly with the listing agent automatically gives them representation. It often does not.