HOW DO I KNOW IF THE BUILDING OR PRACTICE AGENT WORKS FOR ME OR THE OWNER/SELLER?
Regardless of what anyone tells you in any industry… you can’t fairly represent two opposing parties. Both parties may have a desire to sell and purchase a practice, real estate or another asset but if one side’s desire is to get the lowest price and the other side’s desire is to get the highest price, they are competing and opposing interests.
Ask a few simple questions:
– Do you have a contract with the seller or with me only?
– Before we got to this point, have you performed any work for the seller?
– If I don’t buy this, will you still be working for the seller?
– Can you legally give me any advice that would give me an advantage over the seller, without telling them?
As you can quickly understand, only an agent who exclusively represents your interests can provide you with truthful answers to these questions that you would want to hear.
There is nothing wrong with the seller of a building or practice having representation. If you were selling a building or practice, you would want to hire representation also. If you are acting as a tenant or buyer, it is imperative that you have representation that only represents your interests.