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Inman Connect
Some one million homebuyers and sellers pay several billion dollars more per year in commissions than they should due to “double-dipping” agents, according to a new report from the Consumer Federation of America.
The consumer watchdog defined a double-dipping agent or dual agent as a single agent who represents both buyer and seller in a transaction and retains the entire real estate commission, typically 5-6 percent.
CFA examined about 6,000 home-sale transactions listed on a multiple listing service in 2021 in 12 major cities and several small cities nationwide and determined that an average of 9.4 percent of those deals were double-ended.