A brief update about DESIGNATED AGENCY
The brokerage that I work with, Remax Mountain View, officially changed from a traditional Common-law Agency to a DESIGNATED AGENCY as of January 1, 2014. As you yawn and say so what, in brief it means that a client’s AGENCY relationship is now with a designated individual real estate agent (could be me) and not with the brokerage. One of the advantages is that this change allows potential conflicts of interest to be handled much better. For the record there are many other Designated Agency Brokerages in Calgary besides Remax Mountain View.
A significant requirement of a DESIGNATED AGENCY Brokerage is that clients need to understand and sign written service agreements explaining the nature of an agency relationship in detail. While many people may be familiar with written service agreements for sellers (listing contracts), this will now also apply to BUYERS. I am now required to review and implement written service agreements with BUYERS. I don’t view this requirement as onerous nor scary and I hope you won’t either. While this may be something new for sure, I think it brings value and clarity to a relationship.
FYI. I am not alone in this. The entire Alberta real estate industry will require BUYER WRITTEN SERVICE AGREEMENTS by July 1, 2014. You will likely hear more about this in the near future. I would be happy to explain any of this further if you are interested.