So Why RE/MAX and does it matter? We know that as a consumer you are constantly getting peppered by messaging that says "Pick Me" "Pick Me". It is hard sometimes to weed through all of the marketing
Common Law vs Designated Agency Brokerages: What is the difference?
Dated: September 12 2023
Views: 3727
So this may sound boring, but it is really, really important in the Real Estate Business. When you hire a Brokerage/Agent to represent you, there will be certain expectations that you will have. But does the practice model of the Brokerage you choose satisfy your expectation? Let's have a look......
Common law Agency versus Designated Agency
Common law agency is a type of relationship where ANY licensee from that brokerage can step in and represent an individual client in a transaction without amending the relationship agreement. This is because your information can be shared with any licencee from that brokerage.
Designated agency is a type of representation relationship between licensees and consumers. In a designated agency relationship, the service agreement is between the brokerage and the consumer, but the agency relationship is between the consumer and the licensee(s) designated as their agent(s).
Designated agency is fundamentally different from common law. In designated agency, although the service agreement is with the brokerage, the agency, and fiduciary relationship is between the designated licensee(s), not the brokerage, and the consumer.
Another significant difference in a common law brokerage is that the law deems that all persons in the brokerage have the same knowledge about the clients of the brokerage. In a designated agency brokerage, designated agents do not share information with the brokerage or with the designated agents representing other buyers or sellers. Clear documentation, agreed to by the brokerage, the designated agent(s), and the consumer are necessary for such a fundamental departure from common law brokerage practices.
REMAX Real Estate-Lethbridge is a designated agency brokerage. We believe that our clients want a single designated agent to represent them and to have their information protected by that agent. Most Buyers and Sellers don't understand how important the difference actually is. Be sure you ask your agent about their Brokerages operating model.
Dallas Harty
Dallas & Katrina have lived and worked in Lethbridge and area for the past 25 years. Over the years we were fortunate to lay deep roots in our community and create many long lasting relationships. We ....
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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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