Designated Agency is not a new idea to real estate but it is definitely taking on a more serious role with our local board.
A Designated Agent is a specific agent within a brokerage that has been designated to work exclusively with a particular client. This legally separates that agent from all other agents within the brokerage as someone who will work solely for that client. In my mind this is a positive change from the past.
Recently all of our contracts were re-drawn to outline where Agents are and where they are not designated agents.
The biggest change we will see as a result of this is when there is only one Agent working for both the buyer and seller at the same time. It is kind of hard to be a Designated Agent for both sides of the transaction.
My practice along with a number of others in the city have been operating like this for years and it is nice to finally have the processes in place to support them.