Multiple and Designated Representation

In the evolving landscape of real estate, TRESA introduces notable changes, especially in how representation works. Let's break down the key updates regarding Multiple and Designated Representation.

Multiple Representation: Familiar, with a New Step

The familiar Multiple Representation model remains, but now there's a slight tweak. After disclosing to clients about representing both the buyer and seller, realtors must secure an acknowledgment that this disclosure was made. It's a small change with a big impact, ensuring everyone is on the same page.

Designated Representation: A New Option

Now, alongside Multiple Representation, there's a fresh addition - the Designated Representation model. Here's the scoop: for each transaction, the brokerage must choose between Multiple or Designated Representation.

How Designated Representation Works

In the Designated Representation model, two different realtors can be designated—one for the purchaser and another for the seller. The crucial shift here is that the duty owed to the client applies specifically to the designated agent. The agent for the buyer has a duty to the buyer, and the agent for the seller has a duty to the seller.

Brokerage's Role in Designated Representation

Unlike Multiple Representation, where the brokerage has a duty to the clients, in Designated Representation, the brokerage doesn't have a direct duty to clients. Instead, it monitors to ensure the designated agents fulfill their duties responsibly.

Key Point: Transparent Communication

Agents and realtors play a pivotal role in this process. It's crucial that they transparently communicate the differences between the two representation models to their clients. Ensuring clients understand the nuances ensures a smoother transaction and builds trust in the real estate process.

In a nutshell, TRESA brings a slight but significant adjustment to Multiple Representation and introduces a new player - Designated Representation. It's all about ensuring transparency, acknowledging changes, and maintaining the highest standards in the real estate journey.

Stay informed, stay transparent, and navigate the world of TRESA with confidence!