This means the Real Estate licensee working with the buyers agrees to work in their best interest while the Real Estate licensee listing the property is working for the seller. The agents agree not to share any confidential information about their clients and customers, and for all practical purposes, could be working for different firms rather than in the same office. This removes the confusions and questions about agency even before they can crop up. Michigan firms are already using designated agency successfully. Proposed legislation would simply provide a standard for Real Estate licensees throughout the state specifying how this relationship may be created including a required disclosure and a written contract.
Many states already have designated agency statutes in place.
A. A written listing agreement or buyer s broker agreement between a broker and a client may designate an individual salesperson or associate broker working through that broker as the client s designated agent. Different agents in the same firm will be able to represent buyer and seller in the same transaction without being deemed a dual agency relationship. Both buyers and sellers are assured that their agent is working for them. There are two distinct advantages of this model. The relationship between agent and client is clear, consistent and consumer friendly.