What is Designated Agency? || Real Estate Explained #7

What is Designated Agency? || Real Estate Explained #7


Hey. This is J. Lucky Henry — Keller Williams Agent in the Greater Boston area. You won’t believe how many questions I get on a daily basis. Everyday people need answers. Everyday people need explanations. That’s why everyday people need to get REAL! R-E-A-L: Real estate Explained Amazingly by Lucky in 90 seconds — give or take. Welcome back!
It’s J. Lucky Henry. Everyday we’re dropping a video — REAL in 90. Today we’re talking about designated agency. According to the Massachusetts Association of Realtors, “designated agency” is when a broker or a salesperson designates one specific real estate agent or a couple of real estate agents… to become either a designated buyer agent or a designated seller agent. So what does this mean? That means only the designated agent is basically the person that’s got your back. They got your loyalty, they’re gonna maintain confidentiality with you , they’re gonna be obedient to your lawful instructions as it pertains to the selling or purchasing of real estate, and they’re gonna take care of
the accounting of funds and self-care. Everyone else in the office — they’re not
looking out for you. It’s just this designated agent and the broker and with whom you sign this contract. So naturally a question that arises is: “Could you make the whole office work for you, right?” Now, believe it or not, it used to be common
law that if you sat down with a certain agent in your kitchen, and you guys signed the contract between a broker and an agent that was representing you, that it was assumed that everyone else in the office now was instantly there during that conversation, and all have equal access to that confidential information you and that agent just shared. Now of course this is not logical.
It’s not the way it actually happened. But – and the problem that this proposed,
was that now technically every agent that worked in that brokerage was
representing you. So in order for them to fully do that to their highest potential, they could no longer bring clients who they may have represented on the other side of the transaction and equally represent you both to the
full potential. So designated agency is the idea that one agent can represent their one client to the fullest potential that is possible, without limiting themselves because they are in the same office with another agent who’s representing a client on the other side of the transaction. You follow me? Yes you could, I guess, get the whole office to work for you… but why would you want that? Knowing that it will create a limited
situation for yourself? So it’s been REAL. It’s been 90. Gotta go. This is J. Lucky Henry and I’m here to keep it REAL with you. Whether you’re looking to buy, sell, or invest in real estate — call or text: 978 – 712 – 0244 and make sure you subscribe to my channel for more.

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