Tuesday, December 30, 2008

Buyers Agents Move Early To Stop Michigan's Designated Agency Bill

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Buyer advocates in Michigan State are up in arms as they rally support from consumers and consumer advocate groups to stop their state from passing "voluntary designated agency" legislation. According to the article, the gist of this law is as follows:

The proposed law, according to the 26,000 + member Michigan Association of REALTORS® president Carol Frick, is designed to eliminate the inherent conflict of interest and confusion over who represents whom in the state's current dual agency statute, and would offer agents the ability to offer "exclusive" representation services under the supervision of their broker/managers.

There's the rub, say the dissenters. "There is nothing new for the consumer, there is no right to exclusive agency if the broker is assigning agents. Is the agent divorcing themselves from the company?" says Renee Knight, chairperson of Realdefenders. "That takes consumer rights away. They (consumers) think they are hiring the whole company when the other agents in the firm can be working against them."

Designated agency occurs when a home buyer is offered agency representation by the firm that is representing the seller of the same property. The firm designates one of its salespeople to act as the buyer's agent and another as the seller's agent, explains a NAEBA release.

Whether buying or selling real estate, consumers need to have options in the market to protect and maintain their interests--especially, since a real estate transaction is a significant life-event and financial investment. Consumers deserve to have the assurance that their agent works exclusively for them and that their agents' company stands behind their agents work 100% without the added conflict of competing interests that is unavoidable with dual or designated agency.

1 comment:

Janine J. Wilson said...

As the Tri-Cities, TN area's ONLY Exclusive Buyer Agency, A Buyer's Best Choice Realty® has been assisting Buyers ONLY since 1995. We are also members of NAEBA® (National Association of Exclusive Buyer Agents®), and NAR®,(National Association of Realtors®).

NAEBA (National Association of Exclusive Buyer Agents) was founded upon NAR's 1993 publication ("Agency Options and Choices"®) printed definition of EXCLUSIVE BUYER AGENCY, as follows:

"Exclusive Buyer Agency! -- The practice of representing only buyers and never sellers in a transaction. The COMPANY never lists a seller's property and thus never has a seller as a client."®

This is the MAIN difference between a BUYER'S Agent and an EXCLUSIVE Buyer's Agent! Don't be misled! NAR has established strict guidelines in NAR's Code of Ethics regarding misleading clients or customers (or the general public) with their advertising.

Real Estate Customers and Clients: Ask your Buyer Agent this one 'defining question:' "Do you or does ANYONE in your Agency EVER list a property or represent a seller? IF the answer is 'yes', he/she may be a Buyer Agent, but is NOT an Exclusive Buyer Agent and you will most likely encounter a conflict of interest in buying your property or home!!!

Janine J. Wilson, Broker/Founder
A Buyer's Best Choice Realty®: Buyer Representation Exclusively®
For questions or other information, e-mail: Janine@TNBuyerBroker.com