TRESA – BIG Changes Started December 1st 2023
Transparent Offer Process with Multiple Offers
To simplify the explanation, when a seller is in the fortunate situation of receiving multiple offers for their property, they can now decide the details of each offer they want to share with all buyers. There is a new form that is required to be completed by the seller.
Before December 1st, a seller’s agent was only permitted to share the total number of offers, whereas now, if the seller wants to disclose each offers price, conditions, etc, the seller is now permitted by TRESA do instruct their agent to do so.
More details here:
https://www.orea.com/advocacy/TRESA-Phase-2-Updates?category=offerprocess
Designated Representation
This one is tricky, and not all buyers and sellers truly understood what multiple representation was and required detailed explanation in each transaction. To simplify, under the new rules, if a brokerage that a Realtor®® works for is now a ‘Designated Brokerage’, when the brokerage has multiple Realtor®s involved in the same property, it is no longer multiple representation and each Realtor® representing their client can now continue to provide full unlimited representation and fiduciary commitment. Prior to December 1st, there were limitations to the services/advocacy provided by each Realtor® when multiple representation occurred.
More details here:
https://www.orea.com/advocacy/TRESA-Phase-2-Updates?category=representation
SRP (Self Represented Party)
For those not wanting to use a Realtor® or require minimal engagement from a Realtor®, there was a former type of agreement labelled ‘Customer’ agreements. Under the new TRESA rules, there is no longer the concept of a customer, just a ‘Client’ and ‘SRP’ exist from a relationship standpoint.
The client vs customer was always confusing for the market, this change was intended to simplify the realtor and consumer relationships (consumers are buyers and sellers involved in transactions).
https://www.orea.com/advocacy/TRESA-Phase-2-Updates?category=representedparty
New Information Guide for Working with a Realtor®
As part of the changes that were introduced December 1st, TRESA has also created a new information guide that each Realtor® will provide to their clients.
More details here:
https://www.orea.com/advocacy/TRESA-Phase-2-Updates?category=information
Thanks for reading my blog/article, I hope it was helpful. If you have any questions, feel free to reach out. My goal is to help everyone who read to stay informed in the world of real estate, and share this information with others….’Knowledge is Power’, and ‘Knowing is half the battle’ (thanks to Francis Bacon and GI Joe for those quotes).
Cheers,
Rickey