Written Service Agreements
Residential real estate, property management, and mortgage brokerage professionals MUST enter a Written Service Agreement (WSA) with consumers when entering a client relationship. Written service agreements help ensure consumers understand the role of an industry professional, and when clients are better informed, there is less confusion and typically, fewer disputes.
Written service agreements help industry professionals clearly and confidently communicate with clients about:
- the relationship between the parties;
- the services to be provided by the brokerage;
- the obligations and responsibilities of the parties;
- consent for collection, use and distribution of personal information of the client;
- method of calculation of remuneration or how the industry professional will be compensated; and,
- consent to obtain a credit report (for mortgage brokerage professionals).
Establishing a written service agreement with consumers also offers benefits and protections to the industry professional by reducing the chances of a dispute or dissatisfaction on the part of the client, because the client has a written record of the roles and responsibilities of all parties to the agreement.
Regardless of their sector, RECA believes all industry professionals should use written service agreements when establishing client relationships. Many commercial real estate practitioners and real estate appraisers already use written service agreements and RECA will continue to work with these sectors to meet the requirements of the Rules as they relate to written service agreements.