What is the first step in transitioning from a single agent to a transaction broker?

In transitioning from a single agent to a transaction broker, obtaining written consent from the principal is essential as it ensures that all parties understand and agree to the new terms of representation. This step is critical because it formalizes the change in the nature of the agent's role, clearly outlining that the agent will no longer represent one party's interests exclusively, but instead will facilitate a fair transaction between both parties.

By securing this written consent, the agent maintains transparency and protects themselves from potential legal issues that could arise from failing to communicate this shift in representation fully. This consent confirms the understanding and acceptance of the change by the principal, which is a fundamental aspect of ethical real estate practice.

Other steps, such as notifying parties, marketing, or terminating representation, do not establish the necessary legal framework and agreement required for this transition. The focus needs to be on the written consent to ensure all parties are on the same page regarding the agent's role in the transaction.