Agent vs. Intermediary: The Complete Guide for Wyoming Buyers and Sellers
Introduction
If you're buying or selling a home in Wyoming and hear the word "intermediary," you might feel like something just changed for the worse. Like your agent became something less. That's not what happened.
But the confusion is understandable. Many brokers wait until the middle of a transaction to drop the term, usually in an email with a form attached, and wonder why clients panic. By then, you're already under contract, emotions are high, and "intermediary" sounds like you're being downgraded to coach.
Here's the truth: the intermediary relationship in Wyoming real estate isn't a downgrade. It's a legal designation that kicks in during specific scenarios—most commonly when both the buyer and seller in a transaction work with the same agent or agents from the same brokerage. The label changes. Your experience won't.
This guide walks you through agent versus intermediary relationships—what they are, what actually changes (almost nothing), and why Wyoming's intermediary structure might be the fairest deal you've never heard of. If you're listing a home in Wyoming, you need to understand this before you sign with a broker, not after.
Section 1: Definitions
What is an agent?
In Wyoming real estate, an "agent" is a licensed broker who represents you in a transaction under an agency relationship. When you sign a listing agreement, your broker becomes your agent. That means they owe you specific fiduciary duties: loyalty, confidentiality, disclosure, obedience (to lawful instructions), reasonable care, and accounting.
Your agent works for you. They advocate for your interests. They negotiate on your behalf. They owe you their best professional judgment and must put your interests ahead of their own and ahead of the other party.
This is the default relationship in most real estate transactions, and it's what most buyers and sellers expect when they hire a broker.
What is an intermediary?
An intermediary is a broker who facilitates a transaction between two parties without acting as an advocate for either side. In Wyoming, intermediaries are required when both the buyer and seller are represented by agents from the same brokerage.
Instead of representing one party, the broker or brokerage acts as a neutral facilitator. They help both sides complete the transaction fairly, but they don't advocate for either party's interests over the other.
Intermediaries still owe you professional duties—honesty, disclosure of material facts, accounting, reasonable skill and care—but they don't owe you loyalty or advocacy. This isn't a disadvantage, they simply can't favor one side over the other.
What triggers the change?
The shift from agent to intermediary happens automatically in an "in-office transaction"—when the buyer and seller are both represented by agents who work for the same brokerage.
Example: You list your home with Agent A at Pinedale Properties. A buyer comes along who's working with Agent B, also at Pinedale Properties. Because both agents work under the same brokerage license, Wyoming law requires the brokerage to act as an intermediary.
This isn't optional. It's not a choice your broker makes. It's required by Wyoming Statute § 33-28-301.
Why Wyoming requires it
Wyoming outlawed dual agency in 2008. Before that, brokers could represent both the buyer and seller in the same transaction, which created a conflict of interest. You can't advocate for both sides of a deal.
The intermediary structure was Wyoming's solution: neutrality instead of divided loyalty. It's designed to protect both parties by removing the conflict altogether.
Section 2: What Actually Changes
The label changes (legal relationship)
When your broker becomes an intermediary, the legal relationship shifts. Your broker is no longer your advocate. They're a neutral party facilitating the transaction.
On paper, this sounds like a big deal. In practice, it changes almost nothing about your day-to-day experience.
What stays the same (everything that matters)
Here's what doesn't change when your agent becomes an intermediary:
Communication. Your broker still answers your calls, emails, and texts. They still explain offers, review contracts, and walk you through every step of the transaction. You're not suddenly on your own.
Negotiation. This is where sellers worry most, but it's overblown. Your broker still negotiates the deal. They still present offers, discuss terms, and help you evaluate your options. What changes is that they can't tell you what to do or advocate for one side over the other. They facilitate; they don't choose sides.
Professionalism. Your broker's skill, experience, and market knowledge don't disappear. They're still the same person who knows how to price a home, read a contract, and navigate a closing. Intermediary status is a legal designation, not a competence downgrade.
Fiduciary duties (mostly). Intermediaries still owe you honesty, disclosure, accounting, and reasonable care. What they don't owe you is loyalty and advocacy. They can't put your interests above the the other party’s—or vice versa.
Why the experience is identical
From the seller's perspective, an in-office transaction feels exactly like any other transaction. You normally list your home under an agency agreement and shift to intermediary if the agent who brings a buyer is from the same brokerage as your agent.
From a buyer’s perspective, you may sign a Buyer’s Agency agreement and then shift to intermediary if you choose to pursue a home listed by your agent’s brokerage.
Most buyers and sellers never notice the difference between the agency and intermediary relationships. The transaction runs the same way. The paperwork gets done. The deal closes.
What you can expect in an in-office transaction
If you're in an in-office transaction, your broker should:
Explain intermediary status immediately (before it comes up in a transaction)
Provide written disclosure (required by law)
Present all offers fairly and honestly
Facilitate communication between both parties
Ensure the contract terms are clear and understood
Handle all administrative and compliance tasks
Get you to closing with minimal difficulty
What they won't do: tell you to accept or reject an offer, push you or the other party harder on price, or offer strategic advice that favors you over the other party.
Section 3: Why This Structure Exists
Wyoming outlawed dual agency
Before 2008, Wyoming allowed dual agency—a broker could represent both the buyer and seller in the same transaction. On paper, this gave clients full representation on both sides. In reality, it created a conflict of interest.
How do you represent a seller who wants $500K and a buyer who wants to pay $450K? How do you negotiate with yourself? How do you advocate for both sides of the same deal?
You can't. Dual agency was legal fiction. It pretended brokers could serve two masters when everyone in the transaction knew it was impossible.
Conflict of interest explanation
Imagine hiring a lawyer to represent you in a lawsuit, then finding out that same lawyer also represents the person suing you. You'd fire them immediately. The conflict is obvious.
Real estate worked the same way under dual agency. Brokers owed fiduciary duties to both sides—duties that directly conflicted. Loyalty to the seller meant getting the highest price. Loyalty to the buyer meant negotiating the lowest price. Both duties couldn't coexist.
Dual agency didn't solve this. It just papered over the conflict.
How intermediary removes that conflict
The intermediary structure eliminates the conflict by removing advocacy altogether. The broker doesn't represent either side. They facilitate the deal without favoring one party over the other.
This isn't a compromise. It's a clean solution. Instead of pretending to serve two masters, the broker serves neither. They help both sides complete the transaction fairly, but they don't advocate for anyone's interests over the other.
The conflict disappears. No one is betrayed. No one's interests are sacrificed for the other side.
Why neutrality = fairness
Neutrality sounds like a loss until you think about the alternative. Would you rather have a broker who pretends to represent you while also representing the buyer? Or a broker who's honest about being neutral?
Intermediary status is transparent. You know exactly where your broker stands (in the middle). You know they're not secretly favoring the other side. You know they're not torn between competing loyalties.
In most transactions, that neutrality is the fairest structure available. Both sides get honest facilitation. Neither side gets taken advantage of by a broker playing favorites.
Wyoming didn't invent intermediary relationships to weaken representation. They invented it to stop lying to clients about dual agency. That's a feature, not a bug.
Section 4: Why Clients Resist
Psychology of the label
The word "intermediary" triggers alarm bells. It sounds weaker than "agent." It sounds like a demotion. Clients hear it and think, "Wait, I'm losing something."
That's not irrational. Language matters. "Agent" sounds powerful. "Intermediary" sounds neutral, which feels like a loss when you're used to having an advocate.
But the reaction is based on the label, not the reality. What you're actually getting—professional facilitation, market expertise, transaction management—doesn't change. The fear is psychological, not practical.
Fear of losing advocacy
The biggest worry sellers have is simple: "Who's fighting for me?"
If your broker isn't advocating for you, who's making sure you get the best price? Who's protecting your interests? Who's negotiating hard on your behalf?
This fear makes sense. You hired a broker to represent you. Now you're being told they're neutral. It feels like a bait-and-switch.
But here's the reality: most sellers don't need a broker to tell them whether to accept an offer. You know your bottom line. You know what you're willing to negotiate. Your broker's job is to present facts, explain options, and help you make informed decisions. That doesn't change in an intermediary relationship.
You're not losing support in the transaction. You're making your own decisions with professional help, which is true with both an agent and an intermediary.
Why timing matters (explain up front, not mid-transaction)
The single biggest mistake brokers make with intermediary relationships is waiting too long to explain them.
If you don't hear the word "intermediary" until you're under contract, it feels like something shady just happened. You're already emotional. The stakes are high. Suddenly your broker is talking about "neutral facilitation" and you're wondering if you've been set up.
The fix is simple: discuss intermediary relationships before the agreement is signed. Walk through the scenarios. Define the terms. Make sure you knows what happens if an in-office transaction occurs.
When brokers explain this up front, clients rarely panic. It's just part of the process. When they spring it on clients mid-deal, it feels like a betrayal.
Timing matters. Transparency fixes almost everything.
Real client stories
Here’s a perfect example from our own office that exemplifies how an intermediary transaction should work. The same agent worked with both the buyer sand sellers as an intermediary in a certain home sale. Both the buyers and the sellers thanked this agent for helping them arrive at terms that felt excellent to them. There was no favoritism here, simply a disclosure of options that allowed both parties to make good decisions.
We’ve also had seller clients who refused to consider the validity of the intermediary relationship, and this stance has never, in our experience, provided an advantage to them. In one case, even though everything was explained before listing, this client became combative when the buyers came directly to the listing agent, necessitating a shift to intermediary. The seller basically had to be dragged through a very successful transaction to sell at an excellent price. Everything about this transaction was great except the seller’s mindset.
Section 5: What You Should Know Before Listing
Ask your broker to explain this up front
Before you sign a listing agreement in Wyoming, ask your broker one question: "What happens if the buyer is represented by someone in your office?"
You deserve to know this before you list, not after. Any broker who waits until mid-transaction to explain intermediary status is either inexperienced or hoping you won't ask hard questions.
Understand what intermediary means
Don't just nod and sign. Make sure you actually understand what intermediary status means:
Your broker won't advocate for you over the buyer
They'll facilitate the deal neutrally
They'll still present offers, provide professional expertise, and handle the transaction
The experience will usually feel identical to any other transaction
This is required by Wyoming law, not a choice your broker is making
If you don't understand it, ask questions. If your broker can't explain it clearly, find a broker who can.
Trust the process, not just the label
The intermediary label sounds weaker than "agent." Ignore the label. Focus on the process.
Is your broker competent? Do they know the market? Can they price a home, market it effectively, and handle a transaction professionally? That's what matters.
Intermediary status doesn't erase skill. It doesn't erase experience. It doesn't erase results. It's a legal designation that governs how the broker handles conflicts—but most transactions don't involve conflicts. They involve two parties agreeing on price, terms, and a closing date.
Your broker's expertise doesn't disappear because the law requires neutrality. The same person who knows how to sell your home is still selling your home. The label changed. Their competence didn't.
Conclusion
The intermediary relationship may be the most misunderstood structure in Wyoming real estate. The label changes. Your experience won't.
Wyoming outlawed dual agency because it was a conflict of interest disguised as representation. Intermediary status is the honest alternative: neutral facilitation instead of divided loyalty.
Hire a broker for expertise, professionalism, and market knowledge—not for a title. If you're listing in Wyoming, ask your broker to explain intermediary relationships before you sign.