When you contact a real estate agent to help find your next home, you need to consider how you want them to represent you. Of course you want them to help you find the perfect home, and you want them to be fair and honest. But what else should you be looking for? In Colorado, a Real Estate Agent can have the following legal relationships with a buyer: customer, transaction broker or Buyers Agent or Broker. As a Customer, the agent owes 100% of their loyalty to the Seller. They can show a property to you, but their job is to represent the interests of the Seller. This is the relationship that led to the old saying "Buyer Beware". As a Transaction Broker the agent is a neutral party. They can assist you with finding a home and have the obligation to be fair and honest. They also are bound to keep the financial motivations of both the buyer and seller confidential. They can help facilitate the entire transaction but don't represent either party. In sports you could liken them to a referee! The Buyer Agent or Broker is the Coach! They represent you and have the obligation to look out for your best interests. They can assist you with advice in negotiating and owe a fiduciary responsibility to you as the buyer. Generally you also pledge your loyalty to them, as your broker and agree to buy exclusively through them for a certain period of time in a certain area (Provided they are doing a good job for you). Before you get into any serious negotiations, Colorado Real Estate Agents should discuss this with you and enter into the agreement that is mutually agreeable with you and them.
I'm Rich Selle an active Realtor with RE/MAX Pueblo West. I've got 30 plus years real estate sales experience and I'll try to give you some insights about our market.