High 56° Low 29° |
"It is a difficult proposition to come to
an unknown area and invest in real estate...Traditional real estate
agents naturally want to sell their listings, and as an outsider it may be
tough to spot a real estate value in the marketplace. As an investor
that has been involved in many real estate transactions, you are as fine
a broker as I have worked with. You truly listened to our needs and
desires, and your follow through was outstanding."
Rene & Marlene W, Greeley, CO
"You are a true professional that has a
passion for your work as well as your
clients. We recommend you to anyone
seeking property in Steamboat Springs
and surrounding areas. You really made
our dreams come true."
Garrett & Suzi M, Steamboat Springs
|
|
|
Exclusive Buyer Agency
The Client Relationship
As a client, not just a customer, you should expect to relate to your agent in complete confidence and trust; when you are a client, your buyer agent has the same fiduciary duty to you that an attorney has. Communication should be open and honest - nothing you say to your buyer agent will be disclosed to anyone unless you specifically authorize it. In turn, you should expect your agent to be open and honest with you in discussing the relative merits or disadvantages of a particular property, or in guiding you toward more realistic expectations.
Written Agreement
When you, as a buyer, want a buyer agent to represent your best interests in a real estate transaction, it is required by Colorado Law to have a written agreement with the broker, which defines the terms of your relationship. This includes the type of property, the price range, location, etc., how long the agreement will be in effect, the fee involved, and when and how the agent's fee is to be paid. You should feel free to negotiate any of these terms with the agent before signing. It's always best for both parties when all the specifics are agreed to in writing.
Exclusive Agency
Exclusive agency works both ways. Just as a buyer's agent will owe an exclusive duty to you as a client, you will be expected to work exclusively with the buyer's agent during the term of the agreement.
Since your buyer's agent will be investing his or her livelihood and time to help you make the best purchase on the best terms, your loyalty will enable him or her to do a much better, more thorough and professional search for you.
Counseling, not Salesmanship
The essence of the relationship between a buyer and his buyer's agent is one of partnership, as you work together in mutual confidence to meet your lifestyle goals. As a client, you will not be subjected to high-pressure sales techniques. The professional exclusive buyer's agent will act as guide and counselor, providing all the appropriate facts necessary for you to make an intelligent, informed decision.
During your initial interview, you must feel free to raise any questions, or to discuss anything, including the fee, about which you may be uncomfortable. Success depends on mutual trust and openness. Your buyer's agent wants that as much as you do, before investing his livelihood in you as a client.
No Extra Cost to the Buyer
Having a buyer's agent represent you in your purchase should not cost any more than if you were a customer of a seller's agent or transaction broker. Remember that the brokerage fee is usually already included in the asking price for the property. An exclusive buyer's agent knows how to structure the offer so your brokerage fee is included in the transaction, by possibly offsetting the price, building the fee into the mortgage, or asking for a credit from the seller for an equivalent amount.
When all parties agree, the exclusive buyer's agent may be paid in the same way other brokers are compensated, by receiving a share of the total commission paid from the proceeds of the transaction.
There may be some situations when the price does not include a cooperating brokerage fee, for example, when the property has not been listed in the Multiple Listing Service. In those cases the asking price for the property needs to be considered in terms of the buyer paying the brokerage fee out of pocket or adding it to the purchase price.
Getting the "Best Deal"
Working with an exclusive buyer's agent doesn't mean you've hired a "Gunslinger" to shoot down the price or steal a property for you. However, your buyer agent's goal will be to obtain a fair price on financial terms, which are favorable to you, using his/her expertise and experience to avoid paying too much for a house that is over priced. Remember, your buyer's agent represents you, not the seller, so his job is to get the lowest price and best terms he can for you.
Freedom to Look at Other Properties
Most of the time your buyer's agent will accompany you. When you are on your own, there is a specific procedure to follow if you want to visit open houses, or to contact an owner who is selling by himself without a buyer's agent. Always discuss this with your agent first - because many agents and home sellers are not familiar with exclusive buyer representation, you must follow your buyer agent's instructions very carefully.
Usually your buyer's agent will call ahead to make arrangements with the owner or his agent before you go to see the house, just to be sure that there is no misunderstanding about your being exclusively represented. One of the nice features of working with an exclusive buyer's agent is that all properties, not just those being marketed on the Multiple Listing Service can be considered.
Peace of Mind
An exclusive buyer's agent can't promise to do the impossible - just do his or her best to get you the house of your choice, at the best price and on the best possible terms for you.
Peace of mind comes from knowing that your buyer's agent will place all the facts and information he or she can at your disposal, and verify the information provided by the seller and his agent in an objective manner. The exclusive buyer's agent is there to give professional guidance and counsel, not to "puff" the home, or to subject you to high-pressure sales techniques. Furthermore, once you have the property under contract, you will have an extra set of eyes looking out for your best interests throughout the due diligence period.
A Difference of Degree
Every broker and agent has an obligation to provide you with facts, and to treat you fairly and honestly. An exclusive buyer's agent, however, can go further than this, and assist you to verify, interpret and evaluate facts about the property, and give you counsel and guidance as you make your decision.
A seller's agent must only tell you that the roof leaks - an exclusive buyer's agent can legitimately negotiate to get the seller to fix it and pass a warranty on to you. A seller's agent must only disclose that there is a state highway right-of-way just beyond the property line - an exclusive buyer's agent should help you find out what the plans are and help you to evaluate any future impact of the road construction.
No Miracles
Don't expect miracles from an exclusive buyer's agent. However, you can expect due care to guard your interests through all aspects of your purchase from search through settlement. The result should be greater satisfaction for both of you. Freed from divided loyalties, your buyer's agent will be able to give you the protection a professional owes his client.
Real estate buyers have a choice in whom they can work with. The professionals at Buyer's Resource Real Estate of Steamboat can assist you on locating the best property that meets your needs, and then negotiate the lowest price and best terms. There is no fee for our services, and you can rest assured there will be no conflict-of-interest on who we represent, and that is on any property you desire to own.
|
|
|
