Why a buyer should use a Realtor as a buyer’s agent?
I always… I mean always get calls from buyers that say “are you the listing broker on 123 Main St in anytown USA? If I am not the listing broker of course my answer is “no I am not but I can represent you as the buyer broker on 123 Main St anytown USA”. I am just amazed at how many people reply ” I just want to chat with the listing broker, we do not need representation”. The reason that is shocking is because they are either going to use the listing broker to help them on their side of the deal (I will discuss that challenge in just a minute) or they are bypassing their broker agent to go straight to listing broker for information (that is another challenge right there)
For starters when you use a buyer broker (agent) in almost any real estate transaction (99.9% of the time in residential transactions) the seller pays for both broker fees. Let me say that again because it is very important. I have never been in a real estate transaction where the buyer pays for any part of the commission to any broker. I need to put .01% in because it might happen once in a strange sort of deal. Your normal real estate transaction the seller pays for real estate fees.
The other people think is that they can negotiate a lower price if they don’t use an agent for the buy side. Well that is usually not the case either because in the listing contract in Colorado there is a section that states total commission due. So if you don’t use an agent the seller still owes the listing brokerage firm the same commission as if there were 2 agents in the transaction. So basically what you just did was assure the listing broker just made two commissions for the same amount of work.
In the state of Colorado there is no such thing as dual agency. So if the same broker represents the buyer and the seller in the same transaction the broker is not allowed to advise both parties. What the broker has to do is to present raw data to both parties and not say what his opinion is on anything. For example he can give you comparables of sold properties but he can’t say what his opinion of the price is. He does not advocate for either party in the transaction. Even though he may have advocated for the buyer or seller just the day before and told his seller his opinion of what the home was worth. All the transaction broker can do is make sure the transactionn goes smoothly.
So back to my original comment, it confuses me when buyers don’t want their own representation in a transaction. If you get less advice and son’t necessarily save money why would you not want an advocate on your side? Why would you not want person to negotiate the best possible price on your behalf?
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