This is perhaps the most important time to have an advocate in the real estate market. The need is great, because of the rapid change in the real estate market in Durango Colorado, and around the nation. The perception of the market by buyers and sellers is in transition. Everyone recognizes the shift to a buyer's market, and that buyers will more directly dictate terms and conditions, and there are deeply discounted properties on the market that are getting attention. As a buyer, what can you expect? How do you find the properties that are more distressed? How much shall you offer for a property? How do you manage the negotiation process? How do you negotiatate inspection issues? Do you clearly understand title issues and how they can impact your use and enjoyment of the property?
In Colorado, a real estate broker has the opportunity to provide service to buyers as a seller's agent, a transaction broker or a buyer's agent. Of course a seller's agent is "working" for the seller on the sellers behalf. As a transaction broker, the broker can not advocate or advise the customer. As a buyer's agent, a contract establishing "agency" is established, and the real estate broker may use their knowledge and experience to assist the buyer through the buying process. The real estate broker can advise and advocate for the buyer, and in fact, the real estate broker has a higher degree of responsibility to the client. Most often, the buyer's agent is paid the same, regardless of the type of relationship, and typically, the commissions are paid by the seller through the listing contract. There are other ways a buyer's agent can be paid if preferred by the buyer, and the real estate broker can discuss these with you. Enough of the legal! Simply said, the State of Colorado through the real estate commission has established a method for an agent to directly assist you.
Not all buyer's agents are created the same! Of course, there are lots of differences between real estate brokers, and their ability to assist you. Some of the basic criteria can vary greatly. Here are some of the questions you may want to ask. How much real estate experience does the real estate broker have? How long have they been in this market? Do they specialize in a segment of the market? What further education credentials have they completed? Ask them to provide the most recent statistics on the market. How many days on the market for properties? Is this growing? What is the sales price of recently sold properties versus their final list price? How would they recommend to work with you and why? How can they get you the best possible "deal"? What would they recommend for the negotiation process? Chemistry also plays a role, and by interviewing the broker, you can determine if that person is a good fit for you.
Last, you may want to consider real estate brokers who have the ABR designation. ABR stands for Accredited Buyer's Representative, and it is a designation awarded by the Real Estate Buyer's Agent Council of the National Association of Realtors. It is the benchmark of excellence in buyer representation. These designees have completed course requirements in buyer's representation, and they had to document successful sales transactions, in which they represented the buyer's interest.
In conclusion, make the most of this unusual opportunity. We have not seen a buyer's market like this one for 20 years. It is a great time to be a buyer, so take advantage of the opportunity by buying now, and utiliziing the services of a qualified buyer's agent!
This article is submitted by Don Ricedorff, a licensed real estate broker in Colorado, servicing La Plata County and Durango Colorado. If you need to reach Don, please contact him at don@frontier.net, at his office at The Wells Group, 970-375-7014, or visit him on the web at durangorealproperty.com.
Don Ricedorff
Broker Associate
ABR, CRS, CRB, CCIM, RSPS, GRI, CIPS
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