Buyer Agent vs. Transaction Broker
The Transaction Broker is not working in your best interest.
We are Dedicated Buyer Agents!
Facts you should know before you make this important decision:
Most agents work as a Transaction Broker, which means they facilitate the real estate transaction and are not an advocate for either party. This is one of the most important decisions of your life. Choosing the right agent to represent YOUR best interests is imperative. Get the representation that you deserve. With an exceptional sales record and unparalleled marketing, combined with exemplary negotiating expertise, you’ll see why so many clients seek us out to represent their best interests. Proper pricing, elegant presentation of properties and our sophisticated marketing is what sets us apart from the rest!
Buyer Agent: works solely on behalf of the buyer to promote the interests of the buyer with the utmost faith, loyalty, and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer. The buyer’s agent must disclose to potential buyers all adverse material facts actually known by the buyer’s agent including the buyer’s financial ability to perform the terms of the transaction and, if a residential property, whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.
Transaction Broker: assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting offers and assisting the parties with any contract, including the closing of the transaction without being an agent or advocate for any of the parties. A transaction broker must use reasonable skill and care in the performance of any oral or written agreement, and must make the same disclosures as agents about all adverse material facts actually known by the transaction broker concerning a property or a buyer’s financial ability to perform the terms of a transaction and, if a residential property, whether the buyer intends to occupy the property. No written agreement required.
A Transaction Broker cannot act in the buyer’s or the seller’s interests, by law, they work to facilitate the transaction, communicate between both parties, write the contract and attend the closing. A Transaction Broker is not working for you as a client, but works to get the deal to closing. A Transaction Broker will NOT negotiate on behalf of or act as an advocate for you. They simply assist the buyer and seller in the transaction without any loyalty extended to either party. They are a neutral party and have no responsibility to protect your interests, aside from a number of statutory obligations and responsibilities.
It is our observation that many local brokers choose to represent buyers and sellers as Transaction Brokers. There is less responsibility and liability associated with being a Transaction Broker compared to being an agent. It generally takes more time and work to properly represent a client as an agent.
A Broker is not obligated to represent your interests, and your interests alone, until you have discussed and signed a written contract describing the agency relationship under which services are being provided.
By law, a Seller’s or Buyer’s Agent works exclusively for you, and in addition to uniform duties a Broker is a Seller or Buyer’s Agent by performing the following additional duties as stated in the Colorado state contract, “6.1. Promoting the interests of Buyer with the utmost good faith, loyalty and ﬁdelity; 6.2. Seeking a price and terms that are acceptable to Buyer; and 6.3. Counseling Buyer as to any material beneﬁts or risks of a transaction that are actually known by Broker.”
Our clients want us on their side. They take advantage of our experience and knowledge. They want to know what we think and seek our advice. We are committed to them and we don’t look at it as “just another deal”. They want us to be their agents and we are honored to represent them and embrace the responsibility that goes with it.
Work with Agents that represent your best interests! Work with our team!
Be the first to know. Properties can sell immediately so you need instant information. There is typically a 24 hour delay with information appearing on the internet v.s. having access to a broker’s multiple listing service where you receive the listing the moment it is listed.
A buyer Broker will advise you on how to write the very best offer so you don’t lose the property to someone else. This advice is invaluable and it’s not just the best price that secures the house; there are many factors involved in writing the best offer practically guaranteeing the Seller will accept your offer over the others.
Working with the listing agent directly is not in your best interests. The Seller pays the commission and some commission rates are variable, so by working directly with the listing agent, does not mean that they are going to write the best offer on your behalf because you are assuming they are going to make a more substantial commission. They actually would be working as a Transaction Broker in these circumstances, meaning they would not be an advocate for either party and could not offer you any advice.
There is no cost for Buyer Representation. You get expert advice at no charge to you so why wouldn’t you want a broker representing your best interest?