So…. if you are thinking about selling your home, resort condo, vacant land, development property or any kind of real estate in Summit County…
Here’s what you should do…
1. Interview at least 2, preferable 3, if you can stand it, good listing brokers. There are about 600 brokers running around Summit County looking for listings. There’s maybe 15 that we, at Buyer’s Resource, would entrust to one of our clients. How do we know the good ones…? As agents who specialize in representing buyers, and only buyers, we are negotiating with listing agents every day. And, we’ve been doing it since 1987. We know the ones who are truly committed to taking care of their client’s best interest. And, we know the ones who could care less about your welfare, are just trying to get a deal done and get a commission.
2. Ask the agents you are interviewing what they think your property should be listed for, and what it will sell for, in a specific period of time, say 100 days. Ask them how much they charge; how much commission they will offer to the broker that actually brings the buyer (95+% of listings offer 3% to the cooperating broker); ask if they will represent you as your agent* (vs a transaction broker), and how will they market your condo. The info they will give you is valuable, and free.
3. Once you have the info from the brokers you should have a pretty good idea of what your property will sell for. With that info in hand, call us! We might be working with a buyer client right now that could be perfect fit for your property. If we do, we will ask for a commission equal to 3% of the negotiated purchase price. That’s the good news (paying 3% vs. 6%). Bad news is, as you are well aware, we only work for buyers, so you are on your own as far as negotiating, representation and counsel. You could hire an attorney or a broker, for example one of the brokers we referred to you, and pay them hourly to advise you. That said, if we do have a buyer and do put a deal together on your property, we will handle all the logistics of coordinating the deal and getting it across the finish line.
4. If we do not have a buyer, your options are to list the condo with a broker, or to do a For Sale By Owner (FSBO). FSBO sellers market their property by putting a For Sale sign in the yard, ad in the local paper, and/or getting on one of the FSBO web sites. You likely will still need to hire an attorney, title company, etc. and trying to do all this from afar, if the property is a 2nd home and you live elsewhere, can be problematic.
* definition of a true real estate agent ---per Colorado Real Estate Commission--- Seller’s Agent: A seller’s agent (or listing agent) works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the seller. The seller’s agent must disclose to potential buyers all adverse material facts actually known by the seller’s agent about the property. A separate written listing agreement is required which sets forth the duties and obligations of the broker and the seller.
And here’s our --- the Buyer’s Resource/Eby Real Estate--- definition---A broker who is going to go to bat for me; who will be my advocate, who is going to protect my interest; who will negotiate for me; who will look me in the eye and say “as your agent, I’m going to make your interest and welfare paramount to everyone else’s---especially mine”. This is the pledge we make to each of our buyer clients.
What/Who you do not want working for you (but who will ask for the same compensation as a Seller’s Agent) is a Transaction-Broker, defined by the Colorado Real Estate Commission as…
Transaction-Broker: A 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 all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties. A transactional-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 know by the transactional-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 is required.
…..which begs the obvious question…why would I pay someone the same amount of money to not be my agent or advocate when for the same amount of money I can have someone committed to my welfare?
Finally, please note that if you choose one of the brokers we recommend, and a sale of your property is consummated, and if you are happy with the service provided by that broker, a referral fee will be paid to Buyer’s Resource by the referred listing agent.
We hope the foregoing gives you a good outline on how to get started on selling your property. Always feel free to contact us with any questions.