If you are buying or selling residential real estate, there are two ways I can work with you: within an Agency Agreement (Buyer Agency or Seller Agency), or as your Transaction Broker.
Agency ~= Coach –> The Broker advocates for one “team”, either the Buyer or the Seller, working towards a mutual goal (closed transaction).
Transaction Brokerage ~= Referee –> The Broker assists one, or both, parties in reaching the mutual goal, but advocates for neither.
The below Buyers Agency, Transaction Brokerage, and Sellers Agency definitions are quoted directly (bold added) from the DEFINITIONS OF WORKING RELATIONSHIPS disclosure.
A buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good 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 sellers 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.
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 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 is required [In regard to Broker Duties].
A seller’s 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.
FUTURE SERVICE — APPRAISALS
I am adding a cog to my own knowledge base! I am currently completing the Colorado qualifying appraisal education courses. After that I’ll become an Appraiser Trainee. 2,000 logged hours after that I get to take the exam to become a Licensed Appraiser.
Why do you care? Because every step I take along this pathway means my understanding of the market and the appraisal process improves. While an appraisal and a Comparative Market Analysis (CMA) for Sellers and Buyers are different beasts, and can arrive at different values, there are many commonalities.
So, the more I learn about appraisals the better each CMA I complete will be. This means that I can help you price your home (Sellers) or offer (Buyers) accurately given the market conditions with consideration given to the potential appraised value range.