One of the questions many people ask is whether they should bypass working with a real estate agent when they sell their home. There are several key reasons to utilize a real estate broker, and it helps to understand the roles and responsibilities of a broker in the process.
When a client chooses to work with a real estate broker, s/he enters into a contractual agreement with the broker. According to the Colorado Association of Realtors contract, there are several responsibilities the broker must uphold for the client.
The broker works with the best interests of the seller, protecting sellers to enable a smooth sales process and works towards obtaining their personal goals. The contract states that a seller’s agent must promote interests of a seller with the utmost good faith, loyalty, and fidelity. A seller’s agent will seek the price and terms set forth in the seller Listing Contract and counsel the seller as to any material benefits or risks of a transaction that are actually known by the broker. Additionally, the broker must not disclose that a seller is willing to accept less than the asking price for the property, motivating factors for the seller to sell the property, or that a seller will agree to financing terms other than those offered.
Some of the other brokerage duties include: presenting all offers to and from the seller in a timely manner, disclosing to the seller adverse material facts actually known by the broker, accounting in a timely manner for all money and property received, and keeping the seller fully informed regarding the transaction. These responsibilities are crucial, as they help guide the entire sales process in an efficient and timely manner.
The above responsibilities should not be taken lightly. Real estate agents act as advocates for their clients, with guiding principles and rules for the sales process. While the above language is adapted from the standard Seller’s agreement, we honor these principles for both buyers and sellers. When you engage an agent from The Durango Team, we advocate for our clients, striving for their interests, and we apply good faith, loyalty, and fidelity throughout the process.