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We are an exclusive buyer agency company, which means that we work exclusively with buyers and work only under a written buyer agency agreement. In Colorado, a buyer has the option of working with a real estate agent either under a buyer agency relationship...which means that the agent is required to represent the interests of the buyer...or a transaction broker relationship...which is defined in the legislation as a real estate licensee who is prohibited from doing anything to promote or protect the interests of the buyer.With a reasonable explanation of this difference, a buyer should understand that they would be better off if they had to pay something extra for the services of a buyer agent. But they generally don't pay either for the agents' services...since these are generally paid by the seller...or pay more for the house...and will generally be paying less than if they were unrepresented.
Probably the most important thing to do is sit down and present to your buyer. Explain the process to them from start to finish. Let them know exactly how the Buyer Agent gets paid. That in most ALL transactions the seller agent shares their commission with either a buyer agent or facilitator and advertises the percentage split on MLS. Show them the split. Further explain your arrangement with your broker. Let them know through Exlusive Buyer Agency they can opt to either 1) authorize the seller or seller agent pay this fee 2) include a fee as part of the offer to purchase the property or 3) choose to pay outside of the transaction HOWEVER this option is rarely chosen as an option by buyers. Buyer Agent ultimately does get paid by the buyer. If you follow the money trail, the buyer pays the seller who then pays the listing agent who splits the commission with the buyer agent. So the question is then....why wouldn't the Buyer want representation from a Buyer Agent. Focus on the value Buyer AGency brings to the process. They have a feduciary responsibility as well their responsibility is to represent the buyer and protect their interests. Good luck!
Answer it with a question: "How can a listing agent try to get the most money for a seller, while at the same time try to save the buyer the most money?" Probably not."What costs do you think are associated with using a buyer's agent?" Then, address each concern.
Yes it's true you could wind up paying a bit more using a buyer's agent, but this like everything else is open to discussion prior to you entering into a buyers agency.What you gain by having representation is a professional who is attending to your needs who will formulate a strategy on how to purchase and who will position you as a strong buyer my suggestion check out these two links and only sign with a buyer's agent who has some sort of formal training in buyer agency. http://rebac.net/abr_designation.cfm orhttp://www.cbrsource.com/ these sites should answer all your questionsGood Luck
I think you get it Sunnyview.
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