Aspen Real Estate
I was recently looking for a
second home in the Aspen real estate market. When shopping for real estate,
whether it's a first home, second/vacation home, commercial investment or raw
land, it's almost always a good thing to enlist the services of a Buyer's
Agent. I found a buyers agent available at Aspen Snowmass Homes.
What is a Buyer's Agent? This
person has to have been in the business a number of years, and now has Agents
that work for and under that Broker. The Broker makes money off of each Agent's
commissions. In exchange, he provides office space, receptionist services, and
may offer some advertising budget. If there is an affiliation with a larger
national franchise, the Broker is the one who arranged that and is responsible
for those costs as well.
The Agent makes a percentage
of the sale. Generally speaking, that percentage, as established by industry
standard, is 6 percent for improved property, and 10 percent for raw land. When
an Agent secures a listing on a property, that is an exclusive right to sell
the property. Generally speaking, the contract requires that the Agent/Broker
will make efforts to advertise the home, show it, etc., and that they will be
paid that percentage as their fee, should the house sell within the term of the
listing agreement or to a buyer which they have produced. In order to provide
fair compensation, sell more houses, and as a professional courtesy, when a
Buyer comes from a fellow realtor, that (Buyer's) Agent will split the
commission with the Listing Agent; Each will get 3 percent of the selling price
of the home. This costs the buyer nothing.
Why, then, would you want
the services of a Buyer's Agent? As Listing Agents stand to make the entire 6
percent for themselves, they're naturally more interested in persuading you to
buy what they have in their own office. Not only will a Buyer's Agent filter
out the time-wasting listings that a realtor might have pushed on you, but
they'll also be in your corner during negotiations. It behooves you, then to
not let the Buyer's Agent know the full amount you're able or willing to pay. A
Buyer's Agent can be any realtor you feel comfortable with, one that you trust
who is knowledgeable and has some business savvy. Sometimes we become friendly
with an Agent who has sold us a home before. That shouldn't be the basis for
choosing that person as a Buyer's Agent. I came across such an agent years
back, while looking for raw land in Southern California. Lo and Behold! Needless
to say, I wanted the property. When the Selling Agent tried to jack up the
price, she informed him in no uncertain terms that the listing was in the MLS,
a public offer, and we had agreed to the full asking price. We closed the deal
through the mail. That goes to show the value of a Buyer's Agent. In all, we
found over a dozen listings UNDER $5,000, because she had taken on the role of Buyer's
Agent. Some Agents are very honest, decent folks. It makes both dollars and
sense to get yourself an expert who's on your side, a Buyer's Agent to work for
you.
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