By Michael Shotnik, Colorado Mortgage
It can be confusing to home buyers and sellers to know if they should use a real estate agent, broker, Realtor, what the differences are, or if they need one at all.
A Real Estate Broker generally has more education and is held to higher standards than regular agents. A Realtor can be a broker or an agent.
The reasons for hiring an experienced broker are numerous. The educated, professional broker:
• Has knowledge of market conditions and neighborhoods
• Helps negotiate a pricing strategy
• Is the skilled intermediary between sellers, buyers and other agents
• Knows how to handle all the paperwork involved with purchase agreements
But all real estate brokers are not created equal. It's important to find a competent, trust-worthy broker. How can you do this?
Probably the most accurate assessment of quality comes from reading online reviews and getting positive word-of-mouth referrals.
As a lender we work with many brokers, and get a really good perspective on who’s good and who’s not. The way a contract is written up seems so basic, however you can tell a seasoned agent by dates, deadlines, and a few other variables in the contract. Good agents seem to be able to get properties under contract, whereas inexperienced agents cannot, and the buyers end up renting. In summary: lean on us for great agent referrals!
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