Learn about fiduciary responsibilities of agents and how these benefit consumers. The Oct 27 Denver consumer’s bootcamp will teach consumers what to do if the agent fails to perform agency duties.
A just-released talk radio report on KHOW hosted by Colorado Springs consumer Advocate Larry Stanley and Denver host Barry Miller explains how critical it is for consumers to understand the fiduciary responsibilities of real estate agents vs brokers definition. Often the terms “agent” and “broker” are used interchangeably, but the show seeks to help consumers understand the benefits of ensuring they have a fiduciary agent vs a broker.
This critical report that will benefit both buyers and sellers of real estate may be found here: http://buyeragentsearch.com/fiduciary-responsibilities-real-estate-agents-important/
Real Estate professions may choose to take on a non-agency role such as transaction brokerage. In transaction brokerage there is no advocacy or loyalty available to either the buyer or the seller. The Colorado Association of Exclusive Buyer Agents only allows members who are 100% fiduciaries, and Buyer Agent Search screens all of it's members for willingness to perform consumer loyalty duties as agents.
The host of the radio show described the fiduciary duty as a term that requires agents to put consumer’s interest ahead of their own interest. A good example is when buyer’s agents objectively show houses to consumers that aren’t their personal listings. Their service is based on the consumer’s wants and needs rather than their own. Consumers must avoid real estate professionals who show primarily their own company’s listings. The incentive for this is that the licensee or the company they work for could receive more compensation because both the buyer and seller side commissions would stay within the company.
Consumers can avoid hiring agents that don't serve their interests by interviewing agents and reading their reactions when asked about their fiduciary responsibilities. Colorado consumers may also report to the Department of Regulatory Agency, under the Colorado Real Estate Commission if they have encountered agents that don't perform their fiduciary duties stated in written agreements. Consumers are urged to get a written agreement that will outline exactly what the agent will do for them to earn their commission.
The Buyer Agent Search network, managed by Kathleen Chiras, has been helping consumers find the best agents that match their wants and needs for over 20 years. She talks with consumers, and then suggests a list of agents who will agree to become fiduciaries for their clients.
Kathleen added that, “We select top agents by picking agents throughout the United States that will provide fiduciary responsibilities. Integrity, or following through with what they say they will do when they say they will do it is extremely important.” Written agreements help consumers know exactly they types of services a real estate professional will provide, and under what circumstances they will provide it. Consumers seeking fiduciary agents may find them through the free agent locator service provided at https://buyeragentsearch.com/find-a-buyers-agent/
A fiduciary duty of protection can be provided through the agent recommending good inspectors. The foundation of the house, roof, plumbing and electrical, and HVAC (heating, ventilation & air-conditioning) were identified in the show as the five important portions of the house for inspections. A guest speaker from the WIN Home Inspection advised consumers to always go to the inspections, listen to what the inspector says, take notes and use the report. For the consumers who lived in their houses for longer than 6 years, a major inspection with the five major parts of the house would be advisable. It is noted that the furnace and air-conditioning need service once a year. The guest also reminded consumers to hire a reputable HVAC company to do the annual clean- up & inspection, and watch what they do.
A two-hour boot camp presentation about the 10 steps in buying and selling homes will happen on Oct. 27, 2018. It is hosted by Miller Stanley Real Estate and radio show consumer guru Barry Miller. The boot camp aims to educate consumers and prepare them in the home buying or selling process by helping them understand the entire process and be in control of the transaction. The seminar will reveal 2 huge myths about agent duties that can harm consumers if not fully understood. Details may be obtained by calling 800-383-8199, or listening to the KHOW 630 radio show that airs every Saturday at 8-9 am and 11-12 pm.
