Learn how Colorado real estate agents get paid. National Buyers Agents Association (800-383-7188) has all the information home buyers need to choose the right agent, negotiate a contract, and understand the coming changes to the real estate market.
Big changes are coming to the Colorado real estate market, including how agents get paid and who pays them. If you're considering buying a home this year, you'll want to check out the new Colorado buyer's guide by National Buyers Agents Association (NBAA).
You can find it here: https://homebuyerscolorado.org/how-colorado-buyers-agents-get-paid
The March settlement by the National Association of Realtors (NAR) is transforming longstanding practices. In addition to altering the commission structure, the new rules will require Colorado home buyers to sign a written agreement with an agent before searching for a home.
The changes to the Colorado real estate market are set to take effect in July of this year when NAR stops placing commission rates on the multiple listing service (MLS). This means that an agent’s commission will now be independently negotiated at the beginning of the home-buying process. Once the fee is agreed on, a binding contract will be signed.
It's important to note that these changes are designed to empower you, the buyer. That being said, buyers must now take a more active role in choosing an agent and negotiating a fair commission.
NBAA's guide provides you with helpful tools and tips to use when negotiating a commission rate as well as what to look for in a written agreement.
In many cases, Colorado sellers will no longer be providing the buyer's agent fee at closing, as was the industry standard. The fee may now fall to you, the buyer. NBAA suggests you educate yourself thoroughly by interviewing at least two agents each agent before signing anything.
Brokerages will likely present a predetermined rate, but according to the NBAA guide, these rates can be negotiated. It is incumbent on the buyer to determine if the agent is worth the commission.
While this may increase your initial cost, NBAA believes that working with a trusted agent can save money and hassle down the line. If you're ready to buy a home, start by finding a qualified agent. The Colorado Buyers Guide can show you how.
The National Buyers Agent Association is a trusted online resource aimed at empowering and educating home buyers across the United States, Canada, and Costa Rica.
A spokesperson for the company said: “Not all Real estate agents in Colorado are the same. Rather than trying to sell you a home, it is the job of a Buyer Agent to help you buy your perfect home. Our staff will happily answer your questions and provide you with the name and contact information of all members in good standing with the association.”
You can learn more by visiting https://homebuyerscolorado.org/find-buyers-agent
