How a Realtor Gets Paid
The conveyance of real estate in Colorado and the United States is quite a bit different from many other countries. The core fundamental differences are that real estate brokers in Summit County cooperate with each other to help sell their companies listings (properties for sale) and the listings of competitor real estate companies. Nearly all real estate brokers do this by being members of their professional Association, the Summit Association of Realtors, The Colorado Association of Realtors and the National Association of Realtors. To be a member of these Associations requires that the broker or agent take an oath of loyalty and maintain a prescribed standard of ethics to serve the Buying and Selling public. To maintain their brokers license and title, “Realtor” they have to maintain continuing education requirements for their State licensing requirements and the high standards of continuing education of their professional Association.The Multiple Listing System of Summit County
All Real Estate Brokers in Summit County use a central computerized information system for advertising properties that are currently on the market for sale. This system is called a Multiple Listing System (MLS). The Summit Association of Realtors owns this system and 99% of practicing brokers are members of the Board. This enables them to have access to the system to view listings (properties for sale) and also to enter new listings into the system. It also enables them to produce historic data for the purpose of compiling Comparative Market Analysis Reports to show how many other properties have sold in a particular subdivision, how much they sold for, average price per square foot, how many other properties are currently on the market in that same subdivision or complex and what price they are listed for. It will also produce statistical data on list price to actual sales price ratios and average days on market reports. Part of the rules and regulations of the MLS allow all brokers who use the system to share selling commissions. The seller normally pays the commission upon close of the transaction and agrees to in writing before the listing is entered into the system via a document called a Listing Agreement. The listing broker will usually share equally the sales commission with any broker who brings a procuring offer. This allows one particular broker to effectively work for a client and for that client to know that the broker they have selected will show them any and all listings that match their clients criteria, regardless of which real estate company is the listing agent. This produces better service and better sales. So it is worth your while and time to find one Realtor who has experience and knowledge and that you feel comfortable working with to help you find your property. The only way the Realtor will get paid is if he or she helps you procure a property.
Search for homes in the local real estate market
Please don't hesitate to contact Andrew Biggin at Breckenridge Associates for more information about the Summit County real estate market.