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Choosing a Broker

Once you have made the decision to purchase or sell a home, the next step is to find a real estate broker who will best represent you and your housing needs.

Brokerage Relationships

Brokerages working with consumers either as customers or clients may do so through a variety of brokerage relationships.  These realationships include but are not limited to an exclusive agency relationship, a dual agency relationship, or a transaction broker relationship.  For all regulated real estate transactions, a buyer, seller, landlord or tenant may enter into an express written agreement to become a client of a brokerage without creating an agency relationship, and no agency duties will be imposed.

A.  Exclusive agency:  an express written agreement between a person and a brokerage wherein the brokerage agrees to exclusively represent as an agent the interests of the person in a real estate transaction.  Such agreements include buyer agency, seller agency, designated agency, and subagency agreements.

B.  Dual agency:  an express written agreement that modifies existing exclusive agency agreements to provide that the brokerage agrees to act as a facilitator in a real estate transaction rather than as an exclusive agent for either party to the transaction.

C.  Transaction Broker:  The non-fiduciary relationship created by Broker: 61.29.2A14 NMSA 1978, wherein a brokerage provides real estate services without entering into an agency relationship.

What to Look for in a Broker

In addition to finding a real estate broker that you feel comfortable with and whom you trust, make sure that he/she is a dedicated professional who will work with you until your goals have been met.

They should be familiar with the area. Not only should they be familiar with the housing market, but also with area churches, schools, clubs, and parks.

Also, look for a broker that is a licensed REALTOR®. REALTORS® are individuals who are members of the National Association of REALTORS® (NAR), and must adhere to its strict code of ethics.

By following these guidelines, your home buying or selling experience should be a pleasant one!

 

 



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