Helpful Articles and Tips from Wayne Newsom
800-726-1405 or 970-586-4425
Everything You’ve Always Wanted To Know About Real Estate…
In this day of real estate complexity, many people have interest in real estate but have little knowledge of how the process of buying/selling happens; they may have a personal interest to buy or sell real estate but need help in learning about the “how, when, where, what…” of the business.
For some it may be difficult to find a starting point. Where do you get information about how to start the process to buy/sell? Where does one learn the terms of the real estate industry? When is the right time? How does one find a professional Realtor? Does one ask questions of family and friends or jump in with both feet and hope for the best? What is the difference in Realtor, Broker, Agent?
Wayne says “First things first. Finding a good real estate broker is essential to enjoying a painless real estate transaction, no matter which side you are on, buying or selling. The old saying “20% of the agents do 80% of the business” is true. How can you find a good real estate agent? The best agent doesn’t necessarily work for the largest office in town, nor do they close the most transactions or make the most money. The best agent for you is an experienced professional who will listen to your real estate needs, conduct business in an ethical manner and knows the area market.”
Here are terms and explanations that will answer some of your questions when looking for the professional to work with you.
REALTOR®, BROKER, AGENT –
- REALTOR® All realtors are licensed to sell real estate as an agent or a broker but not all real estate agents are Realtors®. Only Realtors® can display the Realtor® logo, meaning they belong to the National Association of Realtors and pledge to follow the NAR Code of Ethics, a comprehensive list establishing levels of conduct that are higher than ordinary business practices or those required by law. Less than half of all licensees are Realtors®.
Wayne has been a licensed Realtor® since 1979 (33 years) and has all of the qualifications mentioned above. He is diligent in adhering to the Code of Ethics set forth by the industry. He is a member of the National Association of Realtors, Colorado Association of Realtors and has the designations of CRS (held by less than 4% of Realtors) and GRI, Graduate Realtor Institute.
- BROKER A person who has a real estate broker’s license, who may not only make real estate transactions for others in exchange for a fee, but also may operate a real estate business.
Wayne is more than having a broker’s license as he has the classification of an employing broker. State laws impose clear requirements on the employing broker. Wayne conducts business as a Transaction Broker, and says “A good transaction in real estate is when it is fair and just to all concerned.”
Only employing brokers can hire other brokers. Each office of multiple sales persons must have a designated employing broker. State laws impose clear requirements on employing brokers and there are many methods by which employing brokers perform their legal and regulatory roles. A couple of examples: review contracts before submission, especially for less experienced broker associates; provide a high level of supervision for all broker associates with less than two years experience
Wayne has an employing broker license. Wayne and his co-owner partner established Coldwell Banker Estes Village Properties in 1984 and have worked together since 1979.
Wayne works as a transaction broker which assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction, without being an agent or advocate for any of the parties. A transaction broker must use reasonable skill and care in the performance of any oral or written agreement, and must make the same disclosures as agents about all adverse material facts actually known by the transaction broker concerning a property or a buyer’s financial ability to perform the terms of a transaction, and if a residential property, whether the buyer intends to occupy the property. No written agreement is required. Clients are requested to sign a form, thus acknowledging being advised of the term.
- Seller’s Agent works solely on behalf of the seller to promote the interest of the seller with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the seller. The seller’s agent must disclose to potential buyers all adverse material facts actually known by the seller’s agent about the property. A separate written listing agreement is required which sets forth the duties and obligations of the broker and the seller.
- Buyer’s Agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer. The buyer’s agent must disclose to potential sellers all adverse material facts actually known by the buyer’s agent, including the buyer’s financial ability to perform the terms of the transaction and, if a residential property, whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.
Wayne works as a transaction broker.
Wayne knows the Estes Valley well – from the real estate market, weather, traffic, how the Town operates, what to see in Rocky Mountain National Park and much more. He is experienced in community affairs and has references for any of your needs. Check out the Testimonies to hear what his clients and customers have to say.
Wayne is a professional, full-time, full-service Realtor®! Call him with your questions
970-586-4425 or toll free 1-800-726-1405 and visit his FaceBook Page.Back to Tips List