Listing Agents, sometimes known as Seller Agents, have a strong fiduciary duty to represent the Seller, who is the owner of the property being listed for sale.
As Listing Agents, we treat this duty seriously and with great respect. The Seller has entrusted us to manage the sale of their most expensive asset, and we are grateful for the opportunity and the trust.
In every transaction there is a buyer and a seller. The seller wants to get the highest return on their real estate investment, and the buyer wants to purchase at the lowest price possible. It’s the simple “Buy low, Sell high” philosophy.
It amazes me that so many people believe that just one agent can represent both parties to the transaction when each party has a different motivation. The most frequent analogy that I have seen involves a similar (but not equal) profession, that of Attorneys. Could you imagine the same lawyer representing both the Plaintiff and the Defendant?
In this context we will use the terms “Agent” and “Broker” interchangeably.
Listed here are the basic features of Listing or Seller Agency. This verbiage is directly from the Colorado Real Estate Commission standardized and approved Listing Agreement, and the numbering seen below is the same as on that contract.
To wit:
5. BROKERAGE DUTIES. Brokerage Firm, acting through Broker, as either a Transaction-Broker or a Seller’s Agent, must perform the following “Uniform Duties” when working with Seller:
5.1 Broker must exercise reasonable skill and care for Seller, including, but not limited to the following:
5.1.1. Performing the terms of any written or oral agreement with Seller;
5.1.2. Presenting all offers to and from Seller in a timely manner regardless of whether the Property is subject to a contract for Sale;
5.1.3. Disclosing to Seller adverse material facts actually known by Broker;
5.1.4. Advising Seller regarding the transaction and advising Seller to obtain expert advice as to material matters about which Broker knows but the specifics of which are beyond the expertise of Broker;
5.1.5. Accounting in a timely manner for all money and property received; and
5.1.6. Keeping Seller fully informed regarding the transaction.
5.2. Broker must not disclose the following information without the informed consent of Seller:
5.2.1. That Seller is willing to accept less than the asking price for the Property;
5.2.2. What the motivating factors are for Seller to sell the Property;
5.2.3. That Seller will agree to financing terms other than those offered;
5.2.4. Any material information about Seller unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing; or
5.2.5. Any facts or suspicions regarding circumstances that could psychologically impact or stigmatize the Property.
5.3. Seller consents to Broker’s disclosure of Seller’s confidential information to the supervising broker or designee for the purpose of proper supervision, provided such supervising broker or designee does not further disclose such information without consent of Seller, or use such information to the detriment of Seller.
5.4. Brokerage Firm may have agreements with other sellers to market and sell their property. Broker may show alternative properties not owned by Seller to other prospective buyers and list competing properties for sale.
5.5. Broker is not obligated to seek additional offers to purchase the Property while the Property is subject to a contract for Sale.
5.6. Broker has no duty to conduct an independent inspection of the Property for the benefit of a buyer and has no duty to independently verify the accuracy or completeness of statements made by Seller or independent inspectors. Broker has no duty to conduct an independent investigation of a buyer’s financial condition or to verify the accuracy or completeness of any statement made by a buyer.
5.7. Seller understands that Seller is not liable for Broker’s acts or omissions that have not been approved, directed, or ratified by Seller.
5.8. When asked, Broker Will / Will Not disclose to prospective buyers and cooperating brokers the existence of offers on the Property and whether the offers were obtained by Broker, a broker within Brokerage Firm or by another broker.
6. ADDITIONAL DUTIES OF SELLER’S AGENT. If the Seller Agency box at the top of page 1 is checked, Broker is Seller’s Agent, with the following additional duties:
6.1. Promoting the interests of Seller with the utmost good faith, loyalty and fidelity;
6.2. Seeking a price and terms that are set forth in this Seller Listing Contract; and
6.3. Counseling Seller as to any material benefits or risks of a transaction that are actually known by Broker.
We take this obligation and duty seriously.
We’re actually in it for you.
But wait…there’s more…
What you see above are the minimum duties, and if you want to know how much more we will do for you, give us a call and let’s talk. (720)-277-9001. Or check out our sell smart web page https://jerrydowner.com/sell-smart/
Or if you are ready, contact us now, and let one of our dedicated and experienced Listing Agents represent you and your property. (720) 277-9001.
Curious about what your home might be worth to a buyer?
The housing market is changing rapidly. Home values have been going up due to increased demand by homebuyers. But the increases have been tempered by the rise in interest rates, so the valuations have become a moving target. Our affiliation with Homebot can provide you with a monthly update on your home’s approximate valuation as well as other pertinent information updates relating to your home. It’s free, there is no obligation, and we won’t call you unless you contact us first.It’s always interesting to know what the current market value of your home is, even if you have no intent to sell.
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