Real Estate Open Houses and Who Represents Who in Colorado
100 Real Estate and Relocation Tips in 100 Days (Day 64)
Realtors® have been hosting “Open Houses” since, well, since there were Realtors® and houses. The concept of the “Open House” is simple and twofold, first, to showcase the property to anyone with interest, and, second, to acquire prospective buyers. With the application of “agency law” to the real estate business, some clarification is in order.
Regarding the “showcasing” aspect of any open house, if is important for the Realtor and consumer to understand the law and the practical application of the law. The consumer should understand that every state is different regarding the fine points of agency law. In most states, it is the obligation of the Realtor® (licensee) to inform the consumer as to the licensee’s agency relationship with the seller. In Colorado, if the licensee represents the seller, that licensee cannot represent a buyer for that particular property.
The consumer should understand the licensee showing the home is not working in the consumer’s behalf, at least not in that particular home.
If, as a prospective buyer, you decide to you like the Realtor® showcasing the house, and want to work with that Realtor®, you may employ that Realtor® to work with you as your agent. That is an the second reason a Realtor will conduct an open house, that is, to acquire buyers.
The really important part of this whole subject is that licensee’s, or Realtors®, should disclose to every consumer the agency laws that affect the business relationship between themselves and the consumers. Consumers not hearing and receiving a discussion regarding disclosure early on in a potential relationship should continue their search for a Realtor®.
About 100 Real Estate and Relocation Tips In 100 Days
This series of 100 tips in 100 days is a crash course in all the questions I've ever been asked about Denver, Colorado and purchasing a home here. If a move is in your future, you will find this series helpful, be sure to subscribe to the RSS feed or add the RSS to your Outlook, so as to not miss a post!
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