Real estate consumers are generally confident in their understanding of what a buyer’s agent or seller’s agent does on their behalf, but many people are confused about what a transaction broker does. One of TRELORA’s goals as a full service, flat fee real estate brokerage here in Denver is to educate you about the real estate industry so you can make informed decisions about your real estate transaction and be the best possible advocate for your home equity and personal interests. Let’s talk about what a transaction broker does, and when and how this scenario may benefit your personal real estate transaction.
The basic definition of transaction brokerage is third-party real estate services to buyers and sellers. Transaction brokerage differs from a buyer or seller agency in that the transaction broker is legally neutral, and can assist both the buyer and the seller in a transaction. Instead of acting as an agent for the buyer or seller, the transaction broker acts as a mediator between both parties to the deal. Rather than a percentage of the sale, transaction brokers often charge a flat fee.
Services of a transaction broker may include:
- Helping the buyer prepare an offer
- Helping the seller to determine a competitive list price
- Facilitating buyer - seller communication
- Writing the contract to buy and sell
- Coordinating the transaction from accepted offer to closing
- Assisting with closing
Transaction brokers are bound by the same legal and ethical standards of conduct as agents representing an individual buyer and seller, but rather than individual representation, the transaction broker is an assistant to the transaction, coordinating details rather than negotiating between the buyer and seller.
Why consider using a transaction broker? The flat fee cost savings available when the buyer and seller cooperatively engage the services of a transaction broker are significant in comparison to traditional real estate commissions.
If you are a buyer or seller in the Denver area interested in transaction brokerage as part of your personal real estate transaction, contact TRELORA to learn more about the process and how we can help.