Importance of Real Estate Agent specializing in your area? (Denver: for sale, broker)

[ucbedge]

Hello all,
After visiting and checking out homes in the area, my wife and I have decided to attempt to buy a home in the Littleton area. We worked with an agent this past weekend and she showed us around various areas in the Denver area, including Littleton. She seemed generally knowledgeable, kind, and was a good listener.

However, now that we know we want to concentrate our search to certain areas, I'm thinking that it may be better to work with an agent who specializes in that area.

We have found one who literally seems to have 95% of the listings in the area. Normally this would be good, right? We know that the agent specializes in that area. However, as a buyer, I'm fearful that working with this agent would be detrimental to us since the agent ultimately has the seller's interest in-mind.

What do you think? Is it better to have an agent specializing in your area even if he/she has most of the listings in that area, and will therefore have a conflict of interest?

[Mike from back east]

Myself, I'm rather risk-aversive as well as suspicious. That one agent has most of the listings in one area raises my suspicions. Given that realty is a rather diverse business with many agents in every city, it seems suspect that any given agent has cornered a market. That usually doesn't happen in most cities. There must be a reason; hopefully a good one, but one never knows. I'd be inclined to seek out a Buyer's Agent in that area to work for ME.

[formercalifornian]

You're setting yourself up to have a dual-agency situation, which will complicate matters when you make an offer. If you like and respect your original agent, I'd suggest sticking with her.

[2bindenver]

dual agency is not allowed in Colorado. We practice designated agency. You can work in the best interests of only one side, treat the other as a customer - be honest - not advocate.

[formercalifornian]

Originally Posted by 2bindenver

dual agency is not allowed in Colorado. We practice designated agency. You can work in the best interests of only one side, treat the other as a customer - be honest - not advocate.

Great information. I had no idea. Thanks.

[2bindenver]

you are most welcome.

read the Definitions of Working Relationships, under Disclosures

State of Colorado-Department of Regulatory Agencies - Division of Real Estate

then read the Exclusive right to Buy Buyer- Agency
and Contract to Buy and Sell

The listing broker and the seller already agreed to what would happen if the listing broker had an agency agreement with the buyer. Either treat one a client and the other customer or treat both as customer.

I'd say give the broker who gave you a tour to show you how s/he could represent you in the long distance purchase of real estate in Littleton (Douglas, Arapahoe or Jefferson County)

[the3Ds]

Originally Posted by ucbedge

We worked with an agent this past weekend and she showed us around various areas in the Denver area, including Littleton. She seemed generally knowledgeable, kind, and was a good listener.

However, now that we know we want to concentrate our search to certain areas, I'm thinking that it may be better to work with an agent who specializes in that area.

We dealt with an agent who specialized in the area we were looking and he (for lack of a better word) totally sucked.

IMHO and as someone who dealt with a total idiot only a year ago, I would stick with the adjectives you listed first: knowledgeable, kind and a good listener.

Also, do some of the leg work yourself. Find an area you want to concentrate on and drive around. We found our house because we turned the wrong way out of our neighborhood while picking up flyers from other homes for sale.

[Jerry Bckr]

The concept of working with an agent that specializes in an area is a hold over from the age of all the listings being in a book that came out every Friday, and before the advent of computers. In those earlier days, area specialist would really have to know about every new listing when it went on the market, because it could be as much as a week and a half before the book got that info out. That's not to say an agent that specializes in an area might have some information about a new road or developement, even though that info can be obtained by going to the county, if an area is built up, there's no real advantage to using an agent who "specializes".

Agents who "specialize" are also trying to capitalize on your concerns to get new buyers and sellers for the same reasons you initially stated. With the access to data your agent has, they can easily provide you with all the information on sold homes you will need to make an intelligent buying decision.

[isellnoco]

If you liked the agent that you were working with ask her if she is a buyer's agent then she will work with you and for you and all for free.