The Truth Is You Are Not The Only Person Concerned About REAL ESTATE AGENT
Real estate agents are professionals instrumental in connecting the customer with the seller.
Additionally, many real estate agents manage rentals wherein they introduce tenants to landlords and oversee the maintenance of the house with respect to the landlords.
In most areas real estate agents are required to be highly educated, licensed and so are regulated by a governing body the hill at one north.
Some real estate agents are also Realtors.
To use the title Realtor, an agent must be an associate of the National Association of Realtors which and a amount of other requirements, requires Realtors to stick to a strict code of ethics and will be offering Realtors additional educational and designation opportunities.
Though not necessary by rule or law, it might be a wise decision to get the services of an agent.
What Do They Do….
. Real estate agents bring together two or more interested parties, perform those steps essential to successfully conclude a transaction and charge a commission for his or her services.
For sales transactions, they charge commission to the seller while for rentals, commission is typically charged the landlord.
Real estate agents generally calculate their fee as a share of the selling price (in the case of a sale) and as part of the rent for rental units.
How Do They TAKE ACTION…
People who desire to sell or rent their house leave details of their house with the real estate agent.
Along with all property details the real estate agent will typically have keys to the home to facilitate showings.
The other interested party (i.e. the buyer/tenant), gets access to this information and to the house by contacting the true estate agent.
That’s how the real estate agent becomes a hub of information.
Contrary to some common misconceptions, real estate agents typically represent owner or the customer but rarely both.
Why Should I Use One…
First and foremost, to protect yourself. Real estate transactions are highly regulated, highly paper (document) intensive transactions.
The real estate agent possesses an in depth knowledge of the laws, rules, regulations, disclosures and documentation necessary to successfully complete the transaction to the satisfaction of the buyer, the seller and regulations.
Because realtors are most acquainted with local real estate market conditions, it really is wise and makes sense to get the advice of one to get an idea of the current trends and pricing for properties within that market.
A good agent will know the costs (or price range) of varied properties of different types and at various locations within the region.
Because of the real estate agent’s knowledge and expertise, property sellers often get a few thousand dollars more for their property.
Many home seekers, including seasoned property investors use real estate agents to locate the best property bargains in the easiest and quickest manner.
Furthermore, the very best agents analyze the wants and needs of a house buyer/tenant and provide valuable input as to the kinds of properties available to them of their budget. Therefore, a good real estate agent will not just present a listing of available properties to the buyer/tenant but will in actuality discuss their needs and make suggestions.
The good agent, working in this manner benefits in at least two ways…
First and most obviously, once the real estate agent has the capacity to successfully complete the transaction the commission is earned and the real estate agent is paid…
and secondly, if they make the customer/client happy they earn an excellent reputation and often receive referrals (hence more business).
It is worth noting that there is a myth floating around that realtors only focus on behalf of owner, buyer beware.
This is simply not written in stone nor is it always the case. Realtors are, generally in most regions, highly regulated.
With few exceptions, realtors work either for the seller (as is the case with many listing agents) or for the buyer (as may be the case for a buyer’s agent).
Additionally, some areas enable dual agency where an agent can work for both seller and the customer or as a transaction broker where in fact the agent represents the transaction itself and neither the seller nor buyer individually.
However, regarding dual agency/transaction brokerage, remember that rule, regulation (law) and ethics do not permit the agent to act in favor of either party during detriment to the other.
If you are unsure of the relationship between you and your agent, do not hesitate to ask.
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