10 Warning Signs Of Your REAL ESTATE AGENT Demise
Real auctions 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 on behalf of the landlords.
In most areas real estate agents are required to be highly educated, licensed and so are regulated by way of a governing body.
Some real estate agents are also Realtors.
To utilize the title Realtor, an agent must be an associate of the National Association of Realtors which and a number 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 a Realtor.
What Do They Do….
Real estate agents bring together several interested parties, perform those steps essential to successfully conclude a transaction and charge a commission for their services.
For sales transactions, they charge commission to the seller while for rentals, commission is normally charged the landlord.
Realtors generally calculate their fee as a percentage of the value (in the case of a sale) and as section of the rent for rental units.
How Do They TAKE ACTION…
People who want to sell or rent their property leave details of their property with the true estate agent.
Along with all property details the real estate agent will routinely 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 property by contacting the real estate agent.
That’s how the agent becomes a hub of information.
Contrary to some typically common misconceptions, real estate agents typically represent the seller or the customer but rarely both.
Why MUST I Use One…
First and foremost, to protect yourself. Property transactions are highly regulated, highly paper (document) intensive transactions.
The true estate agent possesses an in depth knowledge of the laws, rules, regulations, disclosures and documentation essential to successfully complete the transaction to the satisfaction of the customer, the seller and the law.
Because real estate agents are most familiar with local market conditions, it is wise and makes sense to get the advice of one to obtain an idea of the existing trends and pricing for properties within that market.
A good agent will know the prices (or price range) of various properties of different kinds and at various locations within the region.
Because of the property agent’s knowledge and expertise, property sellers often get yourself a few thousand dollars more for their property.
Many home seekers, including seasoned property investors use the services of real estate agents to locate the best real estate bargains in easy and simple and quickest manner.
Furthermore, the best agents analyze the wants and needs of a house buyer/tenant and provide valuable input as to the kinds of properties open to them of their budget. Therefore, a good real estate agent will not just present a list of available properties to the buyer/tenant but will actually discuss their needs and make suggestions.
The good agent, working in this manner benefits in at least two ways…
First and most obviously, when the real estate agent will be able 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).
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It is worth noting that there surely is a myth floating around that real estate agents only work on behalf of the seller, buyer beware.
This is simply not written in stone neither is it always the case. Realtors are, generally in most regions, highly regulated.
With few exceptions, realtors work either for owner (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 a realtor 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, in the case of dual agency/transaction brokerage, remember that rule, regulation (law) and ethics do not permit the agent to do something and only either party during detriment to the other.
If you are unsure of the relationship between you and your real estate agent, do not hesitate to ask.