10 Best Practices For REAL ESTATE AGENT
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 property on behalf of the landlords.
In most areas real estate agents are required to be highly educated, licensed and so are regulated by a governing body.
Some real estate agents are also Realtors.
To use the title Realtor, a real estate agent must be a member 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 required by rule or law, it may be a wise decision to get the services of a Realtor.
What Do They Do….
Real estate agents gather 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 normally charged the landlord.
Real estate agents generally calculate their fee as a share of the value (regarding a sale) and as part of the rent for rental units.
How Do They Do It…
People who desire to sell or rent their house leave details of their house with the true estate agent.
Along with all property details the true estate agent will typically have keys to the home to facilitate showings.
Another interested party (i.e. the buyer/tenant), gets access to this information and to the property by contacting the true estate agent.
That’s how the agent becomes a hub of information.
Contrary to some common misconceptions, realtors typically represent owner or the buyer but rarely both.
Why MUST I Use One…
First and foremost, to protect yourself. Real estate transactions are highly regulated, highly paper (document) intensive transactions.
The true estate agent possesses an in depth understanding of the laws, rules, regulations, disclosures and documentation necessary to successfully complete the transaction to the satisfaction of the customer, the seller and regulations.
Because real estate agents are most familiar 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 prices (or price range) of varied properties of different types 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 because of their property.
Many home seekers, including seasoned real estate investors use the services of real estate agents to locate the best property bargains in the easiest and quickest manner.
Furthermore, the best agents analyze the wants and needs of a house buyer/tenant and offer valuable input regarding the kinds of properties available to them of their budget. Therefore, a good agent will not just present a list of available properties to the buyer/tenant but will in actuality discuss their needs and make suggestions.
The good agent, working in this fashion benefits in at least two ways…
First and most obviously, once the real estate agent has the ability to successfully complete the transaction the commission is earned and the real estate agent is paid…
and secondly, should they make the customer/client happy they earn an excellent reputation and frequently receive referrals (hence more business).
It is worth noting that there is a myth going swimming that real estate agents only focus on behalf of owner, buyer beware.
This is simply not written in stone nor is it always the case. Realtors are, in most regions, highly regulated.
With few exceptions, realtors work either for the seller (as may be the case with many listing agents) or for the customer (as may be the case for a buyer’s agent).
Additionally, some areas allow for dual agency where an agent can work for both the seller and the buyer 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 usually do not permit the agent to act in favor of either party during detriment to the other.
ocean club estates bahamas If you are unsure of the partnership between you and your agent, do not hesitate to ask.