All About Real Estate Agents
Who are They?
Realtors are professionals who can help the buyer connect with the seller.
Many real estate agents also manage rentals. This . involves introducing tenants to landlords and managing the property for the landlords.
Real estate agents in most areas are required to be licensed and highly educated.
Realtors are also a part of the real estate agent team.
Realtors can only use the title of Realtor if they are members of the National Association of Realtors. Realtors must follow strict ethics and receive additional educational and designation opportunities
It is possible to make a wise decision and hire the services a Realtor, even though this is not required under law.
What Do They Do ….
Real estate agents work with two or more interested parties to complete a transaction. They charge a commission and represent the client.
The seller is responsible for the commission on sales transactions. The landlord is usually responsible for the commission on rentals.
A real estate agent’s fee is typically a percentage on the sale price and part of the rent of rental units.
How do they do that?
People who are interested in renting or selling their property should provide the information to the real-estate agent.
In most cases, the keys to the house are available for viewings along with the property details.
The other interested person (i.e. The other interested party, i.e. the buyer/tenant, can obtain access to the information and to the property through the real-estate agent.
This is how the real-estate agent becomes a center of information.
Contrary, many people believe that real estate agents are either the seller or the buyer. However, they rarely represent both.
Why should I use one…
Protect yourself. Real estate transactions require a high degree of regulation and extensive documentation.
The agent must have an in-depth knowledge of the laws and regulations to ensure that the transaction is completed to the satisfaction of both buyer and seller.
Because agents are more familiar with the local realty market, it is wise to ask for their assistance to determine the current trends within the market and the pricing of properties.
A good agent can tell you the approximate prices of different property types in various areas.
A real estate agent’s expertise and knowledge can help property sellers make a few thousand dollars more on their property.
Many home seekers, even seasoned investors, use the services of agents to find the best bargains in real estate.
Additionally, the best agents will analyze the wants and requirements of a buyer/tenant and provide valuable input regarding the type of property that is available to them within their budget. The best real estate agents are not content to simply present properties, but they will listen and discuss their requirements.
Two things are certain to benefit a good realty agent who works in this way:
First and foremost, the real estate agents are paid a commission if they successfully complete a transaction.
And secondly, if they make their client/customer happy, they gain a good reputation. This can lead to more business.
You Should Consider…
It is worth noting the common myth that real-estate agents only work for sellers. Buyer beware.
This is not an absolute rule. In most areas, real-estate agents are strictly regulated.
With very few exceptions, real-estate agents work either to sell (as in many listing agents) and/or for the buyer (as in a buyer’s agency).
Additional areas permit dual agency. Agents can either work for the seller or the buyer, or act as transaction brokers. The agent represents the transaction only and not the buyer.
In the case a dual agency/transaction broking, be aware that rules, regulations (law) as well ethics are not permitted to allow agents to act in favor or at the expense of any party.
Do not hesitate to inquire if you are uncertain about the relationship between your agent and you.