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 on behalf of the landlords.
In most areas realtors 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, an agent must be an associate of the National Association of Realtors which and a amount of other requirements, requires Realtors to adhere 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 seek the services of a Realtor.
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 owner while for rentals, commission is normally charged the landlord.
Real estate agents generally calculate their fee as a percentage of the selling price (regarding a sale) and as section of the rent for rental units.
How Do They TAKE ACTION…
People who desire 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 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 real estate agent becomes a hub of information.
Contrary to some common misconceptions, real estate agents typically represent owner or the buyer but rarely both.
Why MUST I Use One…
First and foremost, to safeguard 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 buyer, the seller and the law.
Because realtors are most familiar with local real estate 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.
crowdfunding platform provider will know the prices (or price range) of various properties of different types and at various locations within the spot.
Because of the property agent’s knowledge and expertise, property sellers often get 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 find the best property bargains in easy and simple and quickest manner.
Furthermore, the very best agents analyze the wants and needs of a house buyer/tenant and offer valuable input regarding the kinds of properties available to them within their budget. Therefore, a good 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 is able to successfully complete the transaction the commission is earned and the true estate agent is paid…
and secondly, if they make the customer/client happy they earn a good reputation and frequently receive referrals (hence more business).
It is worth noting that there surely is a myth going swimming that realtors only work on behalf of the seller, buyer beware.
This is simply not written in stone neither is it always the case. Real estate agents are, generally in most regions, highly regulated.
With few exceptions, real estate agents work either for the seller (as may be 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 the agent represents the transaction itself and neither owner nor buyer individually.
However, in the case of dual agency/transaction brokerage, note that rule, regulation (law) and ethics do not permit the agent to do something and only either party during detriment to the other.
For anyone who is unsure of the partnership between you and your agent, usually do not hesitate to ask.