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.
Some real estate agents may also be Realtors.
To use the title Realtor, an agent must be a member of the National Association of Realtors which in addition to a number of other requirements, requires Realtors to stick to a strict code of ethics and offers Realtors additional educational and designation opportunities.
Though not necessary by rule or law, it may 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 necessary to successfully conclude a transaction and charge a commission because of their 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 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…
estate agents in Altea who desire to sell or rent their property leave details of their property with the true estate agent.
Alongside all property details the real estate agent will typically have keys to the house to facilitate showings.
The other interested party (i.e. the buyer/tenant), gets usage of 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 the seller 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 a detailed understanding of the laws, rules, regulations, disclosures and documentation necessary to successfully complete the transaction to the satisfaction of the customer, the seller and the law.
Because real estate agents are most acquainted with local market conditions, it is wise and makes sense to seek the advice of one to get an idea of the current trends and pricing for properties within that market.
A good real estate 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 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 home buyer/tenant and offer valuable input regarding the kinds of properties open to them of their budget. Therefore, a good 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 fashion benefits in at least two ways…
First and most obviously, when the real estate agent has the ability 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 often 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 not written in stone nor is it always the case. Real estate agents are, generally 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 buyer (as is the case for a buyer’s agent).
Additionally, some areas allow for dual agency where a realtor can work for both the seller and the buyer or as a transaction broker where the agent represents the transaction itself and neither the seller 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 act and only either party while in detriment to the other.
Should you be unsure of the partnership between you and your agent, usually do not hesitate to ask.
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August 29, 2023August 29, 2023| | 0 Comment | 11:05 am