Real auctions are professionals instrumental in connecting the customer with the seller.
Additionally, many realtors 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 must be highly educated, licensed and are regulated by a governing body.
Some real estate agents are also Realtors.
To utilize 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 offers Realtors additional educational and designation opportunities.
moving home Though not required by rule or law, it may be a wise decision to seek the services of a Realtor.
What Do They Do….
Real estate agents gather two or more interested parties, perform those steps necessary 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 typically charged the landlord.
Real estate agents generally calculate their fee as a share of the value (in the case of a sale) and as the main rent for rental units.
How Do They TAKE ACTION…
People who desire to sell or rent their house leave details of their property with the real estate agent.
Alongside 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 usage of this information and to the house by contacting the real estate agent.
That’s how the real estate agent becomes a hub of information.
Contrary to some typically 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 real estate agent possesses an in depth understanding of the laws, rules, regulations, disclosures and documentation essential to successfully complete the transaction to the satisfaction of the customer, the seller and regulations.
Because realtors are most acquainted with local real estate market conditions, it is wise and makes sense to get the advice of one to get an idea of the existing trends and pricing for properties within that market.
A good real estate agent will know the costs (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 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 very best agents analyze the wants and needs of a home buyer/tenant and offer valuable input as to 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 in actuality discuss their needs and make suggestions.
The good real estate agent, working in this manner benefits in at the very least two ways…
First and most obviously, once the real estate agent can 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 a good reputation and often receive referrals (hence more business).
It is worth noting that there is a myth floating around 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. Real estate agents 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 buyer (as is the case for a buyer’s agent).
Additionally, some areas enable dual agency where a realtor 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 owner nor buyer individually.
However, in the case of dual agency/transaction brokerage, remember that rule, regulation (law) and ethics usually do not permit the agent to do something 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.