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 real estate agents are required to be highly educated, licensed and are regulated by way of a governing body.
Some real estate agents may also be Realtors.
To utilize the title Realtor, an agent must be a member of the National Association of Realtors which and a amount 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 a Realtor.
What Do They Do….
Real estate agents gather several interested parties, perform those steps necessary to successfully conclude a transaction and charge a commission for their services.
For sales transactions, they charge commission to the seller while for rentals, commission is normally charged the landlord.
Realtors generally calculate their fee as a percentage of the selling price (regarding a sale) and as the main rent for rental units.
How Do They TAKE ACTION…
People who want to sell or rent their house leave details of their property with the real estate agent.
Along with all property details the true estate agent will typically have keys to the home to facilitate showings.
The other interested party (i.e. the buyer/tenant), gets access to this information and to the house by contacting the true estate agent.
That’s how the agent becomes a hub of information.
Contrary to some common misconceptions, real estate agents typically represent owner or the customer but rarely both.
Why Should I Use One…
First and foremost, to protect yourself. Real estate 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 necessary 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 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 real estate agent will know the prices (or price range) of varied properties of different kinds 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 for their property.
Many home seekers, including seasoned property investors use the services of real estate agents to locate the best property bargains in easy and simple and quickest manner.
Furthermore, the best agents analyze the wants and needs of a house buyer/tenant and offer valuable input as to the kinds of properties open to them of their budget. Therefore, a good real estate agent will not just present a listing of available properties to the buyer/tenant but will actually discuss their needs and make suggestions.
The good real estate agent, working in this fashion 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 an excellent 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 not written in stone nor is it always the case. Baywood Real estate agents are, generally in most regions, highly regulated.
With few exceptions, real estate agents work either for the seller (as is 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 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, in the case of dual agency/transaction brokerage, note that rule, regulation (law) and ethics do not permit the agent to act in favor of either party during detriment to the other.
Should you be unsure of the relationship between you and your agent, usually do not hesitate to ask.