All About Real Estate Agents
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Who Are They...
Real estate agents are professionals instrumental in connecting the buyer with the seller.
Additionally, many real estate professionals manage rentals wherein they introduce tenants to landlords and oversee the maintenance of the property on behalf of the landlords.
Generally in most areas real estate agents have to be highly educated, licensed and are regulated by a governing body.
Some real estate professionals are also Realtors.
To utilize the title Realtor, a real estate agent must be a member of the country's Association of Realtors which and a number of other requirements, requires Realtors to adhere to a strict code of ethics and offers Realtors additional educational and designation opportunities.
Though not required by rule or law, it may be a wise decision to get the services of a Realtor.
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What can 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 for their services.
For sales transactions, it will cost 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 (in the case of a sale) so that as part of the rent to book units.
How Do They are doing It...
People who recycle for cash or rent their house leave details of their home with the real estate agent.
Together with all property details the real estate agent will routinely have keys to the house to facilitate showings.
Another interested party (i.e. the buyer/tenant), gets usage of this information and to the home by contacting real estate agent.
That's how a real estate agent becomes a hub of information.
Contrary to some common misconceptions, realtors typically represent the seller or the buyer but rarely both.
How come I Use One...
First of all, to protect yourself. Real estate transactions are highly regulated, highly paper (document) intensive transactions.
The property agent possesses a detailed knowledge of the laws, rules, regulations, disclosures and documentation required 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 advisable and makes sense to get the advice of one to obtain an idea of the current trends and pricing for properties within that market.
An excellent real estate agent will know the prices (or budget range) of various properties of numerous types and at various locations inside the region.
Because of the broker's knowledge and expertise, property sellers often get a few thousand dollars more for his or her property.
Many home seekers, including seasoned property investors use the services of real estate agents to discover the best real estate bargains within the easiest and quickest manner.
Furthermore, the most effective agents analyze the needs and wants of a home buyer/tenant and provide valuable input regarding the kinds of properties at hand within their budget. Therefore, a good real estate agent will not just present a summary of available properties towards the buyer/tenant but will actually discuss their requirements and make suggestions.
The nice real estate agent, working in this fashion benefits in at least two ways...
First and most obviously, when the real estate agent is able to successfully complete the transaction the commission is earned and also the real estate agent is paid...
and secondly, should they make the customer/client happy they earn a healthy standing and often receive referrals (hence more business).
It is worth noting that you have a myth floating around that realtors only work on behalf from the seller, buyer beware.
This is simply not written in stone nor is it always the case. Realtors are, in most regions, highly regulated.
With few exceptions, realtors work either for the vendor (as is the case with a lot of listing agents) and the buyer (as is the truth 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 the location where the agent represents the transaction itself and neither the seller nor buyer individually.
However, regarding dual agency/transaction brokerage, note that rule, regulation (law) and ethics don't permit the agent to do something in favor of either party whilst in detriment to the other.
In case you are unsure of the relationship between both you and your real estate agent, do not hesitate to question.