Real estate agents are professionals instrumental in connecting the buyer 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 are also Realtors.
To use 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.
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 gather several interested parties, perform those steps essential 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 typically charged the landlord.
Realtors generally calculate their fee as a percentage of the selling price (in the case of a sale) and as portion of the rent for rental units.
How Do They Do It…
People who want 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 property by contacting the true estate agent.
That’s how the agent becomes a hub of information.
Contrary to some common misconceptions, realtors typically represent the seller 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.
Belize Property For Sale The true estate agent possesses an in depth knowledge 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 real estate market conditions, it is wise and makes sense to seek the advice of one to obtain 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 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 yourself a few thousand dollars more because of their property.
Many home seekers, including seasoned property investors use the services of real estate agents to find the best real estate bargains in the easiest 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 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 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 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).
Worth Noting…
It is worth noting that there surely is a myth going swimming that realtors only work on behalf of owner, buyer beware.
This is not written in stone nor is it always the case. Realtors are, 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 is the case for a buyer’s agent).
Additionally, some areas allow for 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 the seller 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 act in favor of either party during detriment to the other.
Should you be unsure of the relationship between you and your real estate agent, do not hesitate to ask.