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 property on behalf of the landlords.
In most areas realtors are required to be highly educated, licensed and so are regulated by way of a governing body.
Some real estate agents may also be Realtors.
To utilize the title Realtor, a real estate agent must be an associate of the National 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 necessary by rule or law, it might be a wise decision to seek 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 value (in the case of a sale) and as area of the rent for rental units.
How Do They Do It…
People who want to sell or rent their house leave details of their house with the real estate agent.
Along with all property details the true estate agent will typically have keys to the house to facilitate showings.
The other interested party (i.e. the buyer/tenant), gets access to this information and to the house by contacting the real estate agent.
San Pedro Belize Real Estate That’s how the agent becomes a hub of information.
Contrary to some common misconceptions, realtors 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 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 the law.
Because realtors are most familiar with local market conditions, it is wise and makes sense to get the advice of one to obtain an idea of the current trends and pricing for properties within that market.
A good agent will know the costs (or price range) of varied properties of different kinds 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 for their property.
Many home seekers, including seasoned property 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 provide valuable input as to the kinds of properties available 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 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 frequently receive referrals (hence more business).
It is worth noting that there surely is a myth going swimming that real estate agents only focus on behalf of owner, buyer beware.
This is not written in stone neither is it always the case. Real estate agents are, generally in most regions, highly regulated.
With few exceptions, real estate agents work either for owner (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, remember that rule, regulation (law) and ethics do not permit the agent to do something and only either party during detriment to the other.
When you are unsure of the relationship between you and your real estate agent, usually do not hesitate to ask.