Real auctions 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 with respect to the landlords.
In most areas real estate agents must be highly educated, licensed and so are regulated by a governing body the hill at one north.
. Some real estate agents are also 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 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 an agent.
What Do They Do….
Real estate agents bring together 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 owner while for rentals, commission is normally charged the landlord.
Realtors generally calculate their fee as a percentage of the value (regarding a sale) and as the main rent for rental units.
How Do They Do It…
People who want to sell or rent their property leave details of their property with the true estate agent.
Along with all property details the real estate agent will routinely 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 true estate agent.
That’s how the agent becomes a hub of information.
Contrary to some typically common misconceptions, real estate agents typically represent owner or the customer but rarely both.
Why MUST I Use One…
First and foremost, to protect yourself. Property transactions are highly regulated, highly paper (document) intensive transactions.
The true estate agent possesses a detailed knowledge of the laws, rules, regulations, disclosures and documentation necessary to successfully complete the transaction to the satisfaction of the buyer, the seller and the law.
Because realtors are most familiar with local 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 various properties of different kinds and at various locations within the region.
Because of the property agent’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 real estate agents to find the best property bargains in the easiest and quickest manner.
Furthermore, the very best agents analyze the wants and needs of a house buyer/tenant and provide valuable input regarding the kinds of properties open to them of their budget. Therefore, a good real estate 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 real estate agent, working in this fashion benefits in at the very least two ways…
First and most obviously, when the real estate agent will be able to successfully complete the transaction the commission is earned and the real estate agent is paid…
and secondly, if 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 floating around that realtors only focus on behalf of the seller, buyer beware.
This is not written in stone nor is it always the case. Real estate agents are, generally in most regions, highly regulated.
With few exceptions, realtors work either for owner (as may be the case with many listing agents) or for the buyer (as may be the case for a buyer’s agent).
Additionally, some areas allow for dual agency where a realtor can work for both 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 usually do not permit the agent to do something in favor of either party while in detriment to the other.
For anyone who is unsure of the relationship between you and your agent, do not hesitate to ask.