Realtors are professionals instrumental in connecting the buyer with the seller.
Additionally , many real estate agents manage rentals wherein they introduce tenants to landlords plus oversee the maintenance of the property on behalf of the landlords.
In most areas real estate agents are required to be highly educated, certified and are regulated by a governing entire body.
Some real estate agents are also Realtors.
To use the title Realtor, a real estate agent should be a member of the National Association associated with Realtors which in addition to a number of other needs, requires Realtors to adhere to a stringent code of ethics and offers Realtors additional educational and designation opportunities.
Though not required by rule or law, it might be a wise decision to seek the services of a Realtor.
What Do They Do….
Real estate agents bring together two or more interested parties, perform those steps necessary to successfully determine a transaction and charge the commission for their services.
For product sales transactions, they charge commission towards the seller while for rentals, percentage 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 part of the rent for rental units.
How Do They are doing It…
People who want to sell or even rent their property leave details of their property with the real estate agent.
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Along with all property details the real estate agent will routinely have keys to the house to help showings.
The other interested party (i. e. the buyer/tenant), gets entry to this information and to the property by contacting the real estate agent.
That’s how the agent becomes a hub of information.
Contrary to a few common misconceptions, real estate agents typically signify the seller or the buyer but seldom both.
Why Should I Use One…
First of all, to protect yourself. Real estate transactions are usually highly regulated, highly paper (document) intensive transactions.
The real estate agent offers an in depth knowledge of the laws, rules, regulations, disclosures and documentation essential to successfully complete the transaction to the satisfaction of the buyer, the seller as well as the law.
Because real estate agents are almost all familiar with local real estate market conditions, it really is wise and makes sense to seek the particular advice of one to get an idea from the current trends and pricing regarding properties within that market.
An excellent real estate agent will know the prices (or cost range) of various properties of different forms and at various locations within the area.
Because of the real estate agent’s knowledge plus expertise, property sellers often get a few thousand dollars more for property.
Many home seekers, including seasoned real estate investors use the services of real estate agents to locate the best real estate bargains within the easiest and quickest manner.
Additionally, the best agents analyze the desires and needs of a home buyer/tenant and provide valuable input as to the types of properties available to them within 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 manner 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 the real estate agent is paid…
and secondly, if they make the customer/client happy they earn a good reputation and often receive referrals (hence more business).
It is worth noting that there is a myth floating around that real estate agents only work on behalf of the seller, buyer beware.
This is simply not written in stone nor is it always the case. Real estate agents are, 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 is the case for a buyer’s agent).
Additionally , some areas allow for dual agency where an agent can work for both the seller plus the buyer or as a transaction specialist where the agent represents the business deal itself and neither the seller nor buyer individually.
However , in the case of two agency/transaction brokerage, note that rule, regulation (law) and ethics do not enable the agent to act in favor of either party while in detriment to the other.