For most buyers and sellers, the prospect of dealing with a real estate agent raises unknown concerns. While some agents are real and reputable and consider their clients’ best interests as their top priority, there is no lack of scruples of people who are simply trying to make a quick buck at someone’s expense. As a buyer or seller of real estate, it is your responsibility to select your real estate agent carefully. So, here’s a look at what you should know about real estate agents before approaching one.
What does a real estate agent do?
Depending on which side you work for (buyers or sellers), the real estate agent acts as an intermediary between buyer and seller and helps you complete the sale of the property. For his services, he is offered a commission from his client (seller, buyer or both). While working on behalf of the seller, the agent is responsible for placing the details of the property in many area listing services and making other efforts such as staging the home in the real estate market.
In the case of a residential real estate, a real estate agent can start by placing real estate details on their personal or corporate website depending on whether it is part of a real estate company or working on its own. The next step would be to sell real estate through postcards and advertising in real estate magazines offline as well as online.
In addition to real estate marketing, an agent who lists your home is also responsible for tracking with other agents who may have customers who may have expressed an interest in the property. The agent also has to help you negotiate the best possible offer. He/she is with you every step of the way home is sold, advising you on all matters including ordering the services of a lawyer.
The agent does not charge the client/ home seller for his marketing efforts, however, you will have to bear all legal costs associated with the sales process.
Working from the seller’s side, the property is responsible for burying by quoting the property from the area that his client is interested in. He coordinates with the real estate agent to handle the property on behalf of the seller and arranges to show the premises to his clients. The real estate agent on the buyer’s side also helps you negotiate the best deal for your client and is with the buyer through the buying process. He is also responsible for turning to a professional to get a property appraisal done. Some real estate agents may also offer other services such as advice and assistance in obtaining housing loans.
Real estate agents not only earn commission on the sale and purchase of homes but also when the property is rented. Usually, a commission is paid to the real estate agent in the final settlement of the transaction.
Who should choose to be a real estate agent?
A real estate agent can don three coats that you have with an agent on behalf of a seller, buyer or dual agent. When buying a home, it would be best to hire a service agent who can work on the side, the same applies to home sales as well, it would be better to approach a real estate agent who works for sellers.
Although real estate agents who work from sellers or on the buyer’s side do not have different credentials, some agents choose to play on one turf, while dual agents can work for both the seller and the buyer while earning commissions on both.
The seller’s Real Estate Agent: The agent working on behalf of the seller will have his or her loyalty to his or her customer he or she will try the hardest to convince the seller to give his or her customer the lowest bid. So, as a buyer, if you were to ask the seller’s agent, if his customer accepts a higher bid, he would be obliged not to disclose this information to you.
Buyer Real Estate Agent: Similarly, agents who work on behalf of the seller owe their responsibility to their clients and will try to get their clients the highest possible offer. So, they will not be ready to offer information on how low their client will go in terms of price.
Dual agent: A dual agent is required to maintain a fair image before both parties because he is entitled to a commission from both parties, owes his loyalty to both the buyer and the seller.
Most real estate agents have a list of buyers as well as sellers, so it is not unusual for an agent to work on behalf of both parties or at least get another agent from his real estate company to negotiate on behalf of the seller or buyer.