The idea of negotiating with a real estate agent instills unexplained concerns in the majority of buyers and sellers. While certain agents are sincere and reputable, placing their clients’ best interests first, there are plenty of unscrupulous people out there looking to make a fast buck at the cost of others. It is your duty as a buyer or seller of a property to carefully choose an estate agent. So, when you approach a real estate agent, here’s what you should feel about them. Read more about it.
What is the function of a real estate agent?
- The realtor serves as an agent between the buyer and the seller and helps to conclude the selling of a home, depending on which side he is acting with (the buyers or the sellers). His customer offers him a fee in exchange for his work (seller, buyer or both). When operating on behalf of a seller, the agent is liable for entering the property’s information into local multiple listing systems as well as other marketing activities such as home staging.
- In the case of a residential property, a real estate agent can begin by posting the property’s information on his or her personal or business website, based on whether or not he is employed by a realtor firm or operates independently. The next move will be to sell the property both offline and online, using postcards and advertising in real estate magazines.
- In addition to selling the house, the agent that lists it is liable for keeping up with other agents that might have customers that have shown interest in it. An representative is therefore expected to assist you in obtaining the best available contract. He or she is with you every step of the way before the house is finished, counseling you on everything from finding a lawyer to selling the house.
- The salesman would not compensate the client/home seller for his outreach activities, so you would be responsible for all legal fees associated with the sale.
- When working with a seller, a realtor is in charge of sifting through property listings in the field that his client is involved. He coordinates with the seller’s real estate agent and arranges for his clients to see the home. A buyer’s real estate representative assists in negotiating the best price with his customer and remains with the buyer during the buying phase. He’s still in charge of finding a lawyer to do a land appraisal. Any real estate brokers can also provide additional services such as mortgage advice and assistance.
- Real estate brokers are paid commissions not only on the selling and purchasing of properties, but also on the leasing of a house. The fee is usually billed to the real estate agent at the conclusion of the transaction.
Who do you employ as your real estate agent?
- A real estate agent may wear three hats: those of a seller’s agent, a buyer’s agent, or a dual agent. When purchasing a property, it is safer to employ the help of an agent who can act on your behalf; the same is true when selling a home; you can contact a real estate agent who works with buyers.
- While real estate agents who work for the seller or the buyer have the same qualifications, some agents choose to operate on a single turf, while double agents work with both the seller and the buyer at the same time and receive commissions from both.