| Real Estate Agents..... | | | | knowledge of the laws, rules, regulations, |
| | | | disclosures and documentation necessary to |
| Who Are They... | | | | successfully complete the transaction to the |
| | | | satisfaction of the buyer, the seller and the |
| Real estate agents are professionals | | | | law. |
| instrumental in connecting the buyer with the | | | | |
| seller. | | | | Because real estate agents are most familiar |
| | | | with local real estate market conditions, it |
| Additionally, many real estate agents manage | | | | is wise and makes sense to seek the advice of |
| rentals wherein they introduce tenants to | | | | one to get an idea of the current trends and |
| landlords and oversee the maintainance of the | | | | pricing for properties within that market. |
| property on behalf of the landlords. | | | | |
| | | | A good real estate agent will know the prices |
| In most areas real estate agents are required | | | | (or price range) of various properties of |
| to be highly educated, licensed and are | | | | different types and at various locations |
| regulated by a governing body. | | | | within the region. |
| | | | |
| Some real estate agents are also Realtors. | | | | Because of the real estate agent's knowledge |
| | | | and expertise, property sellers often get a |
| To use the title Realtor, a real estate agent | | | | few thousand dollars more for their property. |
| must be a member of the National Association | | | | |
| of Realtors which in addition to a number of | | | | Many home seekers, including seasoned real |
| other requirements, requires Realtors to | | | | estate investors use the services of real |
| adhere to a strict code of ethics and offers | | | | estate agents to locate the best real estate |
| Realtors additional educational and | | | | bargains in the easiest and quickest manner. |
| designation opportunities. | | | | |
| | | | Furthermore, the best agents analyze the |
| Though not required by rule or law, it might | | | | wants and needs of a home buyer/tenant and |
| be a wise decision to seek the services of a | | | | provide valuable input as to the kinds of |
| Realtor. | | | | properties available to them within their |
| | | | budget. Therefore, a good real estate agent |
| What Do They Do.... | | | | will not just present a list of available |
| | | | properties to the buyer/tenant but will |
| Real estate agents bring together two or more | | | | actually discuss their needs and make |
| interested parties, perform those steps | | | | suggestions. |
| necessary to successfully conclude a | | | | |
| transaction and charge a commission for their | | | | The good real estate agent, working in this |
| services. | | | | manner benefits in at least two ways... |
| | | | |
| For sales transactions, they charge | | | | First and most obviously, when the real |
| commission to the seller while for rentals, | | | | estate agent is able to successfully complete |
| commission is typically charged the landlord. | | | | the transaction the commission is earned and |
| | | | the real estate agent is paid...and secondly, |
| Real estate agents generally calculate their | | | | if they make the customer/client happy they |
| fee as a percentage of the selling price (in | | | | earn a good reputation and often receive |
| the case of a sale) and as part of the rent | | | | referrals (hence more business). |
| for rental units. | | | | |
| | | | Worth Noting... |
| How Do They Do It... | | | | |
| | | | It is worth noting that there is a myth |
| People who want to sell or rent their | | | | floating around that real estate agents only |
| property leave details of their property with | | | | work on behalf of the seller, buyer beware. |
| the real estate agent. | | | | |
| | | | This is not written in stone nor is it always |
| Along with all property details the real | | | | the case. Real estate agents are, in most |
| estate agent will typically have keys to the | | | | regions, highly regulated. |
| house to facilitate showings. | | | | |
| | | | With few exceptions, real estate agents work |
| The other interested party (i.e. the buyer | | | | either for the seller (as is the case with |
| tenant), gets access to this information and | | | | many listing agents) or for the buyer (as is |
| to the property by contacting the real estate | | | | the case for a buyer's agent). |
| agent. | | | | |
| | | | Additionally, some areas allow for dual |
| That's how the real estate agent becomes a | | | | agency where an agent can work for both the |
| hub of information. | | | | seller and the buyer or as a transaction |
| | | | broker where the agent represents the |
| Contrary to some common misconceptions, real | | | | transaction itself and neither the seller nor |
| estate agents typically represent the seller | | | | buyer individually. |
| or the buyer but rarely both. | | | | |
| | | | However, in the case of dual agency |
| Why Should I Use One... | | | | transaction brokerage, note that rule, |
| | | | regulation (law) and ethics do not permit the |
| First and foremost, to protect yourself. Real | | | | agent to act in favor of either party while |
| estate transactions are highly regulated, | | | | in detriment to the other. |
| highly paper (document) intensive | | | | |
| transactions. | | | | If you are unsure of the relationship between |
| | | | you and your real estate agent, do not |
| The real estate agent possesses an in depth | | | | hesitate to ask. |