Real auctions are professionals instrumental in connecting the buyer with the seller.
Additionally, many realtors manage rentals wherein they introduce tenants to landlords and oversee the maintenance of the house with respect to the landlords.
In most areas realtors must be highly educated, licensed and are regulated by a governing body.
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 amount of other requirements, requires Realtors to stick to a strict code of ethics and will be offering Realtors additional educational and designation opportunities.
Though crowdfunding platform provider by rule or law, it might 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 essential to successfully conclude a transaction and charge a commission for their services.
For sales transactions, they charge commission to the seller while for rentals, commission is normally charged the landlord.
Real estate agents generally calculate their fee as a percentage of the selling price (regarding a sale) and as portion of the rent for rental units.
How Do They Do It…
People who desire to sell or rent their property leave details of their house with the true estate agent.
Alongside all property details the real estate agent will typically have keys to the home to facilitate showings.
Another 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 real estate agent becomes a hub of information.
Contrary to some typically common misconceptions, real estate agents typically represent the seller or the buyer but rarely both.
Why Should I Use One…
First and foremost, to safeguard yourself. Property transactions are highly regulated, highly paper (document) intensive transactions.
The real estate agent possesses a detailed knowledge of the laws, rules, regulations, disclosures and documentation essential to successfully complete the transaction to the satisfaction of the buyer, the seller and regulations.
Because real estate agents are most acquainted with local real estate market conditions, it really 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 agent will know the prices (or price range) of various properties of different kinds and at various locations within the spot.
Because of the real estate agent’s knowledge and expertise, property sellers often get yourself a few thousand dollars more for his or her property.
Many home seekers, including seasoned property investors use the services of real estate agents to find the best real estate bargains in the easiest and quickest manner.
Furthermore, the best agents analyze the wants and needs of a house buyer/tenant and provide valuable input regarding the kinds of properties available to them of their budget. Therefore, a good real estate agent will not just present a listing of available properties to the buyer/tenant but will actually discuss their needs and make suggestions.
The good agent, working in this manner benefits in at the very least two ways…
First and most obviously, once the real estate agent can successfully complete the transaction the commission is earned and the real estate agent is paid…
and secondly, should they make the customer/client happy they earn a good reputation and often receive referrals (hence more business).
Worth Noting…
It is worth noting that there is a myth floating around that realtors only work on behalf of the seller, buyer beware.
This is not written in stone neither is it always the case. Realtors are, generally in most regions, highly regulated.
With few exceptions, realtors 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 enable dual agency where a realtor can work for both the seller and the customer or as a transaction broker where in fact the agent represents the transaction itself and neither owner nor buyer individually.
However, in the case of dual agency/transaction brokerage, note that rule, regulation (law) and ethics do not permit the agent to do something and only either party during detriment to the other.
In case you are unsure of the relationship between you and your agent, usually do not hesitate to ask.