Real estate agents are professionals instrumental in connecting the buyer with the seller.
Additionally, many real estate agents manage rentals wherein they introduce tenants to landlords and oversee the maintenance of the house on behalf of the landlords.
In most areas realtors must be highly educated, licensed and so are regulated by way of a governing body.
Some real estate agents may also be Realtors.
To use the title Realtor, an agent must be an associate of the National Association of Realtors which in addition to a amount of other requirements, requires Realtors to stick to a strict code of ethics and offers Realtors additional educational and designation opportunities.
Though not necessary by rule or law, it may be a wise decision to get the services of an agent.
What Do They Do….
Real estate agents gather two or more interested parties, perform those steps necessary to successfully conclude a transaction and charge a commission for their services.
For sales transactions, they charge commission to owner while for rentals, commission is typically charged the landlord.
Real estate agents generally calculate their fee as a percentage of the selling price (regarding a sale) and as area of the rent for rental units.
How Do They Do It…
People who want to sell or rent their house leave details of their property with the real estate agent.
Alongside all property details the true estate agent will routinely have keys to the house to facilitate showings.
Another interested party (i.e. the buyer/tenant), gets usage of this information and to the property by contacting the real estate agent.
That’s how the real estate agent becomes a hub of information.
Contrary to some common misconceptions, realtors typically represent the seller or the buyer but rarely both.
Why MUST I Use One…
First and foremost, to safeguard yourself. Burlingame Real estate transactions are highly regulated, highly paper (document) intensive transactions.
The true estate agent possesses 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 and regulations.
Because realtors are most familiar with local market conditions, it really is wise and makes sense to seek the advice of one to get an idea of the existing trends and pricing for properties within that market.
A good agent will know the prices (or price range) of varied properties of different types and at various locations within the spot.
Because of the property agent’s knowledge and expertise, property sellers often get yourself a few thousand dollars more because of their property.
Many home seekers, including seasoned real estate investors use the services of real estate agents to locate the best real estate bargains in easy and simple and quickest manner.
Furthermore, the very best agents analyze the wants and needs of a home buyer/tenant and offer valuable input as to the kinds of properties available to them of their budget. Therefore, a good real estate agent will not just present a list of available properties to the buyer/tenant but will in actuality discuss their needs and make suggestions.
The good real estate agent, working in this manner benefits in at the very least two ways…
First and most obviously, when the real estate agent has the capacity to successfully complete the transaction the commission is earned and the true estate agent is paid…
and secondly, should they make the customer/client happy they earn a good reputation and frequently receive referrals (hence more business).
It is worth noting that there surely is a myth floating around that realtors 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, realtors work either for owner (as is the case with many listing agents) or for the buyer (as may be 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 the agent represents the transaction itself and neither owner nor buyer individually.
However, in the case of dual agency/transaction brokerage, remember that rule, regulation (law) and ethics do not permit the agent to act in favor of either party while in detriment to the other.
In case you are unsure of the partnership between you and your real estate agent, usually do not hesitate to ask.