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