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In the real estate world, real estate agents play an important role. The same way you would go to court without a lawyer to represent you in court if you conduct a real estate deal without an agent by your side, whether you’re a buyer or a seller.
The process of buying or selling real estate without a real estate agent can certainly be accomplished, but if you partner with one, the process will be much easier, and you will benefit from the experience and knowledge that would be brought to the table during negotiations. Through Real estate agents, Homes for Sale in the Oshawa area are easily possible.
Then what is a real estate agent? Can you describe the types of agents? Whom do you use for real estate transactions? Let’s talk.
Real Estate Agents: What Is Their Role?
The real estate agent is an expert who can guide you, the investor, through the different stages of the buying or selling process.
A real estate agent will usually represent either the buyer or seller in a real estate transaction; besides acting as a real estate consultant to investors, he or she will provide years of experience and knowledge to help investors meet the goals of their investments.
They serve the interests of the investor who hired them, and in return serve their own interests by being able to communicate, think, and make deals effectively.
Each buyer or seller that a real estate agent plays a role in typically receives a commission on the transaction or sale. As a result, their share of the profits will rise with the stronger deal they are able to negotiate.
It depends on their level of education and experience, as well as their specialization, what kind of real estate agent they are, and the license that they have.
The National Association of Realtors (NAR) is a professional association of real estate agents. In addition to having certain standards of ethics and a strict moral code, realtors are known for their professionalism.
The result is improved trust between realtors and a greater chance for them to compete in the market.
Taking a pre-licensing course and completing the licensing exam are required to become a realtor. The license of a realtor is usually prominently displayed on the information page and on their business cards.
Hiring a realtor agent has the biggest advantage of giving you access to listings that other agents do not have access to, such as the Multiple Listing Service (MLS), which gives you a greater chance of finding a home.
Agents who are brokers have achieved a higher level of education and experience in the industry. Becoming a broker requires different qualifications in different states. Having a brokerage license, however, makes it possible for a real estate agent to own and manage his or her own real estate firm.
Depending on the state in which they live, some lawyers may be able to become brokers without needing any real estate experience or having been an agent before becoming a broker.
Many brokers choose not to operate their own brokerage firms and instead remain in their traditional role as agents. Associate brokers are brokers who work for a company that is run by another broker.
Using a Selling Agent
Real estate agents who specialize in selling properties are known as selling agents. The agents act on behalf of the owner or seller of the property being sold, and will typically be the ones dealing with potential buyers and their agents.
An agent for the seller is also responsible for handling a variety of responsibilities, including marketing and advertising the property, arranging walkthroughs and tour guides, and handling the various other aspects of selling the house, such as:
- To determine an asking price, research the market and compare the prices of properties;
- Potential buyers can make offers to the seller and if needed, assist the seller in choosing the best offer;
- A seller’s representative who negotiates the terms of the sale.
A Buyer’s Agent
Investors who wish to buy property using the services of a buyer agent, as the name implies, will be assisted by one.
In order to ensure the smooth acquisition of real estate, a buyer agent assists the investor not only in finding, analyzing, and comparing a property but also in the negotiation and closing processes.
The buyer agent is the person that represents the investor at nearly every stage of the transaction, from inspections to negotiations.
Buyer agents have responsibilities that include:
- Provide investors with a comprehensive understanding of their needs and priorities, and help them reach their objectives;
- Find the best deals available by contacting seller agents;
- Make recommendations on how to finance the investment, including loan types and local banks;
- Prepare all necessary documents and agreements, including purchase offers and purchase and sale agreements;
- Examine disclosure statements and help investors understand what problems are likely to be present on the property;
- Adapt to contingencies.
A Dual Agent
A dual agent is a real estate agent who represents both the buyer and the seller in a real estate transaction.
Depending on where you invest, dual agents might not be legal. There is a possibility of conflict of interest when dealing with dual agents in some states, so their presence is illegal.
A dual agency does not have to imply the same agent representing both sides of the transaction, but could also refer to two independent real estate agents that represent both sides but are both working for the same firm.
The Bottom Line
Agents are crucial to the success of any real estate investment, and they are usually present during most real estate transactions, as they provide services for both buyers.
Their experience as buyers or sellers makes them extremely valuable, and the knowledge they bring to the table is rarely matched by anyone else who has hired them.