Most first time property buyers hesitate hiring a real estate agent. Well, assuming real estate agents are third party or brokers, clients often shutdown these options. In fact, most buyers have the idea that real estate agents can charge a large sum, but delay in showing the right property.
All of these beliefs will fade away when you learn the truth - what role do real estate agents play? Imagine you need to shift abroad with your family. When you have narrow knowledge of the real estate law of a state, how will you avail your shelter?
Well, this is just one of the thousand problems where real estate agents can guide you. Hence, it is time to take a tour on what ways real estate agents will serve you.
Continue Reading …
Realtor vs. Real Estate Agent
The first step is to understand what defines a real estate agent -
A licensed professional who represents buyers or sellers in real estate transactions is known as a real estate agent.
Now that you know the definition, there is one more task remaining -
Breaking the Myth that - Real Estate Agents & Brokers are Different!
To help you get this clarity, here is a brief difference between what a Real Estate Agent and Realtor does -
-
Homes, land, and other assets can be purchased, sold, and rented with the assistance of ‘real estate brokers’. Since there is not a nationwide real estate license, agents must fulfill the conditions set forth by their state.
Hence, all prospective agents must complete a pre-licensing course from an approved real estate school. For this, prospective agents must clear the state exam, activate their license, and work for a real estate agency. Note that state-specific regulations differ.
After a while, some agents can choose to become brokers. This entails further training and experience. Brokers can work independently, have additional duties, and employ agents.
-
Although they are different, many individuals use the terms broker, real estate agent, and estate agent interchangeably. Brokers are the only ones who can act independently; agents and brokers have different licenses.
Only agents and brokers who are members of the National Association of Realtors (NAR) are permitted to use the title Realtor. Being a member of the NAR and adhering to its stringent Code of Ethics is the primary difference between a Realtor and an agent or broker.
Role & Responsibilities of a Real Estate Agent
Here comes the section where your question “What can a real estate agent offer?” will be answered.
Firstly, you will get a detailed idea on what real estate agents do on a usual day. Have a look -
General Responsibilities of a Real Estate Agent
-
Providing the Latest Real Estate Market Knowledge:
Real estate brokers closely monitor The Indian real estate market. They can offer information about market conditions, pricing, and real estate trends. Their expertise aids in your decision-making.
-
Guiding in the Property Search:
Whether you're looking for an investment property in Manchester, a villa in Goa, or a commercial property in Paris , agents can help you identify homes that fit your needs. By filtering your selections, they can save you time and effort.
-
Boosting Chances of Selling Properties:
To ensure they receive the most exposure possible in the market, sellers can trust brokers to locate possible purchasers for their property. To draw in potential customers, agents employ their marketing expertise.
-
Bringing Suitable Negotiation:
A key component of real estate transactions is negotiation. Here real estate agents can assist buyers and sellers in coming to a mutually beneficial deal. They can serve as a barrier, lowering the likelihood of pointless arguments.
-
Provide Legal Advice to Client Party:
There are many legal nuances involved in real estate transactions. Agents will walk you through the procedure with ease because they are knowledgeable about the necessary paperwork and legal concerns.
-
Making Paperwork at Ease:
Agents are in charge of the paperwork, which might be intimidating to people who are unfamiliar with the bureaucracy. They guarantee that every paperwork is timely and in order.
-
Letting Access to Professional Network:
Attorneys, architects, and home renovation specialists are among the professions that real estate brokers frequently have in their network. If necessary, they can suggest these experts.
The listed above are the roles real estate agents will perform, and these go the same for agents globally.
Below are more detailed and categorized roles of real estate agents. Based on your requirement, here is how they will assist you -
A Seller's Agent Responsibilities
When dealing with a seller, a real estate agent has a unique set of duties. Here are a handful of them:
● Promote and pitch the property.
● Present the property to the buyer/client
● Update the MLS with the listing.
● Organize and arrange the property.
● Make promotional materials of the sale
● Discuss and bring negotiation on offers.
● Attend assessments and audits
Although the list is endless, a listing agent's primary responsibility is to represent your seller's interests in negotiations.
A Buyer's Agent Responsibilities
This is the common type of real estate agent. Here, a list of certain buyer-related duties is attached to the daily or weekly calendar of agents. This list is necessary with the particular buyer the agent will work.
Here the following tasks:
● Locate properties that satisfy the needs of the client.
● Assist purchasers in locating mortgage lenders
● Display properties
● Contract negotiations
● Participate in house appraisals and inspections
Although it might be a lot of labor, working with buyers can be thrilling and fulfilling.
A Dual Agent’s Responsibilities (both for seller-buyer party)
When a real estate agent works with both the buyer and the seller on the same transaction, this is referred to as dual agency. Some states prohibit this kind of transaction, even though dual agency also enables the agent to keep the full commission rather than sharing it with another agent.
The duties of a dual agent include the following:
● Any conflicts of interest should be disclosed to both parties.
● To make sure that neither party's interests will be harmed by the agent’s actions.
● To make it easier for the buyer and seller to communicate.
● To explain to the customers the benefits and drawbacks of using a dual agent.
Finish line …
We all know how confident it feels to have a planned itinerary from a tour operator. Even students feel encouraged when they get counseling from an education expert. Similarly, a real estate agent is someone who will make your property dealing a success.
Based on what your priorities are, real estate agents will either help you sell a property or smoothen your purchasing journey. However, before all that, you must know what you can expect from a certified real estate agent.
Hence, if you are looking for a real estate agent, have a go through from this blog. You will stay ahead of the service a real estate agent can offer you. Good Luck!
FAQs
Q: What is the most important role of a real estate agent?
A real estate agent’s primary role is to advocate for the client. Furthermore, agents must ensure that their client’s best interests are represented throughout the transaction.
Q: How do real estate agents use proptech?
Real estate agents use proptech for property listings, market research, virtual tours, and analyzing property data. This helps clients make informed decisions with greater convenience.
Q: Do real estate agents handle property inspections and repairs?
While real estate agents coordinate inspections and help clients interpret the findings, they typically do not manage repairs directly.
