Everything to Know About Real Estate Agents
Real estate agents work as a mediator between buyers and sellers. In addition to that, there are numerous real estate agents who manage rentals wherein they introduce tenants to landlords and overseeing the maintenance of property on behalf of landlords. In many areas, real estate agents must be licensed, highly educated and regulated by governing body. Believe it or not, some of these agents are realtors as well. On the other hand, for them to make use of the title of Realtor, they need to be a member of National Association of Realtors.
Real estate agents bring together 2 or more interested parties, performing necessary steps to come up with a successful transaction and then charge clients commission for their service. For the sales transactions, they are charging commission to the seller and for rentals, commission is often charged for the landlord. Real estate agents calculate their fee as percentage of selling price and as part of rent for the rental units.
They leave details of their property with real estate agent as for those who want to rent or sell their property. And along with all the details of the property, real estate agents have the keys to the house as well to be able to facilitate showings. Other interested parties will get access to this info and to property by way of contacting the real estate agent. That is how real estate agent becomes hub of info. And contrary to common misconceptions, real estate agents represent buyer or the seller but rarely both.
You might be wondering why people are encouraged to make use of such service, well first and foremost, this is to protect yourself from the entire transaction. As for the transactions that involve real estate, expect it to be highly paper intensive transactions and highly regulated. Real estate agent has in-depth knowledge of the rules, laws, disclosures, regulations and necessary documentations to complete the transaction successfully to the buyer or seller’s satisfaction and of course, the law as well.
And due to the reason that real estate agents are so familiar with market conditions of local real estate, it only makes sense to seek their service and have an idea of pricing for properties within that market and current trends. The price or price range of different properties of different kinds and various locations within the area is known by any experienced and smart real estate agent. And because of the expertise and knowledge possessed by real estate agents, property sellers usually get few thousand dollars for their property.
And to make the most of the transaction, many homebuyers and sellers are using the services of a seasoned real estate agent.