For most buyers and sellers, the prospect of doing business with a real estate agent stirs unknown fears. While some agents are genuine, reputable, and make the welfare of their clients their top priority, there is also no shortage of unscrupulous individuals just trying to make a quick buck at the expense of others. As a buyer or seller of a property, it is your responsibility to choose a real estate agent wisely. So, here's a look at what you Grundeigentum should know about real estate agents before approaching one.
What does a real estate agent do?
Depending on which side he is working for (buyer or seller), the agent acts as an intermediary between buyer and seller and helps to complete the sale of a property. He is offered a commission by his client (seller, buyer, or both) for his services. When working on behalf of the seller, the agent is responsible for posting a property's details on the area's multiple listing services and for other efforts such as: B. Home staging to market the property.
In the case of a residential property, a real estate agent may begin by posting the details of the property on their personal or company website, depending on whether they are part of a brokerage firm or are self-employed. The next step would be to market the property via postcards and advertisements in real estate magazines both offline and online.
In addition to marketing the property, the agent listing your home is also responsible for liaising with other agents who may have clients who may have expressed interest in the property. An agent is also meant to help you negotiate the best possible deal. He/She accompanies you every step of the way until the house is sold; Advice on all matters including the involvement of a lawyer.
The agent does not charge the customer/home seller for their marketing efforts; However, you must bear all legal costs associated with the sales process
When working on the sell side, a broker is responsible for researching property listings in an area in which his client is interested. He coordinates with the real estate agent who is servicing the property on behalf of the seller and arranges to show him the premises to clients. A buy-side real estate agent also helps negotiate the best deal for their client and guides the buyer throughout the buying process. He is also responsible for contacting a professional to have a property valuation carried out. Some real estate agents may also offer other services such as B. Advice and assistance in obtaining home loans.
Real estate agents not only earn commissions when selling and buying real estate, but also when renting a property. Normally, the commission is paid to the real estate agent at the final settlement of the deal.
Who should you choose as your real estate agent?
Real estate agents can assume three coats, that of an agent on behalf of the seller, the buyer, or a double agent. When buying a house it is best to use the services of an agent who can work alongside you, the same goes for selling a house; Better to contact a real estate agent who works for sellers.
Although real estate agents who work on the sell or buy side do not have different qualifications, some agents choose to play in a single field, while dual agents may work for both the seller and the buyer while earning commissions from both.
The Seller's Real Estate Agent: An agent working on behalf of the seller has loyalty to his client and he/she will do his best to persuade the seller to offer his client the lowest possible offer. So if you, as a buyer, ask the seller's representative if his customer would accept a higher deal, he has an obligation not to reveal this information to you.
The buyer's real estate agent: Similarly, agents working on behalf of the seller owe their responsibilities to their clients and will attempt to offer their clients the highest possible offer. So they will not be willing to offer information about how low their customer will go in terms of price.
A double agent: A double agent has an obligation to maintain an honest picture before both parties; Since he is entitled to a commission from both sides, he owes his loyalty to both the buyer and the seller.
Most real estate agents have lists of buyers and sellers, so it's not uncommon for an agent to work on behalf of both parties, or at least hire another agent from his real estate firm to negotiate on behalf of either the seller or the buyer.
with real estate agents
While real estate agents market properties, it's not uncommon for them to hype up their credentials; After all, it's a dog-eat world and there's certainly no shortage of real estate agents in the market. While this is acceptable, some individuals resort to openly lying about their services, and often their customers end up paying for their hefty claims.
So make sure you check any claims made by a prospective real estate agent. Don't hesitate to ask for references. If he didn't mention his experience in the brochure, you should ask him about it. Also inquire about other properties he may have sold that were similar to the ones you are looking to sell/buy; this would include properties in the sane range of the same size and price range.
Finding a good, reliable broker can save you a lot of trouble, while hanging out with the wrong one can quickly turn into a nightmare. So take your Grundstücke time when choosing an agent to buy/sell your home.
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