| Real Estate Agent - Licensed Professional. | | | | perform. |
| | | | |
| Working with one can save you time, money and | | | | They are: accounting, disclosure, care, |
| frustration. | | | | confidentiality, loyalty, and obedience. Even |
| | | | though the agent has this fiduciary |
| A Good Agent Will: | | | | relationship, they may not be working in |
| | | | buyer's best interest. You may think the |
| Know the inventory. | | | | agent is truly working for you, but that |
| | | | depends on the type of agent they are. |
| Have easy access to the homes. | | | | |
| | | | Types of Agents |
| Are trained to write contracts. | | | | |
| | | | Exclusive Buyers Agent |
| Can estimate closing costs and payments. | | | | |
| | | | Sellers Agent / Listing Agent |
| Coordinate inspections, paperwork and escrow. | | | | |
| | | | Dual Agent |
| A good real estate agent will take the time | | | | |
| and have the patience to guide you | | | | Exclusive Buyer's Agent |
| | | | |
| through the basic steps of buying a home. | | | | This type of agent truly works for and has |
| Choose an agent you feel comfortable with, | | | | loyalty to only the buyer. This agent is |
| someone who will represent your best | | | | obligated to convey to the buyer/client any |
| interests. The more experienced they are, the | | | | information about the seller's willingness to |
| more likely they will know how to quickly | | | | accept a lower price or what the property is |
| deal with problem situations as they arise. | | | | worth. The other types of agents are not |
| Ask for referrals or letters of | | | | obligated to work in the buyer's best |
| recommendations. | | | | interest. Using an Exclusive Buyers Agent is |
| | | | the best way to buy a house. There is a |
| Many people are put off by agents because | | | | growing trend for the Exclusive Buyers Agent. |
| they feel they are too pushy or aggressive. | | | | |
| Working with an agent having these | | | | Typically the exclusive buyer's agent will |
| characteristics can be an advantage in that | | | | get paid through the seller's commission. |
| | | | When working with an exclusive buyer's agent, |
| things get done in a timely manner. Feel they | | | | the buyer usually signs a contract to work |
| are of good character though. If you feel | | | | only with that agent. This works to both |
| your real estate agent is incompetent or not | | | | parties advantages. This can work to the |
| working in your best interest, interview | | | | buyer's advantage through a lower sales price |
| another agent. If you are comfortable with | | | | and better service. An agent who knows you |
| your agent, be loyal to him/her. Don't use | | | | are committed only to them is going to give |
| them to find a house and then have a relative | | | | you their best service from the beginning. |
| "in the business" write up the contract. This | | | | |
| is the time you need to have someone who | | | | A buyer entering into an exclusive buyer |
| knows how to effectively negotiate without | | | | agreement might want to start with a contract |
| emotional constraints. | | | | period of one week. After such a time, the |
| | | | buyer should be able to decide if the agent |
| Inventory Knowledge | | | | is living up to their standards and in |
| | | | comfortable to work with. They then have the |
| A good agent knows the housing market. | | | | option of extending the contract or working |
| | | | with another agent. |
| Agents spend a lot of time previewing | | | | |
| properties. Daily they review new listings on | | | | Sellers Agent / Listing Agent |
| the Multiple Listing Service (MLS) providing | | | | |
| information about size, room count, | | | | The sellers agent is a listing agent. Their |
| amenities, condition, schools and price. | | | | loyalty is to the seller. All confidential |
| | | | information a buyer discloses to a sellers |
| They know houses that are listed where the | | | | agent is passed on to the seller. They try to |
| owner requests no yard sign. | | | | get the highest price possible for the |
| | | | seller, which is not in the best interest of |
| Many agents specialize in a specific | | | | the buyer. |
| neighborhood and personally know many | | | | |
| | | | Dual Agent |
| of the people who live there. | | | | |
| | | | A dual agency is created when the buyer's |
| Easy Access | | | | agent and seller's agent work for the same |
| | | | real estate company. Real estate companies |
| Most homes listed for sale have lock boxes | | | | prefer their agents to sell one of the |
| which provide agents access when | | | | companies listings. This creates a dual |
| | | | agency as both agents work under the same |
| the owners are not home. Should you want to | | | | broker. A dual agent is better than a |
| preview specific homes, the agent notifies | | | | seller's agent, but not as good as an |
| the owners and shows the homes to you at your | | | | exclusive buyer's agent when it comes to the |
| convenience. | | | | buyer's best interest. |
| | | | |
| Good Source of Contacts | | | | The Commission |
| | | | |
| Real estate agents are always coming in | | | | Many first time buyers don't want to use an |
| contact with loan agents, insurance agents, | | | | agent because they wrongly assume they will |
| inspectors, contractors, and others who are | | | | have to pay them a commission. Typically the |
| involved with real estate. Over the years | | | | commission is paid by the seller, therefore |
| they acquire many names and can provide you | | | | the buyer gets the agent's services for free. |
| with those who they feel are reliable. | | | | The seller usually compensates the broker |
| | | | company not the salesperson with a commission |
| Salesperson - Broker Relationship | | | | for having successfully performed the service |
| | | | for which the broker was employed. This |
| A salesperson is licensed to perform real | | | | broker will then compensate, through escrow, |
| estate activities on behalf of a licensed | | | | the buyer's agent's broker for part of the |
| real estate broker/company. The salesperson | | | | commission. After escrow has closed, the |
| is responsible to the broker/company under | | | | broker's of both the listing and selling |
| whom he or she is licensed. All of a | | | | agents will split this fee with the agents |
| salesperson's activities must be performed in | | | | involved. |
| the name of the real estate company. | | | | |
| | | | You Should Know |
| The salesperson has no authority to receive | | | | |
| commission directly from a client. | | | | A real estate agent is qualified to provide |
| | | | valuable information and assistance, |
| The broker/company is the only one licensed | | | | |
| to act as the client's legal agent. | | | | but is not an expert in every aspect of real |
| | | | estate. |
| An associate broker is a broker who chooses | | | | |
| to work as a sales person under the name and | | | | They are not permitted to give legal advice. |
| supervision of another broker/owner. | | | | |
| | | | You should carefully read all documents that |
| The associate broker must have all the | | | | you are asked to sign. |
| qualifications for a brokers license and pass | | | | |
| the broker's exam, but transacts business | | | | If you do not understand the effect of any |
| exactly as a salesperson would. | | | | part of a document or if you desire legal or |
| | | | |
| Buyer - Agent Relationship | | | | tax advice, consult an attorney or tax |
| | | | advisor. |
| When an agent and client work together, they | | | | |
| enter into a fiduciary relationship which is | | | | Likewise a real estate agent does not hold |
| governed by the law of agency. This fiduciary | | | | himself as an expert regarding the condition |
| relationship is one of trust and | | | | or boundaries of the property. |
| confidentiality between the parties. Under | | | | |
| this relationship the agent and his/her real | | | | Obtain the services of the appropriate |
| estate firm has certain duties they must | | | | professionals. |