For most prospective buyers and sellers in the industry, the fear of real estate agents is the beginning of wisdom. Although, some real and credible agents do exist in the industry, the same cannot be said of most of them. While credible agents have the best interest of the clients at heart, others are mostly concerned with the money and personal gratifications they will gain to the detriment of the clients. Thus, the onus lies on the buyer and/or seller to determine which agent is credible and hence good for business. Here is a few tips to aid you identify a good agent just before contact is made.
What does a real estate agent do?
An agent acts like a broker that mediates between a buyer and seller to close the purchase of a property, be it on the side of the buyer or the seller. The reward for services rendered is a commission from the client either the buyer or seller or sometimes both. When a seller enlists the help of an agent, the services include; detailing the property on different listing services within the area and other strategic steps, all geared towards marketing the property to prospective buyers.
For residential properties, the agent will likely first put up the property details on a personal website as a freelancer or on that of the holding company his part of. Marketing strategies like running adverts in real estate magazines, postcards are also done. Online options of these adverts and sponsored editorials are also exploited to maximise results.
The services of the agent transcends just marketing the property on behalf of the owner, it also includes doing a follow up on all possible deals with other clients with either expressed or implied interest through their clients. The agent also help the client negotiate the best deal on the table. The services of a lawyer can be employed to deal with legal matters and other grey areas. Thus, the agent’s service terminates only when a particular deal is closed. The marketing machinery put in place to make the deal sail through will not be financed by the client. However, all expenses accruing to legality during the deal will be borne by the client.
When the agent is working for the buyers’ interests, combing through the property listing in the area of the client’s interest is included in the job description. The agents also arranges with the sellers’ real estate agency to profile and showcase the properties to his clients. The real estate agent working for the buyer’s interest aids in the negotiation process for a great deal and stays through until purchase is made. The agent also enlists the service of a professional to evaluate the property to achieve this. Other services such as professional advice and aid in getting loans may be provided by the agent.
The real estate agents’ commission do not come from the acquisition and sale of properties alone, but also from the lease of properties to. Conventionally, commissions are paid to the agent at the closure of the business deal.