Finding and Keeping a Good Real Estate Agent
Those considering a career as a real estate agent should be prepared to wear a number of hats during the course of their career. Real estate agents have to be prepared for a number of situations including assisting clients in the purchase of their home, the sale of their home, the financial procedures involved in buying or selling a home, and sometimes just offering advice when solicited.
A Buyer's Agent
Most real estate agents act as the agent for both the buyer and the seller, although there are some agents who operate exclusively as buyer's agents. A buyer's agent is one who enters into a contract with a client looking to purchase a home. In either scenario, clients should have certain expectations of the services they will receive from a buyer's agent. The following is a brief list of the expectations potential homeowners should anticipate when they enter a contract with a buyer's agent:
- Assists in finding a suitable home within the desired price range
- Provides statistical information regarding offering price
- Interprets and explains any contract documents the buyer must sign
- Facilitates the completion of necessary paperwork to proceed towards a closing
- Contract documents should include, and clearly define, terms of compensation for the agent.
A Seller's Agent
Homeowners who wish to sell their current home or real estate property would enter into a contractual agreement with a seller's agent. In this case, the agent is working for the property owner selling their existing property. The expectations in working with a seller's agent should include the following:
- Agent handles paperwork associated with listing the property for sale
- Assistance in completing all documentation providing legal description of the property
- Assistance in completing all documentation associated with necessary disclosures
- Keeps homeowner aware of interest in the property and collaborates with the homeowner to schedule showings with other agents
- Presents all offers made on the property to the client for consideration
- Interprets and explains any contract documents the seller must sign
- Facilitates the completion of necessary paperwork to proceed toward a closing
- Contract documents should include terms of compensation for the agent, usually as a percentage of the sale price of the property.
Financial Advice from a Real Estate Agent
A real estate agent is in no way a substitute for a financial advisor, but they can offer limited financial advice. The advice a real estate agent can offer is basically limited to the necessary financial steps in the process. Real estate agents can offer guidance on the steps necessary to take in order to complete the purchase or sale of your home and can provide information on some of the mortgage options available.
However, they cannot help you select an ideal financial arrangement. The agent may also recommend lending institutions and professionals who can assist you in making financial decisions in regard to your property purchase or sale.
General Advice from a Real Estate Agent
Real estate agents should be prepared to offer general advice regarding real estate and homeownership to their clients. If solicited, this advice can be very useful to the clients. The type of advice a real estate agent may be asked to offer can include anything from whether or not the agent likes the color of the paint in the living room of a prospective property or whether the agent thinks it is currently a good or bad time to purchase a property.
Most agents are knowledge in a variety of aspects related to real estate and property ownership but any advice they offer in this capacity should be considered an opinion and the client is obligated to make their own choices based on this information as well as their own research.
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