Jan 28, 2010
Do You Need A Real Estate Agent?
Real Estate business has seen tremendous growth and so has been the need of Real Estate agent. Today more and more people are getting interested to become home owner and as the demand for real estate need increases the role of Real Estate Agent becomes more important. In the past one agent use to provide services to both seller and buyer but as the real estate market changed people started to realize that specialized service is more logical and beneficial. In Real Estate industry now buyer/seller are looking for specialized agents who can provide specialized related expertise, information and services required to complete the process. When a real estate agent represents both buyer and seller it really restricts agents to provide impartial service to either party.
Let’s look at the both (Seller/Buyer) scenario separately. A real estate agents who is a listing agent of seller has a fiduciary, ethically and moral duty to represent seller only.
By getting Exclusive Right to Sell Listing, the real estate agent is promising seller that he will live no stone unturned to market the home and find the best buyer at maximum possible market value for the home.
As a Buyer’s real estate agent he need to find the right home for buyer along with should all information of the community. When a buyer is exploring to buy a real estate property in new community, he is very much interested to find out several information related to that particular community such as population, crime, climate, schools, traffic, living standards etc. Buyer’s real estate agent should be well informed with all these information so that he can provide that information to buyer. It will be easier for buyer to make the decision based on these information. Once the buyer is ready to buy real estate property in the community then other part of the real estate agent’s duty starts. As buyer’s agent it is his responsibility to find a real estate property, as per buyers requirement. It is also buyer’s real estate agents duty to negotiate the best market price with seller.
So if seller and buyer are represented by their own specialized agent then both agents can play a partial and specialized role for their client..
So it is quite clear that one real estate agent representing both seller and buyer can not justify providing specialized service to both party. Both buyer and seller are in different need of services. That’s why specialized real estate service has become more in demand where buyer/seller can get impartiality specialized service during the process.
Never before has the role of specialists in the world of real estate been more important. With buyers and sellers requiring more services, the industry has seen an explosion of agents who specialize in either the representation of sellers or buyers. These specialist agents can provide a wealth of services and maintain a complete impartiality during the sales process as there is only one client to concern them.
Historically the sales transaction and the concerns of the buyer were the purview of a single realtor. However, as the industry has progressed so have the needs of each party and so the specialist arose. Buyers have some very particular needs, and specifically the need to feel that their best interests are seen to. Listing agents are representatives of the home’s owner and in that role they have a primary responsibility to that owner. How could they properly look after the needs of an interested buyer as well?
So what is it that a buyer’s agent does? Primarily the buyer’s agent will begin with the location of suitable properties for their clients. This is usually based upon a list of requirements and desires that the client has communicated to the agent. They will then arrange viewings and recap their findings with their clients and assist in deciding upon a good candidate for an offer. This will be based on the wealth of community information that a buyer’s agent commands. As specialists, they are experts on their given area which is critical in the education of clients on the areas that they are considering. Once a property is decided upon, the buyer’s agent changes significantly, evolving into an overseer-negotiator role. They will typically coordinate the inspections and conduct the negotiations with the listing agent. This includes the execution of the buyers subjects and the closing of the actual contract.
There is an art to representing a buyer. It is a role that has become ever more crucial in an industry where customer service is the single most important thing that an agent can offer. If you are in the market for a home then the buyer’s agent is the friend that you need to make sure that you are given the service that you deserve.
Watch the video related to buying real estate
Local real estate agents can help find the best home loans. Learn how to get a home loan withexpert tips from a licensed real estate agent in this free video. Expert: Richard Blake Bio: Richard Blake is a licensed real estate agent that has closed more than 20 times the number of transactions per year than that of the average realtor for the last three years. Filmmaker: Christopher Rokosz
Help answer the question about buying real estate
How can I calculate the savings (tax break) from buying real estate?
I am told that the interest payments plus the real estate taxes are itemized on Schedule A and deducted from my income.
Are there any calculation tables or programs out there which can figure out my tax bracket and savings?
I would like to figure out how much mortgage and taxes I can afford and I would think that the amount of tax savings should be a major factor. people tell me how the tax breaks are great, but I would want to calculate exactly what my savings would be just I I would calculate my monthly mortgage payment and property taxes. It seems to me people don’t seem to really calculate this before taking the plunge.
Hi Paul I was wondering can you get me a loan specialist on the FHA 203k rehab loan and the repo loan for ohio and detroit? and get me a list of properties the qualify in both cities
Hi
I am a real estate agent in Los Angeles Ca.
If you can help me where to find those banks notes .
Where do I need to start?
I thank you/
You only actually need an agent to sell, not to buy. But the paperwork will be a lot esier with an agent.
Call the bank advertising the house you want and ask them.
The license helps a little and hurts a little. When you make an offer, the seller will think that you have "insider" knowledge and he will think that he put the price too low.
But having the license allows you to easily track all the new listings as soon as they come on the market.
I think i would recommend against the license and just buy bank repo's. You can find them yourself. They are all posted at the County Recorders Office..
Requirements vary from state to state. I would contact the governing body in your state first to find out the requirements.
I am an agent, I closed on a property yesterday for 434K and the house appraised 2 years ago for 800K…it really depends on the bank, some banks don’t even accept FHA lons, It also depends on the condition of the house..in most cases form my experience, your offer will not be accepted without signing a bank adddendum, you have to read that document carefuly and consult an attorney..
If your agent has a license in California and in Illinois, he can work under different brokers in different states.
As far as the split, you are paying the broker to work for you. The split that went to the agent is part of the agreement between the broker and the agent, not you and the agent.
There often is a fee to cancel. You say it is not listed, but since you signed a listing agreement, that means listed. Do you mean there is no sign and it is not on any MLS sites?
yes. if your license is active (even if not being used) you must still disclose. The selling public assumes realtors know more and have the upper hand in negotiations. (we generally do).
In today's legal environment, it pays to fully disclose everything.
Almost everything in lieu of amortization schedules, taxes and percents and stuff like that is all computerized now days. You used to need to be a math whiz, not anymore but it is on the state tests so it is like everything else. You do need to know it once, but then you can forget you ever learned it and go on happily with life after certification.
Real Estate is LOCAL & it is different depending on the clients you market to. Meaning that what is acceptable and the "norm" in one area may be completely different in another.
Also, just because everyone else is doing one thing doesn't mean it's the "right" way.
Most of the 30 some odd agents in our office wear either suits, or Golf shirts and slacks type of attire…except the top 3 agents (one of whom is the broker).
We all wear Shorts and Flip Flops most of the time.
Most of my clients are pretty laid back, even my high end homeowners, so I can stay laid back. I got a lot of flack when I first got my license because I wasn't FORMAL, but after I closed more deals than anyone my first few months in, everyone got quiet.
On first time visits with Out of State Clients, who may not be Austin laid back, I sell out, I dress in slacks and golf shirt…for the first visit.
Know your area and dress according to your area & your clientele.