All About Real Estate Agents

Here are some great tips on picking the right Real
Estate Agent.

Real estate agents are professionals who help
in connecting the buyer to the seller.

A lot of real estate agents also do rentals wherein
they connect tenants to landlords and even maintain
the property on the behalf of the landlords.

The real estate agents work by linking together the
two interested parties and charging a commission
for their services.

For sales, they charge commission only to the seller
but for rentals (i.e. agent managed rentals) the
commission is charged to both parties involved
in the transaction.

Real estate agents generally calculate their fee
as a percentage of the selling price (in case of sales)
and as part of the rent (for rentals). People, who
want to sell/let their property, leave the details
of their property with the real estate agent
(and in fact, even leave the keys of the house
so that the real estate agent can arrange for
viewings without them getting into any hassle).

The other interested party (i.e. the buyer/tenant),
gets access to this information by contacting
the real estate agent. That’s how the real estate
agents become a hub of information.

A lot of home seekers (including real estate
investors) use the services of real estate agents
not just for getting good deals but also getting
them quick.

Since real estate agents are probably most familiar
with the market situation in their region of operation,
it makes sense to approach them to get an idea
of the going rate for properties in that region.

Real estate agents would generally know the prices
of various properties of different types and at
various locations in the region.

A property seller can possibly get a few thousands
more for his/her property by using the advice
received from a good real estate agent.

A good real estate agent will also analyse the needs
of a home buyer/tenant and provide suggestions
on what kind of home could be available to them
within their budget.

So a good real estate agent will not just throw
a list of available properties to the buyer/ tenant
but will actually discuss their needs and make
a suggestion.

This, in fact, works in the favour of real estate agent
in two ways. Firstly, if the real estate agent is able
to sell the house they get their commission and
secondly, if they make the buyer happy too they
earn a good reputation (and hence more business).

However, it is worth noting that real estate agents
work on sellers behalf. So, beware if they are
trying too hard to sell a property.

Mark G Roberts
Step by Step IMB University