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Importance of Having a Realtor
There are a number of reasons why it is important to have a realtor representing you when you are purchasing a property. Training of real estate agents is monitored by the real estate regulatory agency, which gives guidance to real estate agencies providing training to new realtors. Agents learn the real estate laws they must follow in order to do market research, act on behalf of a buyer or seller, and process a closing. The following list gives reasons why it is important to have an agent acting on your behalf when you are purchasing or selling a property. 1. The agent will not release confidential information about you to the seller or buyer. 2. The agent will work only for you unless you sign a dual party agreement to allow the realtor to work for both you and the seller or buyer. 3. The realtor will act as a liaison between you and the seller or buyer so that all information obtained from the other party is fully disclosed to you. 4. If hired by the buyer, the agent will find properties that meet the requirements of the buyer. 5. If hired by the buyer, the agent will provide his/her experience in searching, reviewing, and buying property to help the buyer make decisions in what properties most meet their needs. 6. The realtor will do an analysis of the market or area in which the buyer wishes to buy property. He or she will then give the buyer an overview of the different property prices available in that area so that they can make an informed decision on how much to offer for a particular property. Signing a Binding Agreement with the Realtor As a part of doing business with some agents or agencies, you will be asked to sign an agreement to only purchase property through that particular agent for a given period of time. Be sure you want to go through this agent before you sign because this is a binding agreement. If you are within the agreement period and meet a seller who wants to sell his or her home to you without going through the agent, the agent could legally request his or her agreed upon commission for purchasing the property even though they did not do any work on the sale. There are some realtors who will not require you to sign a binding agreement, but they may not be willing to work as hard for you if they fear that you will take your business elsewhere. Decide what is best for you and whether or not this realtor is worth sticking with through the entire investment process. What is the Difference Between a Realtor agent and a Broker and What are Reasons to Have Each? When shopping for someone to represent you in the purchase or sale of your property, it is important to know the difference between real estate agents, real estate brokers, and agents and brokers who are or are not realtors. Knowing the difference will help you find someone who more closely matches your needs. Real estate agents and brokers are all required to take course work in order to get their state license. Once realtors and brokers get their license, the essentially can do the same job, which is to act on behalf of a buyer or seller in transferring property. The difference between agents and brokers is just that brokers have gone through additional training and have obtained a different license, which allows them to set up a real estate business or office as well as broker property, or allow them to actually help you with the purchasing of real estate and the financial aspect of real estate. If an agent wanted to become a broker, they would need to look up the required courses for brokers in their state, take the courses, and then take and pass the broker’s exam. Whether you choose an agent or a broker is up to you. It is best to look not at their title, but at their experience as a realtor. A broker could be right out of school with no experience representing clients; whereas, the realtor could have agents working for him who have several years of experience. The difference between agents and brokers who are realtors or not realtors only lies in whether they are members of the National Association of Realtors (NAR). Membership in a professional organization does have its benefits and does allow agents and brokers to declare they are realtors; however, membership in NAR or any other professional organization does not mean they cannot do a good job for you. This is something you should consider when hiring an agent or broker.
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This intel was contributed by larryg
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May, 2012
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