Real estate agents are licensed professionals who help in linking 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.
Numerous home seekers (including real estate investors) use the services of real
estate agents not just for getting good deals but also getting them fast.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 almost always get thousands more for his/her property by
using the opinions 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 pointing out that in California real estate agents can work
exclusively for either the buyer or the seller. Or, San Diego can work as dual
agens, representing both buyer and seller. By California law, this agency
relationship must be disclosed prior to signing any contract. Naturally, it is
best to ask about an agents agency relationship during your initial
conversation.
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