A realtor, real estate agent, or real estate broker is an individual who represents buyers or sellers of real property or real estate. While brokers can work individually, real estate agents work under licensed brokers when representing clients. Real estate agencies are the workhorse of the real estate industry.
Real estate agencies act as intermediaries between various players in the real estate world; these players include sellers, buyers, renters, government agencies, banks, builders, publishers, and property managers.
They act as analysts, buyers’ advocates, marketers, negotiators, consultants, and auctioneers. Real estate agents occasionally act as loan officers, clerks, or appraisers.
The following are some of the not-so-obvious facts about real estate agencies:
It’s not a real estate agents’ obligation to show you properties.
Real estate agents aren’t obligated to show you houses that interest you. It’s not their obligation to show you all available properties. At times, they will push you towards properties that cater more to their needs. For instance, they may take you to a house that has been on the market for ages, or that is easier for them to convince you to buy. With that in mind, you have a right to say the houses you’d love to view.
Typically, real estate agents use the same mortgage brokers and home inspectors.
Real estate agents enlist services from the same providers when the time comes for mortgages, legal work, home inspections, and appraisals. These providers are happy for the business opportunities, meaning their loyalty will not be to you but the agent.
That’s why you shouldn’t believe that a home inspection is thorough; the home inspections’ outcome is dependent on what benefits the real estate agencies.
Real estate agents have the motivation to sell your house immediately.
It might be a real estate agents’ intention to sell your property as quickly as possible without looking for buyers who can offer more. That extra $15,000 on your houses’ selling price can make a massive difference to you, while the extra commission for the agent is negligible.
This means that your real estate agent may persuade you to go for a lower price, sometimes instilling fear. For instance, they may tell you that housing prices are set to drop and that it would be great to accept the current offer. The reality could be different.
Agents often tone down the cost of renovations and repairs.
Real estate agents have the urge to close deals quickly to earn their commission. If you’re a potential buyer and you notice some aspects of the property aren’t right, your agent may try to downplay the cost of correcting the problems. If this is the case, ask for verification and do a research to find out what the renovations and repairs will cost.
If you decide to sell your house, don’t make yourself vulnerable to real estate agencies. Always research so that you can be sure about the value of your house. Don’t be pushed to sell your house in a hurry if there’s a probability that it can fetch more.
Real estate agents do almost everything in the real estate world; for this reason, they’re paid a real estate commission when a deal is closed. The demand for real estate agents’ services is increasing because they make real estate transactions easy and convenient.