Whatever a person does sooner or later, faces issues with the purchase or sale of real estate. Because of the importance and complexity of such a sale, people and businesses are increasingly resorting to the services of real estate agents.
The real estate agent spent most of his time outside the office, displaying property to customers, searching offers for sale, works with potential clients, or investigates the real estate market, consults with lawyers, notaries, architects, designers and other professionals to help the activity in finding and offering the best offer in view of the inquiries made by his clients – the sellers and the buyers of property.
What the Realty Agent needs to know before engaging him
It is recommended, but not necessarily, that the real estate agent knows the real estate market in the region where he works. However, he must be able to judge very well which property best suits his clients’ needs, their financial capabilities and, above all, listen carefully and understand exactly what his client wants to buy or sell a property. Being familiar with the region’s urban planning, local taxes and fees, and ways of financing real estate transactions – the terms of crediting, the necessary documents to be collected for legal inspection of the property before the sale of the real estate. the agent acts as an intermediary in negotiating the price between buyers and sellers.
When selling a real estate, the broker must check the ownership of the property for lack of burdens and also arrange the meetings to specify the details of the transaction and the last meeting at which the transfer of ownership of the property in front of the notary. It is common for the agent to assist the prospective buyer in the most appropriate way to finance the purchase from potential creditors. This is of great importance for the closing of a deal preventing it from collapse.
The agent must spend a lot of his time finding properties for sale and bidding. He is responsible for placing a real sale price for the offer and for its presentation. After the sale, the agent of the seller and the agent of the buyer receive a commission as a compensation of their respective duties.
Before he can show the buyers the properties for sale, the agent discusses with them what their preferences and requirements are – parameters to be pursued in order to best suit and adequately meet the needs and the requirements of his clients. After engaging, the broker should know how much the buyer can afford to pay for, what property and under what conditions. To fulfil his obligations, namely to execute the order of his clients, the agent signs a contract for order, also known as a contract for mediation with his clients. This contract marks the beginning of its relationship with his clients and from that moment the agent is engaged by his client. After a thorough study of the real estate market in accordance with the requirements and preferences of his clients, the agent prepares a list of properties to be presented in fulfilment of his contractual obligations.
The broker can hold several meetings to discuss or display the proper properties before taking to a view by his clients. Once the buyer and seller have accepted their terms, they approve their goals and intents to each other, signing a preliminary contract that sets the starting point of the sale and the agent has practically fulfilled his engagement unless he is also obliged to engage in the deal professional legal assistance. Prior to entering into the final contract, the transaction to be signed by a notary, the agent is required to verify that all terms of the preliminary contract are fulfilled.
Most of the agents sell residential property. A small part – usually working in large specialised companies, sells commercial, industrial, agricultural or other property type. Each type of property requires specialised knowledge about it and the specific buyer’s needs. Selling or renting commercial properties requires knowledge of rental practices, market trends and the location of the property. Realty agents must be well aware of the region’s transport, infrastructure and labor markets.
The agents and the owners of a real estate agency exercise the same business except that the owners of an agency should manage the agency’s activities. Realty agents work on a negotiated percentage of the deal for which they care.