Factors to Consider When Searching For a Real Estate Agent

A real estate agent, real estate broker or realtor is someone who represents buyers or sellers of real estate related properties. An agent can work alone, but most often an agent tends to work under an exclusive broker to represent only clients. A real estate brokerage firm represents many different properties and can be located across the country in every major metro area. For example, the Chicago office of the brokerage firms REO Investors Inc. and Cambridge MLS Inc. are two of the largest in the nation. Our website provides info on Claire Ackerman – The Ackerman Team – Scottsdale AZ Realtors
Selling a real estate property is not an easy task. It involves a lot of legwork for both the buyer and the seller. Many times, both parties come to the closing with doubts about the future of the property. However, if the seller agrees to sell the property, a real estate agency plays an integral part in helping the buyers find a new home. The agents make these potential buyers aware of all the available options that they have and guide them accordingly.
There are three fundamental reasons why real estate agents play such an important role when it comes to the sale and purchase of a property. First of all, agents have fiduciary duty to act in the best interest of their clients. The failure of agents to follow this principle can result in serious consequences. Another reason why agents have to act in the best interest of their clients is because they are also subject to law and ethics rules that require them to act in a manner that meets the ethical standards of conduct. Lastly, agents cannot perform a service that they consider unnecessary in order to successfully complete a real estate transaction.
fiduciary duty and the need to protect the buyer and seller from unscrupulous agents comes together. The need to adequately protect oneself against liability also comes into play when one considers the possibility of real estate transactions. When a real estate broker fails to follow proper licensing guidelines or fails to appropriately screen their candidates, they are engaged in a fiduciary relationship with the seller and/or the buyer and they have a legal responsibility to act in accordance with those relationships.
As stated above, states play an integral role in ensuring that agents have appropriate licenses to practice. Many states have created strict regulations that mandate what a real estate broker must do and cannot do when it comes to the buying or selling of a home. In most states, a broker is required to obtain a separate license for each individual transaction that he handles. While some states allow for one general license, most states require brokers to secure a specific license for each client that he provides assistance to during a real estate transaction.
As previously mentioned, integrity and respect for both the buyer and the seller is imperative. Many times brokers will try to convince sellers that they need a larger down payment or higher interest rates in order to close the sale. They will also ask potential buyers to provide additional documentation that is not required by law. As a result of asking for these documents, many sellers will lie about their ability to afford the home, property location, etc. This conduct by licensed real estate professionals is unethical and can lead to criminal prosecution.
There are many instances where brokers have been found guilty of fraud. Unfortunately, not all fraud detection and resolution agencies are equipped to handle every type of situation. There are some cases that result in financial loss for the seller and damage to the reputation of the buyer. The best way to prevent this type of situation is to have a buyer and seller that is working with an honest real estate brokerage firm. When you work with a firm that has a track record of fair practices, you can rest easy knowing you will be supported in your dealings with brokers who adhere to the rules of the Real Estate Division of the Department of Licensing.
Unethical conduct by brokers will no doubt continue to challenge the integrity of this industry. In order to protect you, your investment, and your family, it is important that everyone involved in the real estate transaction be aware of the responsibilities each party has. If you are buying or selling a home, you need an agent who: does not mislead the principal broker; provides a quality service; and keeps all business matters involving the home contract and title deed confidential. Working with a real estate agency that meets these requirements will ensure you get what you are looking for. Don’t put your future at risk by allowing unprofessional agents to represent you.