What Real Estate Agents Can Do

What Real Estate Agents Can Do

Posted on November 20th, 2009 Huis-Huis No comments

Useful things, realtors!

Real estate agents render a valuable service to property consumers. Real estate agents offer clients the advantage of relevant knowledge, experience, skill, contacts and resources to meet their real estate needs as effectively as possible.

In return for those services, realtors expect to be paid. Real Estate companies are in business to make money and real estate agents assist buyers when there is a possibility that they can earn a commission. (If a realtor claims not to be in it for the money, there is always the possibility that it may be true. So, try negotiating a lower commission and then make up your own mind.)

But what exactly can real estate agents do? If everyone had to believe some of the claims real estate agents make in an effort to secure business, they might mix, mash, grate, chop, juice and polish the car!

In this article, I intend to spell out what real estate agents can and can’t do for you.

Real estate agents – good for some things

Good real estate agents build up contacts and professional networks over time. And those relationships can afford their clients a quick and efficient property sale, first options to buy into new developments, or a jump on other desireable real estate.

Realtors have existing resources and infrastructure, aimed solely at finding sellers with properties to sell and buyers with real estate needs to fill, in place. Working with a real estate agent allows you to make use the real estate agency’s existing resouces, instead of starting from scratch.

As far as knowledge and experience goes, good real estate agents know how to stay on the right side of the law while squeezing the best deal out of a property transaction for their clients.

Some of the skills good real estate agents will have to offer, include some fierce negotiation techniques, creative transaction structuring, identifying potential pitfalls in real estate contracts and property value analysis.

Real estate agents are good for some things. That’s why people make use of their services.

Realtors have their limits

It is important to know the limits of your real estate agent’s powers, though.

Real estate agents might be able to spot potential investment properties, but they are usually not financial or investment advisors. What you can expect to get from your agent is knowledge of the market and knowledge of the inventory.

Real estate agents can give opinions on the value of a property, but they’re usually not property valuers. Your estate agent can provide a price opinion, comparable sales data and a comparative market analysis, not a property valuation.

Real estate agents may have a good grasp of market forces and trends, but real estate agents are usually not forecasters or fortune tellers. Once again, the best real estate agents can do is to give and motivate an opinion about future prospects. No more and no less.

Real estate agents may have a lot of experience with real estate contracts, but they’re usually not attorneys. In South Africa, no property sale can take place without the involvement of a conveyancing attorney. The agent might have enough knowledge and experience about the legalities to offer an informed opinion, but if it is legal advice you want, get legal advice from the professionals.

Realtors provide a valuable service, but there are limits to their amazing powers. So, be sure to consult a financial advisor, a valuer, a fortune teller or a lawyer as the need for those services arise. But if you need or want to buy or sell real estate, contact a good agent.

The realtor X factor

By far the most valuable aspects of a relationship with a real estate agent will not appear in any glossy advert, or be apparent from the cut of their apparel or the scuffless shine on their shoes: Honesty, integrity, trust and commitment are hard to quantify, and even harder to prove to prospective clients.

Straight, truth telling, direct and honest are terms not too closely associated with practitioners in the real estate agency profession. Real estate professionals are often looked upon with suspicion by the general public. And once having been in the ranks of real estate agents, I sadly have to admit that this reputation is often deserved.

Too many agents deliberately con the public in attempts to gain financially. Honesty and integrity should be basic requirements for your real estate professional. But claims of honesty and integrity by the agent in question should be taken with a pinch of salt.

So, heed sincere warnings, be wide awake and choose wisely.

Choose wisely

All real estate agents are not equal. And that can be a good or unfortunate fact, depending on the agent you chose.

As in any service related industry, you’re more likely to have a satisfying experience if you can find the right person to work with.