You probably have heard of the real estate agent, but what exactly does he or she do? Let’s answer that question head-on. Licensed real estate agents represent both sides of a real estate transaction, and their job is to market a property and negotiate the sales price. But did you know that real estate agents also handle the paperwork involved in the sale of a home? Read on to find out more about these essential services.
Licensed real estate agents represent parties on both sides of a transaction
A licensee is qualified to represent a client as an agent in a real estate transaction.
These agents have additional responsibilities as outlined in a brokerage agreement. The licensee may represent a client only, or both parties may be represented by a licensee. In some states, a licensee is allowed to act as an agent in two different types of transactions. Licensed real estate agents can represent both parties in the same transaction. https://www.northwestrealestatesolutions.com/sell-your-house-fast-in-beaverton-or/
They market properties
Real estate agents can target local marketing by equity level or value. For instance, a realtor who is targeting a move-up buyer might target sellers with at least 30% equity. Similarly, an investor could target sellers with more than 50% equity to maximize his profits. Targeting by equity level or value level can save the agent a great deal of money. They can also tailor their marketing strategy to specific market segments. Using these tools, real estate professionals can make their marketing more efficient.
They negotiate sales price
Real estate agents typically negotiate sales price on a commission basis based on the local market. Negotiations are generally more likely among highly-demanded agents in highly-competitive neighborhoods. However, you can increase your chances of getting a good price by demonstrating your willingness to commit and showing up with a firm number. It can also be beneficial to learn some basic negotiation tips beforehand. You can practice them until you feel confident enough to initiate negotiations on your own.
They handle paperwork
Some people struggle with completing paperwork for real estate transactions. The majority of paperwork can be obtained from the lender, but there are a few complicated pieces of paperwork that require a lawyer’s expertise. Brokerages handle all the legal paperwork necessary to complete a transaction, including purchase and sale agreements. You can download a free printable real estate purchase agreement PDF online. Real estate purchase agreements are legally binding contracts. It is highly recommended to seek legal counsel for sales agreements and deeds.
They work with sellers
While real estate agents should be trained to handle both the buyer’s and seller’s side of the transaction, they should still have a different set of skills. A good seller’s agent should be flexible enough to negotiate with the buyers, yet be rigid enough to not exploit their client’s property for their own gain. Using an agent who specializes in working with both sides of the transaction can be beneficial in many situations, but if you’re the seller, interviewing several agents is highly recommended.