Ideally, a real estate agent denotes an individual having provincial or state license to act on behalf of a seller as well as a buyer in transactions of real estate in exchange for payments called commission. Real estate representatives execute functions such as guiding prospective buyers on existing homes and bargaining transactions for them. They always serve on a one hundred percent commission. The incomes of real estate agents rely on their capacity to locate property appropriate for buyers and bargaining transactions. The purpose of this literature is to discuss chronologically the responsibilities of real estate agent.
A real estate agent has the responsibility to guide buyers. Prior a buyer tours a home, a real estate agent will have time to understand the needs, budget, preferences, wants, as well as the motivation of the buyer (Robert 197). A real estate agent after understanding a buyer will assist him/her in narrowing search as well as identify his/her priorities. The second step is to educate customers. A real estate agent should offer information of the home market locally, which should be compared to other sales elsewhere. The process or procedure of acquiring a home can be complex. A real estate agent must elucidate the steps in such away, which make them fathomable, and offer counsel or advice along the journey (Robert 197).
The third role is networking. A real estate agent must be familiar with the target neighborhoods to know the homes on sale before these homes are even formally listed. The agent should know other agents within the region or neighborhoods and possess good rapport with most of them; it can make transactions smooth (Robert 198). Additionally, an agent should be capable of referring a client to trusted professionals such as lenders, contractors, as well as inspectors. The fourth responsibility is to advocate for customers. When working with a real estate agent, his/her fiduciary duty is to the buyer. It implies that the buyer has a specialist interested in buyer's best financial interests; a person contractually bound or obliged to accomplish whatever within their means to protect the buyer. Many people think going directly to listing agent can give a lower cost. This is not always the case (Robert 198). Real estate agents, more often than not, take a low offer to prospective sellers. An agent of a buyer does that since there is no emotional fiduciary accountability to the prospective seller.
The fifth responsibility is to negotiate on behalf of the customer. A real estate agent should be able to manage negotiation details, such as preparing offer as well as counteroffer forms. After the inspection, a real estate agent should help or assist in negotiating repairs. In reality, even a rational consumer may be distraught by negotiating requests for repair. A real estate agent should do such tasks or responsibilities without becoming emotional (Floyd and Marcus 209). The sixth responsibility is managing minutia. It can be exhaustive to manage all the paperwork involved in the transaction of real estate (Floyd and Marcus 209). For example, forgetting or not remembering to initial some clause or even checking a box can make all the documents to be resubmitted. A real estate agent does fathom the associated timelines as well as details; hence, can assist a customer is managing some of the complex documents.
The last responsibility of a real estate agent is looking out. Any form of error can damage a deal towards its closing (Floyd and Marcus 209). Errors such as unclear house title, failing to meet financing timeline by a lender, or even a failure by a seller to reveal a plumbing issue can kill a deal. A real estate agent should watch for problems or errors to manage them. In conclusion, a real estate agent is critical in the business of real estate.
Works Cited
Floyd, Charles F, and Marcus T. Allen. Real Estate Principles. Chicago, Ill: Dearborn Real Estate Education, 2002. Print.
Robert, Aalberts. Real Estate Law. Boston: Cengage Learning, 2014.
