A real estate agent acts on behalf of either the property buyer or the seller in a real estate transaction. But that was not always the case.
Before 1995, a real estate agent was the lawful agent of only the property seller. Although real estate agent helped home-buyers find a house, they mainly represented the seller.
Now, by law it is assumed, if you go to a real estate agent and ask for his or her expertise in finding a home, the agent works for the buyer. This is referred to as the buyer’s real estate agent. This type of agent usually helps the buyer find real estate listings that suit the buyer’s needs. This real estate agent provides complete information on finance or loans, and helps in purchasing the property and closing the deal.
The real estate agent acting on behalf of the buyer, should also establish the fair value of the property, and bargain for the best price and terms. The seller’s agent represents the property seller and tries to get the best possible price in a transaction.
The buyer/seller and their real estate agent enter into a legal contract defining the relationship and duties of both parties. Even though the agent may represent the home-buyer, the fees, as before, is still paid by the property seller. A dual agent is one, acting on behalf of both the buyer and the seller. Such an arrangement requires the written consent of the buyer.
Even though the real estate market may not be a bubble set to burst, it definitely has slowed down over the years. Now is the time for real estate agent to position himself to be aggressive in a marketplace that has low prices, few buyers and longer sales cycles.
When the real estate market was hot it attracted thousands of new agents. And the brokerage trade had been good as long as the interest rates remained low. Now with the changing times, many new agents may be flushed out of the profession as the real estate market slows down.
The real estate agent who intends to survive must leverage Internet marketing tools to achieve maximum competitiveness. This means he/she should learn how to drive prospective buyers or sellers to their website and then capturing them as customers. To be considered credible in today’s real estate market, the agent must have his/her own website to advertise their services and real estate listings.
Make searching for a Ruidoso or Alto area home fun, easy and seamless—with no worries—allow the purchasing process to be painless. Allow Pinnacle Real Estate and Development help you find the perfect ranch, vacation home or permanent home that you and your family can enjoy for many years to come!
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