All about Real Estate Agents

Real estate agents serve a critical function when it comes to buying and selling a home. They bring buyers and sellers together. Without real estate agents it would be much harder to accomplish real estate transactions and some wouldn’t even take place.

Real Estate Agents Represent You

Buying and selling a home involves hundreds of thousands of dollars, many time millions. Some transactions can be complicated and have a lot of legalities associated with it. However, there is a way to protect your money and your interests.

Selling

When selling a home using a local real estate agent the realtor and/or brokerage firm has a fiduciary duty to protect the seller’s position, unless otherwise stated. It is important to discuss with your agent what their responsibilities are and how they will protect you and your interests. This contract between seller and agent is referred to as “seller agency”.

An example of seller agency pertains to information passed from the seller to the agent. Information such as; why the home is for sale and if the seller is willing to offer any concessions in price or anything else. Information such as this is kept confidential unless the seller gives approval for it to be disclosed.

Buying

Similar to “seller agency” is “buyer agency”. This is a relationship between the real estate agent and buyer. Under this agreement the real estate agent represents the buyer. Information is kept confidential and the buyer’s interests are protected.

Often times buyers don’t enter into this type of agreement but there are times it can be very beneficial.

Real estate agents work hard to earn their commission. They drive buyers around town, schedule open houses, buy an occasional lunch for clients, and continuously monitor the local housing market. When buying and selling real estate it is important to know your rights and the responsibilities of the real estate agents involved.

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