Agency 101

Most people view real estate agents as those people who show houses, but did you there is much more meaning behind the title of “Agent”? Did you also know that not all real estate agents do the same thing? Choosing the wrong type of agent could cost you.  So let’s break down the meaning of agent and shed some light on what it means to be represented by a real estate agent.

Agent: (Noun)  \ˈā-jənt\ : a person who does business for another person : a person who acts on behalf of another.

In real estate, an agent acts as an intermediary between buyers, sellers and brokers. Almost all real estate agents have to pass a course and tests to obtain a license to practice real estate. Real estate agents agree in a contract to give their clients “fiduciary duties” which include; care, confidentiality, loyalty, obedience, accounting and disclosure.  In short, the real estate agent is working in their client’s best interests whether they are a buyer or a seller.

To further complicate the matter, there is more than one type of real estate agent. There are exclusive buyer’s agents, exclusive seller’s agents, agents who represent both buyers and sellers and then there are dual agents.  As you probably
can guess, buyer’s agents represent people who are looking to buy property, seller’s agents represent owners that are selling property.  There are agents who only work with either sellers or buyers exclusively, agents who represent both buyers and sellers for different properties and then there are dual agents, who represent both the buyer and the seller for the same property. Dual agency is often banned because 1 agent cannot provide for both clients’ best interests. A bit confusing isn’t it?

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It is important to understand that when you call the agent whose name is on the sign in front of a house that they are representing the seller – they want to get the most money for their client.  This person is the “Seller’s Agent”. The agent representing the seller has to provide all relevant information about the house, but cannot assist you with determining a fair offering price and terms or help you during the negotiation process.  If you’re shopping for a home, you want someone to represent you, someone who can help you get the best deal on your dream home.   Your top priority is to find a knowledgeable agent that you can trust, this person is the “Buyer’s Agent”.

Whether you are buying or selling, trust the agents at your hometown real estate company. Carter & Roque agents have the ability to build a strong working relationship and walk you through the entire home-buying process. Carter & Roque; Experienced, Skillful & Trustworthy.

 

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