Anyone interested in buying or selling property naturally wants the best Realtor on the job. What does this mean though? What separates the best real estate agents from those you’d rather not work with?
Naturally, your Realtor will help you to list your current home for sale and help you find a new home. This is what you hire them for. What many homeowners don’t know is that real estate agents must also fulfill a number of obligations to their clients.
Before you look into hiring real estate agents to help you buy or sell a home, you need to understand what duties your real estate agent should perform. Here are a few things all real estate agents should do for their clients.
1. Disclose Conflicts
Many Realtors deal with both purchasing and selling properties. If you hire an agent to help you buy a new home, that agent must disclose any potential conflicts of interest. These may include if he or she is showing you a home that they’re helping another client to sell, or if you get into a bidding war with another client.
2. Maintain Confidentiality
You don’t exactly have attorney/client privilege with your Realtor, but your agent cannot reveal your personal information without first getting your approval.
3. Account for Funds
You may entrust your real estate agent with funds for the purpose of closing a real estate transaction, and your agent must take care to keep these funds separate and accounted for at all times. This means your funds may not be comingled with other business or personal funds.
4. Advise You in Real Estate Dealings
The best estate agents will naturally have a good reputation and the experience to offer the most beneficial advice to clients. However, all real estate agents are required to provide pertinent information concerning properties and contracts.
If, for example, an agent happens to know that a property has been on the market for longer than normal due to some kind of deficiency, they must inform any clients interested in the property of this fact since it could affect whether or not you purchase the property, or it could help you to negotiate a better price.
5. Put Your Best Interests First
Real estate agents are required to practice loyalty towards their clients. This means not only following the lawful orders given by clients, but also acting in the best interests of clients at all times, even going so far as to put your best interests ahead of their own.