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Whether you are selling or buying a home, selecting a real estate
sales professional is one of the most important decisions you will make
during the process. There are some very important things you should consider
when choosing a real estate professional. One of the first considerations is
who the agent represents during the process.
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Interviewing
Real Estate Sales Professionals
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You may
want to interview several sales professionals before selecting one to
represent you. If you are selling your home, the real estate sales
professionals you interview should cover the following items during the
interview:
- Pricing your home
- Increasing your home's value
- Marketing strengths
- Negotiating the sale -The
seller's agent should review every offer with you and help you evaluate
all aspects of each offer and its financial implications.
- An overview of the local
standard Contract For Sale along with typical addenda and a copy for
your review
If you
are buying a home, the real estate professionals you interview should cover
the following:
- Agency relationships
- Many real estate
professionals who primarily represent buyers have been specially trained
to do so and have received the Accredited Buyer Representative (ABR)
designation
- How much home you can afford
- The difference between being
"pre-qualified" for a mortgage and being
"pre-approved" for a mortgage
- Key features you "must
have" in your new home vs. those you would like to have
- How to evaluate and compare
the homes you see
- An overview of the local
standard Contract For Sale along with typical addenda and give you a
copy for review
- The types of inspections you
will want to have done on the property you select
To find
out more about all your agency options, contact a Prudential Real Estate
Professional now.
It is important that you know the differences between a
professional who represents a seller (the "traditional" role of a
sales associate), a professional who represents a buyer, and one who
represents both. In most areas, real estate professionals are now legally
obliged to disclose, in writing, information on the various types of real
estate agency relationships that exist. You should assume the real estate
professional is working for the seller unless otherwise stated.
- Seller's Agent - A real estate professional
becomes a Seller's Agent by entering into a listing agreement to
represent the seller's interests. Seller representation may also be
created when a real estate professional shows a property on the Multiple
Listing Service and "buyer agency" has not been created. The
Seller's Agent can provide information to assist the buyer, but they
must place the interests of the seller first. A buyer should not
disclose anything to the Seller's Agent they do not want the seller to
know.
- Buyer's Agent - A real estate professional
becomes the Buyer's Agent by entering into an agreement to represent the
buyer. A Buyer's Agent can assist the seller, but does not represent the
seller. The Buyer's Agent must place the interests of the buyer first. A
seller should not tell the Buyer's Agent anything they would not want
the buyer to know, because the Buyer's Agent must disclose any pertinent
information to the buyer.
- Dual Agent - Dual agency occurs when a
real estate professional represents both the seller and the buyer. It
can also occur when the Listing or Seller's Agent works for the same
real estate firm as the Buyer's Agent. In most states, the buyer, the
seller, and the Agent must agree in writing for the creation of dual
agency. The Dual Agent is required to treat the buyer and seller
honestly and impartially.
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