Residential Real Estate AgentsA real estate agent should exhibit three main qualities, professionalism, honesty and integrity. A residential real estate agent is a professional who buys and sells residential real estate for a commission. An agent will determine the value of your home by comparing it to the prices of other homes in the local area. For the prospective home owner or residential investor knowledge of what to look for in an agent is a must. When it comes to estate agents generalizations are best avoided, as certain agents suit certain sellers and certain properties. The dynamic nature of the property market and selling also means that certain agents will be effective at certain times, for example a boom market may require an agent willing to hold out until a higher selling price is reached. Click Here to Find A Residential Real Estate Agent You Can Trust Every prospective seller should however demand an agent that posses three core characteristics: honesty, commitment and professionalism. Honesty For most of use our house represents our most significant financial asset, we are dependent on it for our livelihood and security. An agent that is honest isn’t preferable but an imperative. Licensing, as well as the actions of agents, is regulated by The Real Estate and Business Agents Supervisory Board, established under The Real Estate and Business Agents Act 1978. According to the REBA 'a person who applies for a license or certificate of registration must satisfy.... that they are a person of good character.’ In spite of the efficacy of statutory bodies such as REBA dishonest and unlawful practices do still occur. This is in part because it is difficult for a statutory body, such as REBA, with limited resources to monitor the practices of agent’s nationwide. Consequently, it is important to take the selection process very carefully, and to avoid settling for agent whose record or practices are suspicious. The honesty of an agent is difficult to determine, particularly before the selling process has even begun. As Napoleon once said, ‘nothing is easier than to promise everything and deliver nothing.’ An agent that is honest will not, for example be afraid to warn against selling a property, especially if market conditions are sluggish. Beginning the selection process is arguably the most difficult part, particularly in the face of some many options. Word of mouth recommendations from family and trusted friends are never a bad place to start. It is also vital that you conduct your own research. This may include the use of websites such as www.goodagentguide.com.au which offers agent evaluations or face to face time with local agents. Commitment The chief task of an agent is to obtain through negotiations the highest possible selling price for your property. Negotiations can be quick, easy and rewarding, especially if you have a buyer eager to obtain your property. Negotiations can also be strenuous, frustrating and time consuming. It is thus paramount that you select a committed agent, willing to fight for the highest possible price. For those selling or buying for the first time it is difficult to determine the commitment of an agent. An uncommitted agent might, for example, encourage you to accept, in favorable market conditions, an offer well below your asking price. At the end of the day however it is up to you to judge whether an agent is committed. Remember the agent you begin the selling process with isn’t always the agent there at the finish. Many prospective sellers ask: doesn’t the commission system guarantee agent commitment, as the vendor’s goal and the agent’s goal are aligned as a higher sale price? In theory yes, in practice no. In some circumstances it is better for the agent to sell the property at a low price and move on to the next than to invest the time in trying to achieve a higher price for the vendor. For this reason in particular it is important to select an honest, committed and professional agent. Professionalism Buying and selling a house has the potential to be enormously rewarding, financially and emotionally. If choose to sell with an agent, it is paramount that they exemplify and maintain a high level of professionalism. A major underpinning of professionalism is an ability to communicate. A good agent will use language appropriate to their client. An agent, for example, who uses excessive jargon, obfuscates and is nonspecific in the presence of a first time seller, is clearly a poor communicator. Unlike honesty and commitment professionalism is ease to judge before the buying and selling process begins. It is also important to select an agent who strives to keep you informed and in control of the process. There are a number of things that suggest a lack of professionalism, including, failing to return phone calls, difficult to contact and sending out brochures promoting an auction that which is being held less than three days later.
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Thursday, 09 February 2012
