A Real Estate Agent acts as the mediator between the buyer and the seller in a real estate dealing. But in each transaction, the agent may only provide service to one of the two principals. From here, it could be gathered that the services provided by the real estate agent may differ according to whoever me may be providing his services to.
After signing a contract with the seller who intended to sell his property, the agent then may begin his signed up duties in order to gain his commissions. The agent initiates by looking and searching for potential buyers who may purchase the real estate at the highest possible price. In order to carry out this goal, the agent must be resourceful and flexible in performing various methods. He may choose to enlist the property for public selling such as in classified news prints or multiple listing services. The agent provides the real property condition disclosure form to the seller and whatever forms that may be required by the law. Other documents necessary to describe that the property is for sale (such as pamphlets, brochures, etc.) are handled by the agent. The agent is also responsible in advertising the property. Open houses are as well held and managed by the agent. The ‘For Sale’ sign to be placed on the property intended for selling is also a part of the agent’s task, the sign should include information on how the agent may be contacted since he should be the one to accommodate all inquiries about the real property. Should there already be interested buyers, the agent schedules the appointments, screens them to confirm that they are indeed capable of buying the property. Negotiate and reach a deal in behalf of the seller, thereby acting as a fiduciary for the seller.
The real estate agent in any estate deal may choose to work for the buyer and should strive to perform various tasks for his earnings. This agent should determine by inquiring from the buyer his needs, specifications, and spending capacity or budget. Based on this information, the real estate agent may begin to find, look and search for appropriate real estate property that suits perfectly with the buyer’s requirements and buying capabilities. If ever the agent has already found a certain property which conform to the buyer’s needs, the former takes the latter to the location or locations for visual inspection. And if ever necessary, it is also the responsibility of the real estate agent to pre-screen if this particular buyer is indeed capable and has the adequate financial means to purchase a property on sale. The agent negotiates on the best possible price for both buyer and seller, acts as fiduciary for the buying client and he also prepares the standard real estate contract form.
In some cases, the agent represents both principals and is thus called a dual agent. In such instances, the dual agent must follow particularly special rules governing his duties and responsibilities, most especially when it comes to price negotiation. Coordination with various aspects of the closing is addressed by the dual agent.
The Role of a Real Estate Mediator
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