A real estate agent is an individual whose place is to act as an intermediary between sellers and buyers of property or real estate. He or she can also be called a real estate broker. The work description involves matching up the needs of the buyers to the property that a seller is aiming to get out of the market. Before hiring a real estate agent, there are important issues that need to be taken into consideration by the employer. These are included in the discussion below.
Factors to look into before hiring a real estate agent
The individual’s license details
Every real estate agent is required to be in possession of a license that validates their involvement in the selling and buying of real estate. As a potential employer, one should verify the details of the license. This will help the employer confirm the legitimacy of the broker regarding whether or not they are allowed to conduct auctions or simply act as a buyer’s agent only. Regulatory bodies concerned with real estate post this information online. When the individual’s name and license number are keyed into the website, their details can be verified.
The agent’s credentials and memberships
The real estate agent is required to have certain qualifications after specializing in all matters real estate. There are organization’s that provide these classes and licenses, such as Accredited Buyer’s Representatives and Certified Residential Specialist. Individuals are trained in handling residential estate transactions. The agent should also have memberships with existing real estate organizations such as the National Association of Realtors. This is just to confirm that he or she has pledged to follow the code of ethics that is set by the organization.
Current listings can be found online. These usually reveal information about the real estate agents. The brokerage firm’s website is where the search should start from. The employer should also search Multiple Listing Services because they offer a searchable online database of real estate property. It is not advisable to work with an agent whose majority of listings are commercial property if one is interested in selling or buying a family home.
Average list price to sales price ratio
The agent should have an average ratio of above a hundred percent. This is the percentage of the actual selling price divided by the last asking price of the property. Market fluctuations usually affect this ratio. It is important to know when it is best to avoid considering this factor.