6 Things You Should Know When Working with Real Estate Agents

Posted by Staff Reporter (media@realtytoday.com) on Aug 25, 2015 08:06 AM EDT
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Unusually Low Mortgage Rates Cause Housing Market Boommore big
PARK RIDGE, IL - JUNE 13: ReMax realtor Keith Reboletti shows Coldwell Banker realtor Wendy Clarke the kitchen of a home for sale during a realtor's open house showing he was holding June 13, 2005 in Park Ridge, Illinois. Unusually low mortgage rates of late have caused a recent boom in the housing market (Photo : Tim Boyle/Getty Images)

It is very advisable to have the help of a licensed and professional real estate agent when you are trying to sell or buy a home. Here are six things you should know, before hiring a real estate agent, and when you finally get to work with them. 

1.      Most Real Estate Agent Earns by Commission.

Only a few real estate agents receive a monthly salary and most of them are independent contractors that earn their income based on the commission they receive from the number of homes they sell. The commission is split equally between the listing agent and the selling agent. When the transaction is done, the listing agent and selling agent usually has to pay a share to the broker who runs his/her affiliated office.

2.      Expect to Sign a Lot of Paperwork.

The Real Estate industry is one of the few industries that is so dependent in lots of paperwork. Paperwork includes the listing agreement and broker's agreement. Be wary in understanding what these agreements state because it will be the basis of your relationship with your real estate agent.

3.      Make Your Expectations Clear.

Set some guidelines on how you want your communication with your agent to be done. Set timeframes with realistic goals to find a home or to find a buyer for your home.

4.      Make Sure Your Agent Works Full Time.

Be sure that your agent is reachable any time. As a buyer, you want your agent to be updated with new listings that are suitable to your taste. As a seller, you want your agent to be available for property viewing at any time. They also need to be knowledgeable of all the laws and regulations regarding purchasing, refurnishing, and selling a home.

5.      Don't Believe in Too-Good-to-be-True Promises.

If you are finding agents to help you sell your house, don't be easily swayed if an agent tells you that he/she can sell your home for a higher price than the proposed price of his/her other colleagues.

6.      Agent's Network is a Must.

Find an agent who is not only a part of local community groups but is also affiliated with medium or large realty companies. 

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