Real estate brokers and sales people are not all created equal. The glaring difference between the two is the difference in licensing. An agent is licensed to negotiate the sale of real property and signifies the principal (seller or buyer). A sales person works solely for the broker, representing the respective principal beneath the guidance and license of the agent. But even aside form the specialized licensing issues, it’s important to realize who’s representing you.
In our article titled, Real Estate Agents Must Have These Qualities, we all pointed out many of the characteristics of a great real estate agent. In this article, we’re showcasing real estate broker’s legal fiduciary duties. Several real estate investors talk about “finding an excellent real estate agent, ” or one who knows investment properties. That’s certainly suggested within real estate investing circles, as it should be.
However , there’s one thing that many real estate property investors or even regular home buyers do not take into account and that is the fiduciary responsibilities of the real estate broker. Most real estate brokers generally represent sellers because gowns where the majority of the money lies. Retailers own the real property and want to sell, most buyers have many hurdles to overcome and don’t own anything.
Then when we look at “finding a real property agent” to locate properties, do “comps”, etc ., where do we endure, as the investor/buyer? Unless you have a Purchasers Agency with the real estate broker, no matter what they tell you or what type of info they obtain, the most important question remains, “where do their fiduciary responsibilities lie? ”
Let’s take that one step further and use “comps” as an example. As a broker or sales person who represents sellers, even other agents listings, their loyalty constantly remains with the sellers.
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If you’re working with a sales person and they’re pulling comps for you, they will present information in fact it is up to you, the investor, to make the last judgments about what to buy and not to purchase. No one is forcing you to buy a property. So , the real estate sales person you aren’t working with shows you comps, but except if their a buyers agent, all in all, they work for the seller.
So you inquire further a question like, “Can you find out how much the sellers owe around the property? ” This sort of question will depend on the agents fiduciary responsibilities, or it should. As a real estate sales agent, they cannot lie to either party or misrepresent or hide information through either party in the transaction if it would be detrimental. However , a real estate agents loyalties will certainly play a part when it comes to a question like this. If they have an agency with the seller, if the seller does not wish to have this information known to buyers, then the real estate agent will not obtain this information.
Many real estate investors will work with buyers agents, which means that a real estate broker will work straight with or will have one of his/her sales agents work with a buyer. In this case, a buyers agency means that the broker or sales agent working under the agent has a principal relationship with the purchaser, rather than the seller. This situation does signify some stickiness for the broker mainly because how can a broker represent both sellers and buyers? Many brokers avoid this exact situation for this reason. Nevertheless , there are many brokers that work to symbolize buyers.