A Realtor’s job is really
twofold. Many people know the first duty: to help you find a home, but the second
and perhaps even the more important duty is to apply his/her valuable expertise
and experience to protect you and your interests!
- Realtors will know
right away if a house is overpriced. Without that evaluation you could
end up owning more mortgage than home!
- Your Realtor will represent
your rights and obligations in the purchase and sale procedure.
- The Calgary Real Estate
Board requires that all Realtors update their skills and education annually
to maintain a license to practice.
- Realtors are bound
by a Code of Ethics which enables you to trust their guidance where your
hard-earned money and valuable credit are at stake.
- Your Realtor will handle
the often heated negotiations that come with many Real Estate transactions.
When you hire a Realtor,
essentially they become your employee. Your Realtor should act in a professional
manner, facilitate your requests and answer all your
questions and concerns during this transaction. They will provide you
with lists of homes that match your criteria, arrange times
and accompany you to view the homes of your choice. They will provide
you with data on comparable homes to back up their numbers at any step
of the way.
Your Realtor should always
deal with any other Realtors involved in the transaction and do their best to
make this as smooth and efficient a process as possible for you – the Boss!
If you are a buyer working with a Realtor and you become dissatisfied with your
Realtor’s performance, you can simply hire a new one. If you are selling your
home and you sign a listing contract with a Realtor you are a little more "tied"
to your Realtor. That is certainly not to say that signing a listing agreement
gives away your power of choice but it is a legal contract so you need to outline
your expectations prior to signing the document and prepare to live up to the
agreement – as will your Realtor. Ask your Realtor if their services are
guaranteed, that if you become unsatisfied with the marketing of your
property will your Realtor give you an "unconditional release".
Who Does A Realtor Represent?
Single Agency
= your Realtor represents you. This means that your Realtor
will act on your behalf prior, during and after a Real Estate transaction.
They are obligated to facilitate full disclosure of any information
to you that may effect the property or transaction. They must be loyal to
you & protect your interests at all times during the transaction
and disclose to you all known facts about the property. They must
not disclose to any other party any confidential information about you or the
transaction. Your Realtor must be accountable for all monies they may handle during
the transaction!
Dual Agency =
the Realtor represents the parties on both sides of the transaction. At first
this appears to be a conflict of interest because you may wonder how a Realtor
can act in the best interests of both parties. Actually it is a commonly accepted
practice in Real Estate. It works because your Realtor is bound not to disclose
to any party your 'top or bottom line' or any of the reasons of why you are buying
or selling. If you feel uncomfortable having your Realtor represent both parties
in the transaction you may ask that Realtor to request the aid of their Broker.
Technically bringing the Broker in to represent one side is still considered 'Dual
Agency' because the Brokerage still has interests in both side of the transaction.
For more information
on why you should work with a Professional Real Estate Agent please contact
us.
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