Why use a Realtor?
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 and 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.