It’s very rare that the buyer and seller will be the only parties involved when it comes to buying real estate. There’s a ton of legal paperwork to sift through, and even if they have a personal relationship, it certainly won’t be enough to account for all the other legal and financial agreements and obligations that need to be signed before the property is handed over.
Experienced realtors in Eagle Mountain, Utah might agree, which is why they have real estate brokers or agents who help manage and negotiate the terms between the buyer and seller, if necessary. That way, the two parties can work around the complexities of getting the property transferred—renovations, payment plans, and so on—while the realtor will be the one to take care of other paperwork.
Realtors vs. Real Estate Agents
There’s an important distinction between a real estate agent and a realtor, though. Real estate agents are a broader classification of people who are responsible for representing the buyers and sellers of property, but realtors are a cut above that by being a member of the National Association of Realtors.
Why does this difference matter? Realtors have a higher standard to follow than real estate agents: the Realtor Code of Ethics. While there is no guarantee that a realtor can perform their job better than a real estate agent, it’s important to note that as a standard, the Realtor Code of Ethics is the one that all real estate agents and their performances are compared to.
Types of Real Estate Agents
It’s important to see where exactly you can find real estate agents. You can find some by contacting your local broker company or looking for recommendations or reviews online. Agents work for broker companies, but they usually come in four different types:
● Seller’s Agents: Also known as listing agents, these are the most common types of real estate agents that you’ll encounter. They normally work with the owners of the property being sold to assist it in the sale or lease.
● Buyer’s Agents: On the other hand, buyer’s agents are the ones you will probably work with the most. These agents are responsible for finding the ideal property you can buy and will negotiate on your behalf.
● Dual Agents: These agents do a little bit of both: They represent the buyer and the seller and may help broker a deal for the two of them. These types of agents are slightly uncommon due to the potential conflict of interest, but they can be successful negotiators in their own right.
● Transaction Agents: For those who want a little more personal involvement in the negotiations, hiring a transaction agent is your most ideal approach. Serving as facilitators, they are only there to advise on the legalities involved in the process, such as paperwork, and will not negotiate on anyone’s behalf.
Knowing the differences between the types of agents you’ll encounter can help you tremendously when it comes to buying property. Contact your local brokers today to get started.