The role of a Real Estate agent
How Can A Real Estate Agent Help?
There are many roles of a real estate agent. The term “agent” refers to the real estate company and its sales associates. Here is how the Arkansas Real Estate Commission describes agents in relation to buyers and sellers:
SELLER’S AGENT:
The company (including its sales people) that are contractually engaged by the sellers to represent them in the marketing and sale of their property. The seller’s agent pledged to work in the seller’s best interest. The seller’s agent still has an obligation to be fair and honest to other parties that will be part of the transaction such as the buyers and other agents. Seller’s agents often work with buyers as “customers.”
BUYER’S AGENT:
The company and its sales person that are contractually engaged by the buyers to locate property for them and represent their best interests. The buyer’s agent has an obligation to be fair and honest with other parties to the transaction including the seller. Buyer’s agents receive payment by sharing the seller’s agents commission which the seller pays.
DUAL AGENT:
This relationship occurs when the seller’s agent (listing company) has also entered into a contractual agreement to represent the buyer as the buyer’s agent. This situation is the exception rather than the rule and all parties must have knowledge of this (disclosure) when it occurs. This situation does not necessarily work against either the buyer or seller when it occurs.
TRANSACTION COORDINATOR:
This term refers to a real estate company (including its salespeople) who has not entered into a contractual agreement to represent either the buyer or the seller. They owe fairness and honesty to all parties but are not pledged to work in the interest of either party. They treat buyers as customers.
CLIENT:
A buyer or seller who has a contract with the real estate agent for representation.
CUSTOMER:
When a real estate agent works with a buyer without an agreement to be a buyer’s agent, then the buyer is called a customer. The agent will be either a transaction agent or a seller’s agent.
As with any of the articles or information on this website, your Real Estate Agent should be your go to person for explaining the types of agency to you as they can have different names and meanings depending on the state. As you can see, there are many ways that a real estate agent can assist you and hopefully we answered the question, how can a real estate agent help me? If so, we would be happy to connect you with a local real estate agent to begin your home buying process in Central Arkansas!
