Understanding real estate agents
A realtor is a person who is an active member of the National Association of Realtors (NAR). Real estate agents help people buy or sell commercial and residential properties. The most unique thing about real estate agents is that they make money at the end of a sale where they take a percentage of the amount the property is sold for.
In order for one to be a real estate agent, one has to be a member of NAR. To become a member of NAR, one must join the local real estate board or association.
New NAR members are supposed to take online courses on the code of ethics and pass exams. On the other hand, current members are supposed to take online ethics refresher courses; These courses are taken every four years.
To qualify for NAR membership, one has to pay an annual fee that covers the membership due to NAR and state-level real estate associations. As a member of NAR, you must adhere to NAR’s strict code of ethics and standards of practice. Ethics require that the real estate agent never mislead or withhold any information from any person involved in a real estate transaction.
In most countries, the official code of ethics is usually revised annually so that it can reflect the latest issues in real estate.
If you are planning to buy real estate, you should consider hiring the services of a real estate agent. This is because real estate agents tend to have a lot of valuable information that is beneficial to you.
For example, real estate agents tend to know the current market price of properties located in different parts; Therefore, when seeking the services of real estate agents, you will know the current market prices of houses, so you will not buy your house at higher prices than you think.
Another reason you should hire a real estate agent is that real estate agents understand the complexities of the transactions involved in buying a home.
A decade ago, you could buy a house with a two-page contract; However, this is no longer the case. Today there are seller declarations required by the consumer, structural reports, environmental reports and other documents involved in the purchase process.
The documents can be too complex and confusing for you, which is why it is necessary to hire a real estate agent to take care of everything for you.
The final reason why you should hire a real estate agent is because real estate agents work at their own risk. This is because you do not pay any fees up front. In fact, you do not pay the real estate agent any money; he receives a percentage of the amount for which the house is sold. This means that hiring a real estate agent is absolutely risk-free!