The Qs usually asked by our clients
As a real estate agency, we see different kind of clients everyday and we can tell you that, the follow questions are the most asked…
Q 1 – What are the services of a real estate agent?
A 1- The service of a real estate agent will be dependent upon the type of agency appointment.
The types of agency appointment are
- Acting on behalf of a seller
- Acting on behalf of a buyer
- Acting on behalf of an owner
The services of an agent acting on behalf of a seller may include
- Inspecting the property.
- Providing a market appraisal.
- Researching comparative sales evidence.
- Research the Certificate of Title and any documents relating to encumbrances.
- Provision of a marketing plan that would consider the price, the most suitable type of promotion and the attributes of the property.
- Recommend ways to optimise the appeal of the property .
- Recommend the most appropriate types of advertising.
- Determine and research any existing tenancy arrangements.
- Target buyers and how to reach that target market.
- Negotiate the purchase price and conditions of sale.
The services of an agent acting on behalf of a buyer may include
- conduct research in order to prepare a list of properties that fit your criteria and arrange for you to view them;
- advise on the merits of individual properties;
- discuss market values;
- bid for you at auction;
- conduct enquiries and searches with relevant authorities to determine if any issues affect the use and enjoyment of the property;
- engage in negotiation on your behalf;
- assist with the wording of special conditions in offer and acceptance contracts;
- explain the terms and conditions in the seller’s contract and advise if they are in your best interests (a buyer’s agent cannot provide you with legal advice unless they are a lawyer);
- arrange building and pest inspections and other services;
- monitor the settlement process;
- liaise with selling agents, contractors and settlement agents; and
- oversee final inspections.
The services of an agent acting on behalf of a owner may include
- Maximise your lessor’s income and minimise their loss
- Always act in the best interest (both ethically and legally) of your licensee and client
- Always remember your duty of care to the tenant
- And remember; your main duty is the following
- Educate your lessors and tenants to the best of your ability
- Communicate with your lessor and tenants to the best of your ability;
Q 2 – What are the duties of real estate and business agents under common law?
A 2 – Under common law the duties of an agent include
- To perform obligations under the agency contract and follow instructions that are lawful and are not unreasonable.
- To perform duties with due care and skill.
- To act in good faith in the principal’s interest.
- Not to divulge confidential information acquired in the course of the agency appointment.
- To keep their client’s money separate from the agent’s money and to account to the principal for monies received or expended on the principal’s behalf.
Q 3 – I am a buyer. Can I authorise a real estate agent to act on my behalf?
A 3 – Yes, in the same way that you can authorise a real estate agent to represent you in the sale of a property, a real estate agent can represent you in the purchase of a property.
The primary purpose of retaining an agent would be for his/her negotiation skills thereby purchasing the property at the lowest possible price.
You would agree to a fee with the associated level of service that is required.
The real estate agent would not normally receive a fee from the seller.
