photo credit: Daquella manera

Real estate involves more than just buying and selling homes or commercial property. Depending on whether a person is a real estate agent or real estate broker, their responsibilities can change.

Real estate agents are primarily involved in the buying and selling of homes or commercial property. They help clients wanting to sell a home decide what a good asking price is based on appraisals, the current housing market, and other things. They also help with advertising, as well as handle the showing of the property.

Depending on a state’s requirements, a real estate agent may only be able to deal with homes or buildings, and not vacant land. A real estate broker, however, can show or deal with both land and structures.

Once a prospective buyer enters into a contract on a home or property, the real estate broker conducts title searches, and performs other functions to ensure that the real estate in question is being sold legitimately. Brokers also work with buyers to complete the home buying process as much as possible before the final paperwork is signed.

Real estate agents and brokers may work for a company or they may be independent agents or brokers. Independent agents and brokers can show homes or property for a number of companies, rather than having to limit themselves to only those which are being handled by their companies. This can be an advantage for both the agent and broker and buyer, as they have the opportunity to view more properties than they might otherwise have.

Good real estate agents and brokers conduct business with the buyer or seller in mind, or they should. Yes, they earn a commission on every sale, but their main interest should be making sure an agreement is reached that will be benefit all parties involved.

Why is trust so important? Generally speaking, when you hire a real estate agent you are telling them that they can work for you to either sell your home or help you to buy. Take for instance a selling agent. They will be responsible for everything from negotiating on your behalf to setting up open houses to marketing. Do you believe that your agent will help with all of these details, plus much more? Better yet, will you be able to see the progress?

A real estate agent that you trust is one that you will be able to rely on. As a buyer or seller, you are sure to have questions on your mind. A good agent can answer these questions, and put your mind to rest. An agent that you cannot trust may answer your questions, but while doing so he will be dishonest. In this case, you are the one who loses.

It is important that you do not sign a contract with a real estate agent for any longer than six months. This way, if you feel that your agent is not putting forth the necessary effort, or that they cannot be trusted, you can in turn find somebody new to assist you.

There is no denying the fact that you need to be able to trust your real estate agent 100 percent. If you don?t, it is time to speak with your agent and quite possibly locate somebody who is a better fit.

The best way to find a qualified real estate agent is to ask around. Don?t waste your time off the bat searching online, or taking shots in the dark. Instead, ask others who they recommend. This could be anybody from a family member to a new neighbor. When you find a real estate agent through a referral you will be able to ask questions, and get a better feel before moving forward.

Of course, if this does not work, you can always search for an agent online or in the phonebook. In today?s world, the internet is probably the easiest way to do this. Which real estate company is well known in your area? Find this information, and then head for their website. From there, you should be able to do a search for agents in your area. There may be quite a few, so get ready to make some phone calls. After all, just because an agent works for a well known company does not mean that they will fit your needs.

When you find a qualified real estate agent who you are comfortable with, you will know it. From there, a solid relationship is sure to follow.

The addition of that many new women to positions of power in real estate is sure to make its mark. It will be interesting to see how it effects the future of the industry.

The sales failed to close or the buyers defaulted and the condo developer is suing for the money paid to these brokers. The brokers are countersuing saying that it was the developer’s fault that the sales fell through. To make the situation even murkier, the contract with the brokers doesn’t spell out what happens to the commission if the event the sale does not materialize. In addition, many of the individual agents to whom to money was distributed, no longer work for the brokerages.

To read, the whole story, see this post by “Realty Magazine.”

Just hearing the word “audit” sent a shock wave of adrenaline into my system when I got the call to head into the office because the auditor was on-site (it’s summer, and I was at home with my seven year old daughter) . Of course, to say I tend to worry a wee bit too much about things would be an understatement. That’s why I’m not a lawyer anymore.

Happily, our auditor was great (thanks Robert) – very friendly, not scary at all. And also genuinely interested in helping us with any questions/concerns we might have. Of course the audit was pretty quick considering we don’t actually do property management — so we don’t have to deal with trust accounts, or maintaining copies of lease agreements, or providing monthly or annual reports.

Along those lines, I’ve actually found that most real estate commissions and their representatives really do seem to be interested in helping people comply with the law. On the whole, I’ve always found them to be very helpful when I’ve had questions about property management regulations.

We do advertising and marketing for property management companies, and we want our site to be a credible and reliable one. So, while we’re not aware of any print media, such as the Yellowpages, doing this, we require our client’s advertising on our site to sign a statement that they have met all licensure requirements for their business.

Despite this assurance, we strongly recommend that anyone using the site check with their local real estate commission to make sure the company they work with has the proper licensure and that there are no disciplinary actions against them.

There have been several issues related to this:

1. Not all states require a broker’s license for property management. Idaho and Maine come to mind.
2. Most states don’t require a broker’s license for association management, but some do – or they require some kind of registration. Connecticut comes to mind.
3. Most states require that the property management company itself has it’s own broker’s license, but some states appear to allow the management company to work under another real estate broker, or to use the broker’s license of an employee. I was recently told by a very nice woman from the Minnesota real estate commission that while a company representing clients in the purchase and sale of real property in Minnesota would need its own license, a property management company wouldn’t. Problem is, there’s no way under this system to make sure a property management company isn’t “borrowing” the license from a real estate broker without that broker’s knowledge – short of doing some time consuming follow up work.

From my perspective – I would LOVE it if a real estate broker’s license was required of property management companies in every state. Furthermore, it would be great if the companies themselves had to register under a designated broker’s number and that license number was available to the public on the internet. That way, when anyone wanting to check that a property management company is operating in compliance with state law, it would be quick and easy to do so.

And, while I think that some property management companies would have an issue with that, I think most would welcome that sort of clarity. We have property management companies asking us all the time if they need a license to do x, y or z, or if they can work under someone else’s license. Of course, I can’t tell them – not only would it be unauthorized practice of law, but they really should be checking in with their state real estate commission directly, and often the rules as actually practiced in other states seem unclear to me sitting at my desk in Washington state.

Having consistent rules amongst the states and a license check system that would let you know definitively if Company X has a proper license would sure be nice.

And anyone looking for a property management company – don’t forget to make sure that the one you choose is properly licensed – whether you find them through this website or using some other method!!! Google “real estate commission” and the name of your state and you should be able to find a link to check licensing. Problem is – if they don’t show up as being licensed, they still might be okay – and it might take you a while to get some confirmation!