Are you buying or selling a home for the first time? If the answer is yes, you will probably want to work with real estate companies Fargo ND or professionals experienced with buying and selling real estate. These professionals will guide you and help you avoid costly mistakes. They include real estate agents, mortgage brokers, home inspectors, appraisers, real estate attorneys, title inspectors and CPAs.
Needless to say, you will pay for their services. While you should do your due diligence when hiring any type of a professional service during the course of buying or selling a home, you need to be very careful when hiring a real estate agent as he or she will be by your side at each step and their service is the most expensive.
What is really surprising is the fact that most first time home buyers and sellers hire a real estate professional without being able to tell the difference between an agent and a broker. The titles are usually confusing, but it can’t be an excuse for your ignorance.
Real estate broker
Most real estate companies in Fargo ND providing the service of representing buyers and sellers are operated by brokers. They are experienced professionals who have gained degrees and education as per the broker licensing laws prevailing in their respective state. All states require brokers to pass a licensing exam and have some experience of working as a real estate agent.
A real estate broker basically plays a supervisory role in a real estate transaction. Most brokers hire associate brokers and real estate agents to work directly with property buyers and sellers. Brokers need to ensure transparency and adherence with the state-specific real estate transaction laws. They step in whenever something goes wrong in a transaction and guide their agent on how to act in compliance with the law.
Real estate agent
A real estate agent operates under a real estate broker. Real estate companies in Fargo ND can employ several agents – also referred to as real estate salesperson. An agent has to pass a licensing exam.
If you are selling, the agent will help you come up with a listing price, list your home on the MLS, give your property exposure to prospective buyers through various marketing methods and negotiate with the buyer and his or her agent. If you are buying, your agent will help you find a home according to your requirements and budget, prepare a purchase offer, negotiate with the seller and the listing and coordinate with various agencies and professionals for the closing.
A real estate agent is called a Realtor only if he or she is a member of the National Association of Realtors, the largest body of real estate agents in the U.S. A realtor is required to “uphold the standards of the association and its code of ethics”