The Qualifications of a REALTOR®
What distinguishes one agent, broker or REALTOR® from another?
All real estate agents and brokers function under the New York State Real Property Law as administered by
the Department of State and a code of ethics. In the Capital District alone there are probably around three
thousand licensed agents or brokers and no two work exactly the same way. To complicate matters, companies
follow different business practices, marketing models and customer service philosophies. Finally, most
consumers do not realize that by law, every agent and broker in New York automatically represents the
interests of the property seller , not the buyer. For a buyer to gain the same privilege and protection as
a seller, they can engage the agent as their Buyer’s Agent.
Success is measured in different ways to the seller or buyer is to get past the closing and realize that
you received the best service possible, that your financial commitments were respected and that all of this
was facilitated by your agent with a minimum of stress or aggravation to you.
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How do you go about selecting or referring an agent with any degree
of confidence?
The agent whose top priority is your success will offer the following qualities:
- Full time involvement & easily accessible
- Experienced, knowledgeable of market & product
- Creative, outside-the-box thinker
- Excellent listening skills & sensitivity
- Analytical & organized
- Broad background in related fields
- Involved in the community at large
- Exhibits integrity and dedication
- Service oriented & accommodating
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What can you really expect from your agent?
Buyers and Seller’s expectations of an agent are probably similar, but the bottom line is that an agent,
by law, can only have one client to whom they have a fiduciary responsibility. Anyone else is a customer
and by law, the agent need only convey to him or her, the material facts relative to a property’s value.
As a result of this inequity, buyers are encouraged to seek out agents who are professionally trained as
buyer's agents.For maximum effectiveness, a buyer should consider having an Exclusive Buyer’s Agency Agreement,
which is generally available at no additional charge. The majority
of agents do not charge buyers for services. However, some agents
require $100 to $1,000 as a "fee," which is used to cover their
expenses or to qualify a buyer. Actually, this is to screen less
profitable buyers or those who may not be committed to the task of
finding a new home and going through with buying it. Although the
fee is generally not refundable, it is occasionally credited to the
buyer at the closing.
Due to society’s litigious nature, agents and brokers have been advised not to comment, evaluate or give
opinions on any issue beyond the scope of locating a property that meets the need of a consumer.
Unfortunately, this means that many highly qualified professionals will not provide information on legal,
financial, social, educational, construction, and other issues.
The astute seller or buyer should look for an agent who knows the territory and understands the market. A
successful agent is organized, an effective communicator, and dedicated – not only to the business at hand,
but also to the community he/she relies upon for their livelihood. When you seek out the agent who will
make a difference between the success and failure of your transaction, be certain they meet these
requirements.
top Go to David Phaff’s Qualifications
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