Working with just one agent poses the risk of having everything fail at once. This is especially true if your selected real estate agent is not local. A local real estate agent can be a great asset to buyers and sellers who want to find buyers and/or sellers in the area. They will also be able to help arrange financing for both parties. However, this does not mean that working with just one agent is a good idea.
Working with real estate agents who are not local can cause a number of problems, especially if the buyer or seller contacts the agent directly. This means there is a chance that either party could try to close the deal on their own through an unscrupulous real estate agent. For example, if the buyer’s agent tries to close the deal without the buyer’s consent, the buyer may sue. In this case, the agent’s loose ends could be the only ones that are actually tied: the buyer’s attorney fees, plus the costs of the lawsuit.
Another problem occurs if the buyer and seller are in different states, but they do business in the same region. When a buyer is represented by an agent from the opposite region, they are subject to all of the laws, rules, and regulations in that region. For example, a buyer from Florida looks to get a low closing cost, but in reality this may mean having to pay taxes on his Florida home purchase price even though it was sold in Florida. If the seller is represented by a real estate agent from another state, the seller might be exempt from paying Florida sales tax on the purchase price of his Florida property.
On the other hand, social media can make what a real estate agent does seem a little more tempting. For example, a real estate agent might use a social media account in order to sell a house in Las Vegas that has just come on the market. In the real world, however, such agents have little control over what their clients say on social media platforms.
Some real estate agents think social media is a good way to promote their properties. In many cases, this can be true, but in today’s real estate market, these agents should consider what a potential buyer might see on one of the major social media sites before agreeing to say anything about the property. In addition, real estate agents should be careful to follow the rules laid out by the major networks, as these rules are designed to prevent false advertisements and to provide consumers with accurate information.
Finally, some buyers and sellers don’t want to engage in real estate agent facilitated communications, because they feel as though they are being spied upon. This can be true in some cases, but realtors should realize that even if a buyer has a buyer’s association, it doesn’t mean that the buyer’s association will find out about the actions of the real estate agents when they engage in certain practices. Many buyers and sellers have decided to remain silent in the face of what they perceive as an invasion of their privacy, and this decision has enabled them to sell their homes faster and for less money.
One final issue that is often brought up is whether or not it’s okay for a real estate agent to use a “dual agent” for a transaction. This can be a tricky issue, and the answer is a resounding “yes.” In most cases, a dual agent is allowed to work on both buyer and seller sides of a transaction. The problem comes down to this: whether or not the agent is registered with the Multiple Listing Service is actually the important question.
Unless the agent is certified by the local board of examiners, he or she cannot legally act as a real estate agent for either the buyer or the seller. If the agent is using a home inspection firm to conduct the home inspection, the agent may be able to work on both sides. However, in order to get the job done right, the home inspector should not be working with any seller or buyer as part of the transaction. The home inspector should have already been hired by the seller and the buyer in order to complete the home inspection. If the real estate agents are using a non-reputable inspector, it might be best for both sides to stop working together and try another house inspection firm.