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Agency Relationships Explained

Friday, December 9, 2016   /   by Jason Huerkamp

Agency Relationships Explained

Defining Agency Relationships

Working with Real Estate Agents and understanding your relationship and expectations is often confusing and unclear. Lets define working with real estate agents.

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A Real Estate Agent is

  • -a representative for a buyer or seller in a real estate property transaction
  • -someone with whom you chose to represent you in a real estate negotiation.
  • -someone who represents your best interests
  • -someone who executes special duties as part of their work for you when buying or selling a home, land or any type of real estate
Agents are divided into two different groups Buyers Agents and Sellers Agents.

The Buyer Agent is the person who represents the buyer in his negotiations to purchase a property. He is the person who looks after your personal information and is your trusted advocate and confidant. 

His duties include
  • Securing a requirement brief regarding the type of property that the Buyer wishes to purchase
  • Make sure the buyer understands the difference between pre-approval and pre-qualification of a mortgage and ensure he gets pre-approved
  • Source and show appropriate homes to their client
  • Gather relevant information about the property/neighborhood/location the client wishes to purchase
  • Write and submit all offers
  • Negotiate offers and ensure that the terms and conditions of the agreement suit the buyer client needs
  • Meet with client and home inspectors and negotiate repairs
  • Meet other vendors as per the buyer needs
  • Make sure that the client meets his obligations on time
  • Attend the walk through and check the home with the buyer prior to closing
  • Work with the Buyer to get the sale closed as per the contract

The Seller Agent has the task of representing a Seller in a real estate transaction and through The Listing Process. He has a fudiciary duty to protect the Sellers interests and work on behalf of the Seller exclusively.

His duties include
  • Working for the Seller to get the highest possible price, with the best terms and conditions, in the shortest possible time
  • Provide the Seller with a Comparable Marketing Analysis to ascertain the best possible price for the property
  • To help the Seller achieve the most money by making suggestions about property improvement in order to get the most money
  • Setup a marketing plan
  • Co-ordinate showings
  • provide feedback
  • Present offers on the property
  • Negotiate to the best of their ability for the Seller
  • Co-ordinate documentation
  • Look after the Seller's best interests
The important fact about working with Real Estate Agents is that the working relationship should be documented in a written agreement at the beginning of the relationship so that both parties know what is expected and who is accountable.

Your Agent should be loyal, act with honesty and integrity and protect your confidentiality beyond all else. Choose your Real Estate Agent carefully. An experienced agent will be able to give you the best and most up to date advice.

The Huerkamp Team are your real estate specialists in the Twin Cities and surrounding communities of Minnesota. We are ranked in the top 1% of agents nationwide! The Team is dedicated and experienced in the Twin Cities real estate market and we look forward to being your real estate agent for life! You will have a great experience buying or selling real estate.  We have many raving fans and the we pride ourselves in having the experience to deal with your real estate transaction.

CONTACT US

  buyer tips, #buyeragent, #selleragent, real estate agent duties

Jason Huerkamp
14300 Nicollet Court # 208
Burnsville, MN 55306
612-314-6330

The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Regional Multiple Listing Service of Minnesota, Inc. Real Estate listings held by brokerage firms other than are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.” Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.” Copyright2019Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. Data last updated November 17, 2019