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Las
Vegas Real Estate Report > Real Estate Agents
Real Estate Agents
Las Vegas real estate agent
You're ready to begin the search for your new Las Vegas home or condo.
What should your first step be even before you choose your Las Vegas real estate agent?
Reading this page is a good start, because it will help you understand the differences between types of real estate agents. The Las Vegas real estate agent you select is someone who is going to help you make one of the biggest decisions of your life. You want to make a good choice of partners.
Most importantly, you need a Las Vegas real estate agent who is very savvy about the local market and who will serve as your advocate in a fast-moving, constantly changing real estate environment. Your agent should always act in your best interest while assisting you to locate and purchase a home or condo that suits your needs, as well as your budget.
Won't all Las Vegas real estate agents do this?
Unfortunately, the answer is NO! Some agents will be focusing more on SELLING you a home. If an agent is listing a home, he or she will be interested in selling you that home, although it might not be the best property for you.
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Below is more information about the five different types of real estate agents you may encounter in your search for Las Vegas real estate. Of these, only an exclusive buyer's agent has the professional obligation to work completely in the buyer's interest.
1. Listing, or Seller's Agents:
This agent works for an agency that lists homes that are for sale. A listing agent is the same as a seller's agent. This means that he or she is obligated to serve the needs of their client, the seller. It is in the seller's best interest to get the highest possible price and best terms for their property. A listing agent would not be able to disclose any information about the seller to you, the buyer, if the information might negatively affect the sale or the price. On the other hand, the seller's agent would tell the seller everything they learn about you and your financial situation, and how willing you might be to negotiate on price. Their commitment is to help the seller in every way.
2. New Home Sales Agents:
These agents meet you when you visit model homes or condos in the new developments where they work. They are basically salespeople who are employed by the homebuilder or developer of the new home or condo. Since they represent the builder or developer, their obligation is to the seller. Like a seller's agent, they will work to get the best price and terms for the developer or builder. For a new home or condo, it is better to go through a buyer's agent, who will negotiate a deal with your welfare in mind, working to get you the best price, terms, and the best deal on upgrades and any other amenities.
3. Exclusive Buyer's Agent:
This type of agent is truly your advocate. Exclusive buyer's agents are associated with real estate brokers that do not list homes for sale. Since they will never represent a seller, this agent and broker will always be on your side. A broker who attempts to represent both the buyer and the seller has an inherent conflict of interests between the buyer's needs and the seller's needs.
4. Buyer Agents associated with a Listing Broker:
Even if an agent says they are a buyer's agent, it is important to make sure that the broker they work for does not list any properties for sale. Agents must work through brokers, so they owe their loyalty to their broker. If the broker works for sellers, so does that buyer's agent. They will be obligated to show you the properties that their broker represents.
5. Dual, or Transactional Agents:
This type of broker is out front about the fact that they represent both buyers and sellers. Unfortunately, this arrangement generally does not give the best advantage to either the buyer or the seller. Brokers that do this prefer the advantage of being able to keep the full commission, rather than splitting it with another broker, but often this is not what best serves either client.
We hope this information will help you to select a Las Vegas real estate agent who will truly serve your needs! It is important to be selective in this most important of choices.
You must be very clear from the beginning what you should expect from a real estate agent.
One more term that is important to know: fiduciary. This refers to the real estate broker who is acting as an agent of either the buyer or seller in a real estate transaction. The fiduciary owes specific loyalties to their client, the principal. Trustees, executors and guardians are other types of fiduciaries.
Some important fiduciary duties:
o Loyalty, or acting in the principal's best interest throughout the sales process
o Obedience, or obeying all lawful instructions indicated by the principal
o Disclosure, or providing any information to the principal that is relevant to their interests in the sale
o Confidentiality, or keeping any sensitive information about the principal secret
o Reasonable care and diligence in acting as the principal's agent
o Accounting, or safeguarding money, deeds or documents entrusted to their care by the principal
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