Tips for RES Agents: When Things Don't Fall at Right Place

Author: PioneerTraining

Even after getting good scores in real estate course, or having years of practical experience in Realty industry, there can be a time when things do not go right and RES agents find themselves in a mess. For the real estate salesperson, having knowledge about realty rules & regulations is very important. This would not only protect the person from taking a wrong step, but also would also tell how to come out of a troublesome situation.

At times, an unhappy customer or client files a complaint (legitimate or fussy) and you would have to come out of it. Even if the RES agent tries his best to do the business in a way that no one would file a complaint, yet unavoidable situations occurs.

Some of the common situations include:

For buyer or seller, location is the prime aspect, and on the other hand, for the agent, it is the disclosure. An agent should ensure that the disclosures are made in writing on a form that is specific to the real estate division in the particular state.

The number 1 disclosure is the agency's disclosure, and, as a RES agent, it is important that you disclose the agency relationship in every transaction.

• In case, you are working as listing agent or as a subagent through the MLS, then it becomes important to inform the buyer about it. It would be then buyer's decision for whether he wants to his own representation. And on the other hand, if you are working for the buyer, then this fact should be disclosed too.
• If the agents acts as a dual agent & works for both the parties, then this case should also be disclosed. It is up to both the parties, whether they want to work with a dual agent.

The number 2 disclosure is to reveal whether you are a party to the real estate transaction.

• Whether you are a buyer or seller in the transaction, or related to anyone of them, then it is important to disclose this fact.
•  If RES agent is minor stockholder of the corporation and the seller or buyer is corporation then this situation should be disclosed.
•  Other than the benefit of the commission, if the agent gets any benefit from the deal, then that must be disclosed to all the parties.

The number 3 disclosure covers all other aspects:

• Rules and regulations
• Common interest communities (such as condominiums, townhouses, or cooperatives)
• By-laws
• Dues, assessments, budget, and reserves
• Recent minutes of association meetings
• Stigmatized properties
• Location of new developments
• Location of nearby ranch lands
• Related to the inspector, lender, or other party to the transaction
• Receiving compensation by agent or company from someone else in the transaction
• Office is affiliated with other offices that provide related services such as lenders, title, or escrow.
• Lead paint, hazardous materials, radon, mold

Other than these, if there are any other situations, then that must also be disclosed in order to save one self from any future complication.

Well, this is not enough, and you must know about some other things, which will save you from falling into a trouble. To read more, read the 2nd part: Tips for RES Agents: When Things Don't Fall at Right Place-II

Article Source: http://www.articlesbase.com/online-education-articles/tips-for-res-agents-when-things-dont-fall-at-right-place-6779015.html

About the Author

Pioneer Training & Consultancy Pte Ltd is a recognized core competency based real estate course and RES training provider. We are one of the CEA approved RES course provider in Singapore