What distinguishes one agent, broker or REALTOR® from another? What can you really expect from your agent? How do you go about selecting or referring an agent with any degree of confidence?
All licensed real estate agents (salespersons) and brokers function under the New York State Real Property Law as administered by the Department of State. In the Capital District alone there are over three thousand licensed agents or brokers and the manner in which they perform their duties and provide any level of service to customer s and clients varies greatly. If an agent or broker is a member of the National Association of REALTORS®, only then are they permitted to use the name REALTOR®. Therefore you might encounter an agent or broker that is not a REALTOR® and is not obligated to honor the NAR Code of Ethics which includes duties to clients and customers, the public and other REALTORS®.
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 rights and protection as a seller, they should engage a knowledgeable and full-time agent as their Buyer’s Agent.
To complicate matters, not only do companies follow different business practices, marketing models and customer service philosophies but the actual quality of service, attentiveness and knowledge base of their agents range from marginal to that of the highest level. To the most successful and respected professionals, success is defined by working with their clients as a guide, educator, facilitator and negotiator to achieve the highest rate of return on their behalf with the least amount stress to the client.
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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 in a transaction to whom they have a fiduciary responsibility. Anyone else may be a customer and by law, the agent need only convey to that party, the material facts relative to a property’s value. To do any more than that – such as offering an opinion or analysis - is a conflict of interest and violates the trust inherent in a routine seller-agent relationship.
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 demand an Exclusive Buyer’s Agency Agreement. The majority of agents do not charge buyers for services. However, some agents require $200 to $1,000 as a "fee," which is used to cover their expenses or to qualify a buyer. Sometimes, this is used to screen less profitable buyers or those who may not be committed to the process of finding a new home, going through with the process and ultimately closing the transaction. Although the fee is generally not refundable, it is occasionally credited to the buyer at the closing. Buyers especially should be wary of agents or brokers who charge an up-front fee only to disappear and delegate the buyer to a less qualified agent. David Phaff & Associates, Inc. does not charge any up front fees to its buyer clients.
Due to society’s litigious nature as well as Department of State guidelines, agents and brokers are instructed not to comment, evaluate or give opinions on any issue beyond the scope of locating a property that meets the need of a consumer and doing what is necessary to facilitate a “meeting of the minds”. Unfortunately, this means that many highly qualified professionals may not provide information on legal, financial, social, educational, construction, and other issues, although these may be areas where they have significant expertise. Certain agents who are qualified will provide such analysis and information, but only with an appropriate disclaimer.
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, negotiator and dedicated – not only to the business at hand, but also to the community they rely 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.
The perfect agent whose top priority is your success will offer the following qualities:
Office Address David Phaff & Associates, Inc. at RealtyUSA 20 Aviation Road Albany, NY 12205
Office Phone Monday – Friday 8:30 AM to 5:00 PM (518) 464-1600
Direct Office Fax (518) 464-9265 Secure Document Fax(877) 848-2716
David's Cell Phone feel free to call or text (518) 469-8984
24-hour Recorded Property Information 495-HOME(4663)