The Role of Your Real Estate Agent

A very interesting article in the New York Times last week highlighted the roles and different styles of real estate agents.  Although the real estate market in Manhattan is obviously quite different than the greater Washington, DC, area (or anywhere else for that matter), there are some insightful comments in the article that can be useful to anyone thinking about making a move anytime soon.

The author, Vivian S. Toy, states, "A good broker can help you make sound decisions and guide you through what might easily be the most expensive and emotionally charged transaction of your life." Underlying this statement is the principle that your real estate agent should be someone you trust and someone whose advice and counsel you will accept and, in fact, welcome.  Complexities and idiosyncrasies in local markets, the myriad factors that go into selecting a home for your family or an investment property, and precise paperwork and disclosure requirements mean that an agent who is highly organized and detail-oriented is a valuable adviser.

I believe many people don't really understand the laws and ethics guiding the real estate profession.  As a newly licensed real estate salesperson in Maryland, I recently completed 60 hours of pre-licensing education before I could apply and then take a 2 hour test on Federal and State laws, regulations and codes of ethics.  Basically, a real estate agent has duties and responsibilities to their clients.  Clients are people who have signed an agency agreement with them as buyers or sellers (or tenants or landlords; I will simplify to talking about sales for now).  Customers, or the general public, have no contractual agreement with an agent.  Real estate agents still owe customers fair and honest dealings, factual information about properties, and general ministerial duties such as providing them with answers to their questions (assuming that does not interfere with their duties to their clients).

In an agent/client relationship, with a signed contract (a buyer's agent contract or a property listing for sellers), real estate agents have fiduciary duties.  These include care, obedience, accountability, loyalty and disclosure.  Confidentiality of financial and other personal information extends beyond the period of agency.  Although earning a person's trust does take time, holding these duties is a fundamental element of being a real estate agent.  As you interview new agents, be it for your first time home-buying experience, downsizing to retirement or semi-retirement, a move to a completely new part of the country or world, or moving a little closer to your children's schools or your office, spend the time to get to know them.  Observe how they listen to you, the questions they ask, the ideas they have about neighborhoods to consider, transit options, and marketing options.  Be sure to talk to more than one person before making a move.  Find the best agent for you.

As a new agent myself, I look forward to talking to you or someone you might know in the market or even considering a sale or purchase down the road.  I love to listen and plan and welcome the opportunity to help find creative real estate solutions.