Why Use a REALTOR®? Choosing to work with a real estate agent could be the most crucial element of the home buying and selling experience. This is where it is important to realize the difference between a real estate agent and a REALTOR®. While an agent is simply licensed by their state to do business, a REALTOR® has taken the additional steps to become a member of the local board of REALTOR® and has agreed to act under and adhere to a strict Code of Ethics. This membership obligates them to be fair to all parties involved in a transaction.
It may seem tempting to try to sell or buy your home without using a real estate professional. But by using a REALTOR®, you have the advantage of information and knowledge through what can often be a complicated and confusing procedure.
With so many resources available, a REALTOR® may be able to help you come out with the same amount of dollars or more than you could command by selling your home yourself. A recent survey of homebuyers and sellers by the National Association of REALTORS® found that the home price for sellers that use a REALTOR® is 16 percent higher than those who don’t.
A REALTOR® is a professional who knows all that needs to be done. They have the experience and resources to advertise, find the homes that suit your needs, and make all of the preparations that save you the time and effort of researching it yourself.
When you are selling your home, an agent who knows the local market can help you set a fair market price. You want to get the most for your home, but overpricing it can prolong the time it sits on the market, making it even more difficult to sell.
A REALTOR® can help you show your home to potential buyers to its best advantage. They will advise prospects of all aspects and conditions of your home and can protect you from later objections.
A REALTOR® can also help you with the home-buying process. Buying a home can be financially intimidating, but an agent can help you determine how much home you can afford and show you some financing methods. The goal of home ownership remains one of the most commonly shared ones, and an agent can show you how to make it achievable.
A REALTOR® is familiar with all the local and current real estate values, taxes, costs and services that could affect your purchase. Your REALTOR® can show you the home best suited to your needs, and can also suggest simple changes that could make a home a good choice. It helps to have someone both objective and knowledgeable when looking for a home to buy!
When buying or selling a home, there are a lot of details that can overwhelm you or be forgotten. Using a REALTOR® is the best way to be sure that you have someone on your side to get you the best deal and see that everyone is satisfied.
How Does Agency Work In SC
As a buyer or a seller, its important to know your options when purchasing property in South Carolina. Ace Realty is pleased to offer Client Level Service and provide full representation, which is explained below. Please take a moment to read through the Agency Explanation (details provided by the South Carolina Agency Brochure). If you would like a copy of the brochure please contact us.
Agency Relationships
The SC Real Estate License Law, in Section 40-57-139 (A) (1) and (2), requires a real estate licensee to provide you this brochure and a meaningful explanation of agency relationships offered by the licensee’s Company. This must be done at the first practical opportunity when you and the licensee have substantive contact.In South Carolina, before you begin to work with a real estate licensee, it is important for you to know the difference between a broker-in-charge and associated licensees. The broker-in-charge is the person in charge of a real estate Company.Associated licensees may work only through a broker-in-charge. In other words, when you choose to work with any real estate licensee, your business relationship is legally with the Company and not with the associated licensee. A real estate Company and its associated licensees can provide buyers and sellers valuable real estate services, whether in the form of basic customer services, or through client-level agency representation. The services you can expect will depend upon the legal relationship you establish with the Company. It is important for you to discuss the following information with the real estate licensee and agree on whether in your business relationship you will be a customer or a client.
Now You Are a Customer of the Company South Carolina license law defines customers as buyers or sellers who choose NOT to establish an agency relationship. The law requires real estate licensees to perform the following basic duties when dealing with any real estate buyer or seller as customers:
• Present all offers in a timely manner
• Account for money or other property received on your behalf
• Provide an explanation of the scope of services to be provided
• Be fair and honest and provide accurate information
• Disclose “adverse material facts” about the property or the transaction which are within the licensee’s knowledge.
Unless or until you enter into a written agreement with the Company for agency representation, you are considered a “Customer” of the Company, and the Company will not act as your agent. As a Customer, you should not expect the Company or its licensees to promote your best interest, or to keep your bargaining information confidential. Customer service does not require a written agreement; therefore, you are not committed to the Company in any way.
You Can Become a Client
Clients receive more services than customers. If client status is offered by the Real Estate Company, you can become a client by entering into a written agency agreement requiring the Company and its associated licensees to act as an agent on your behalf and promote your best interests. If you choose to become a client, you will be asked to confirm in your written representation agreement that you received this brochure in a timely manner.
A seller becomes a client of a Real Estate company by signing a formal listing agreement with the Company. For a seller to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the seller and the Company which becomes the agent for the seller.
A buyer becomes a client of a real estate Company by signing a formal buyer agency agreement with the Company. For a buyer to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the buyer and the Company which becomes the agent for the buyer.
If you enter into a written agency agreement, as a Client, you can expect the Real Estate Company to provide the following client-level services:
• Obedience
• Loyalty
• Disclosure
• Confidentiality
• Accounting
• Reasonable care and skill
Client-level services also include advice, counsel and assistance in negotiations.
Single Agency
When the Company represents only one client in the same transaction (the seller or the buyer), it is called single agency.
Dual Agency
Dual Agency exists when the real estate Company has two clients in one transaction – a seller client and a buyer client. At the time you sign an agency agreement, you may be asked to acknowledge whether you would consider giving written consent allowing the Company to represent both you and the other client in a disclosed dual agency relationship.
Disclosed Dual Agency
In a disclosed dual agency, the Company’s representation duties are limited because a buyer and seller have recognized conflicts of interest. Both clients’ interests are represented by the Company. As a disclosed dual agent, the Company and its associated licensees cannot advocate on behalf of one client over the other, and cannot disclose confidential client information concerning the price negotiations, terms, or factors motivating the buyer/client to buy or the seller/client to sell. Each Dual Agency Agreement contains the names of both the seller client(s) and the buyer client(s) and identifies the property.
It’s Your Choice
Does this Company represent both buyers and sellers as clients? If so, what are the choices if two clients become involved in one transaction?
What duties will the Company continue to provide me after the transaction is completed?
If you plan to become a client of a Company, the licensee will explain the agreement to you fully and will answer questions you may have about the agreement. Remember, however, that until you enter into a representation agreement with the Company, you are considered a customer and the Company cannot be your advocate, cannot advise you on price or terms, and cannot keep your confidences.
As a Real Estate consumer in South Carolina, it is your choice as to the type and nature of services you receive.
Designated Agency
In designated agency, a broker-in-charge may designate individual associated licensees to act solely on behalf of each client. Designated agents are not limited by the Company’s agency relationship with the other client, but instead have a duty to promote the best interest of their clients, including negotiating a price. The broker-in charge remains a disclosed dual agent for both clients, and ensures the assigned agents fulfill their duties to their respective clients. At the time you sign an agency agreement, you may be asked to acknowledge whether you would consider giving written consent allowing the Company to designate a representative for you and one for the other client in a designated agency.
Each Designated Agency Agreement contains the names of both the seller client(s) and the buyer client(s) and identifies the property.
What to Look For in Any Agreement
When you choose client-level service, your written Agency Agreement or your agent should answer these questions:
• Can I work with other Companies during the time of the Agreement?
• What will happen if I buy or sell on my own without the agent?
• When will this agreement expire?
• How will the Company be paid for its services?
• You can choose to remain a customer and represent yourself while the Company represents the other party.
• You can choose to hire the Company for representation through a written agreement.
• If represented by the Company, you can decide whether to go forward under the shared services of dual agency or designated agency or to remain in single agency.
The choice of services belongs to you—the South Carolina real estate consumer. If you would like to become a client of ours, please contact us. it would be our pleasure to have you as a client and provide you with the full representation you deserve.
