Learning About Different Kinds of Real Estate Agents In The Lebanese Real Estate Market
by Jennifer Watson Blogger | Writer | Social Media GeekIn
the search for a new home, the person you’ll be interacting with the most is a
real estate agent. However, rather than just being a positive face in the
classified ads, real estate agents have a lot more riding on their shoulders.
They are thorough professionals, having the authority to negotiate on behalf of
the seller, buyer, or both. A real estate agent thus, plays multiple roles and
is someone you can trust with regard to making the best deal.
In
spite of the economic instability, Lebanon is going through, what an article in
the Telegraph
referred to as the “global property hotspot”. And so, while Lebanon continues
to remain a lucrative market in terms of property investment options, let’s
take a closer look at the different players in the market that bridge the gap
between the buyers and the sellers: introducing the real estate professionals in
the Lebanese real estate market .
Types of Real Estate Professionals
Primarily, most real estate professionals
in Lebanon are categorized into two main classes by state: Broker and Agent.
Let’s uncover how these two differ from one another:
Real Estate Broker
Real estate brokers are
experienced and licensed professionals who have the legal authority to be the
owner of, administer and run a real estate agency or company. Typical license
requirements include experience as a sales agent, higher coursework and passing
an exam. Generally, a real estate broker in a real estate firm is the boss who
is responsible for all the agents working within his agency. Alternately, real
estate brokers are also referred to as qualified brokers or principal brokers.
Real Estate Agent
An agent is someone who has
attended classes and passed the state-administered exam to obtain the license
for operating as a real estate agent. They work with the broker and act as
authorized by him/her. There are several terms that are used interchangeably
for real estate agents such as subagents, sales agents and inappropriately, a
broker.
Now, since you are most likely to
work with a real estate agent when buying or selling a home, there are 3 basic
roles played by a real estate agent:
Buyer’s Agent
A buyer’s agent is someone who
solely works for the buyer, representing and facilitating the buyer’s interest
when conducting real estate transactions. From house hunting through deal
closure, buyer’s agent’s main goal is to expedite and simplify the buyer’s
needs. This process, known as buyer’s agency, is a formal procedure that is
followed upon a formal agreement established between the buyer and the agent.
Seller’s
Agent
Also known as the listing agent,
they are solely responsible for working for the seller. In most instances, the
buyer is actually dealing with the seller’s agent, not directly with the seller.
Keep in mind that any agent you work with is a seller’s agent, if specific
agreement is not established. Moreover, any agent involved in the sale of a
property is known as a subagent of the listing property, even if the seller’s
property is not individually listed by the agent.
Dual Agent
Dual agent is someone who acts as
a seller’s agent as well as a buyer’s agent in the same transaction. Since
there can be a conflict of interest in this role; the legality of this concept
varies.
Looking for a highly experienced real estate brokerage in Lebanon? If yes, look
no further than RAMCO, the ultimate property finder in Beirut. Browse their website http://ramcolb.com/ for more information.
Sponsor Ads
Created on Dec 31st 1969 18:00. Viewed 0 times.