Learning About Different Kinds of Real Estate Agents In The Lebanese Real Estate Marketby Jennifer Watson Blogger | Writer | Social Media Geek
In 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:
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.
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 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.
Created on Dec 31st 1969 18:00. Viewed 0 times.