What Should You Expect From Your Real Estate Agent?

Real estate sales and purchases are significant undertakings involving many legal duties, responsibilities and restrictions.   As a result, consumers who decide to sell or buy real estate typically select an agent to represent them. This high level overview regarding California real estate agents is intended to give you a general idea of some responsibilities we have.  

One of the most critical components of a successful relationship is communication.  Reach an agreement with the agent you select to represent you about how (phone, in person, e-mail or otherwise) and when you will communicate.     Agents include both independent real estate brokers and associate licensees who work under the supervision of a real estate broker.  Did you know California law requires agents disclose agency to you?  There are different types, including seller agent,  buyer agent and dual agent. Regardless of whom you select, your agent will explain based on your situation.

Education - School is Never Out

Becoming a real estate agent in California requires initial education and testing before a license is issued.  Additional continuing education is required to ensure our skills are kept sharp to meet the changing conditions of the real estate market and the consumers of housing.  Sometimes we focus on specialties designated by an acronym such as ABR, CRE and many others.  These designations indicate we have completed skills training based on on that area of the industry. 

There is one other very key educational source which should be recognized, and that is experience.

Fiduciary Duty - Utmost Care, Integrity, Honesty and Loyalty

Real estate professionals become your agent much like a trustee or executor, but cannot make decisions for you.  We don't sign your name, nor can we determine price or terms on your behalf without additional documentation, such as a power of attorney.  That's a topic not defined in this post. 

Let's look closer at the elements of fiduciary duty and how they may be applied.

• Utmost Care requires your agent to do everything in their power, provided it's also legal, to make sure your best interests are protected.  Just like your own wishing lamp, we do all we can to help you.
• Integrity is that defining quality that causes us to act ethically and with a strong moral compass.  Did you know we receive ongoing ethics awareness training? 
• Honesty requires us to be sincere and and not deceitful or commit fraud.  How often have you wondered if you were given nice advice instead of good advice?  As a seller or buyer, you need honest advice.
• Loyalty is more than a feeling, it's knowing we have your best interests at heart.  This includes not sharing your "bottom line" with the other parties in a sale transaction.

Agent Responsibilities Don't End at Fiduciary Duty

Agents must treat all parties with honesty, fairness and good faith.  This includes being diligent and taking care in our performance.  Oh, and there's one more requirement: disclosure.  Like sellers and buyers, we are required by law to volunteer all material facts which may affect the value or desirability of a property.

When to Consult Other Professionals

Real estate agents provide advice and counseling on real estate.  Legal and tax discussions should be held with professionals educated and licensed to advise you in those matters.  Very often we're asked for our opinion, so please don't be offended when we instead provide a recommendation to consult the appropriate professional. 

Real estate may be the single largest financial investment you make; the relationship you form with your agent is an integral part of achieving your goal.

If you have questions about what you should expect from your real estate agent, please just ask.  We're here to guide you.

As always, let's foresee the possibilities . . . and get results!

Resources for this article:  Experience; California Business and Professions Code § 10131 et seq.; Civil Code § 2079.13 et seq. and § 2297; This article is an adaptation of articles I wrote and published with The Morgan Hill Times and The Gilroy Dispatch.