How To Obtain Desired Results From Your Real Estate Agents?
The real estate property industry can be very lucrative and usually involves large amount of money.
Thus, both the tenant and the landlord have to be particularly careful about the real estate agents they engage.
This security measure is ensured by the Office of Fair Trading who issues the licenses’ for Real Estate Agents they also offer basic guidelines for anyone treading through the real estate property market who are inexperienced in real estate.
They also further safeguard the interest of all the parties involved in any real estate transaction.
There are many letting agents across various regions of NSW, catering from the suburban areas to the more affluent ones for rental accommodation.
There is a code of conduct which all real estate agents in NSW must abide by or face either heavy fines or lose of licence.
Thereby assuring frustrated customers (if any) with a free service that aims to settle all disputes; these real estate agents are also in agreement for a disciplinary body to sort out things with members who fail to deliver the standards prescribed by the Property, Stock and Business Agents Act 2002 Regulations 2003.
Below are the pointers in brief that the Office of Fair Trading NSW governing and licensing body for real estate agents; requires all its real estate agents follow by law to bring more transparency and accountability in all the transactions:
1. Confirm all major decisions, questions and instructions in writing for better documentation that can be referred later.
2. Property sellers must request valuations and commission quotes. Commission fees are negotiable, if necessary, to settle on a more agreeable price. The agreed fees should be included as an agency agreement and should be read before signing to ensure you understand it completely.
3. Real estate agencies must declare a potential conflict of interests when buying a client’s property.
4. It is okay to ask a real estate agent if a house is being offered for sale through more than one real estate agent and you can expect a candid reply.
5. Real estate agents are under compulsion to inform you in writing if they continue to advertise the seller's property even after they've received an offer and have to agree with the seller if the property stays on the market or not. Remember that there is no legal recourse against letting agents operating outside the law and code of conduct until contracts are exchanged, though they are obliged to give an honest answer if you ask.