The general public is a little unclear about what an estate agent does (or must do) so there are a lot of questions surrounding the profession. For some reason, there are also many rumors associated with the estate agent industry and estate agents themselves; adding to the confusion. Continue reading to find out the answers to the questions that Oxford estate agents get asked most often.
Types of Different Contracts
Estate agents offer work under different kinds of contracts and this might have something to do with the reason people are so unclear about Oxford estate agents and what they do. The contract dictates the service you can expect from an agent.
One contract, that binds you to only one estate agent is called the Sole Agency contract. These contracts are known for being strict and in favor of the agent. But you do get some perks for signing one of these contracts. Commission fees are lower and agents give you much more one-on-one attention. Visit Oxford estate agent for help on your real estate problems.
A Joint Agency contract is just what it sounds like: two or more agents working together on one listing. When the property sells, the agencies involved split the profit regardless of who actually sold the property. This is a really good deal because you are getting more than one agent. However, since they will be splitting the commission expect the commission fees to be higher.
Multiple Agency contracts are similar to Joint Agency contracts but not quite the same. The first big difference is that the commission is not split between agents from an estate agent website. As you can imagine the competition is steep. The commission on these contracts are extremely high because the agents take a big risk by signing them. But you will also get some very aggressive agents who are hungry to win.
Are There Regulations?
The government put into law the 1979 Estate Agents Act and this the primary source of estate agent regulation. This does not extend to letting Agents however. The act lays down some very basic rules for agents about their duties and how they are to receive payment. Check out http://www.mahalo.com/how-to-invest-in-real-estate/ for a guide on how to invest in real estate.
What If I Don't Believe An Offer?
Every day, people find their dream home and make an offer which they are excited to find out is accepted. But what happens sometimes is that after making an offer they discover another offer, a lot higher, is made by someone else. Naturally people wonder if the seller is just saying that they got a higher offer to try to drive up the price. If you are ever outbid after an offer has been accepted, you have the right to see proof of the higher offer's existence.
Types of Different Contracts
Estate agents offer work under different kinds of contracts and this might have something to do with the reason people are so unclear about Oxford estate agents and what they do. The contract dictates the service you can expect from an agent.
One contract, that binds you to only one estate agent is called the Sole Agency contract. These contracts are known for being strict and in favor of the agent. But you do get some perks for signing one of these contracts. Commission fees are lower and agents give you much more one-on-one attention. Visit Oxford estate agent for help on your real estate problems.
A Joint Agency contract is just what it sounds like: two or more agents working together on one listing. When the property sells, the agencies involved split the profit regardless of who actually sold the property. This is a really good deal because you are getting more than one agent. However, since they will be splitting the commission expect the commission fees to be higher.
Multiple Agency contracts are similar to Joint Agency contracts but not quite the same. The first big difference is that the commission is not split between agents from an estate agent website. As you can imagine the competition is steep. The commission on these contracts are extremely high because the agents take a big risk by signing them. But you will also get some very aggressive agents who are hungry to win.
Are There Regulations?
The government put into law the 1979 Estate Agents Act and this the primary source of estate agent regulation. This does not extend to letting Agents however. The act lays down some very basic rules for agents about their duties and how they are to receive payment. Check out http://www.mahalo.com/how-to-invest-in-real-estate/ for a guide on how to invest in real estate.
What If I Don't Believe An Offer?
Every day, people find their dream home and make an offer which they are excited to find out is accepted. But what happens sometimes is that after making an offer they discover another offer, a lot higher, is made by someone else. Naturally people wonder if the seller is just saying that they got a higher offer to try to drive up the price. If you are ever outbid after an offer has been accepted, you have the right to see proof of the higher offer's existence.