Are you looking to purchase or lease a property? Checking the ads, making calls and working with multiple agents? The whole process can be tiresome, time consuming and even intimidating. Consider hiring one agent to do the job for you and on your behalf.
If you think that you don’t want to be “tied down” to one agent and are better off working with several agents, think again. Brokers in the real estate industry usually have a strong communication network. Even more so in locations such as Puerto Rico where agents often step on each others toes. A customer will soon be known to be working with several agents and will not be taken too seriously.
The terms customer and client are often used interchangeably in real estate but they actually have very different meanings. If you are a customer, the agent offering the property owes no fiduciary duty to you. Although they need to be truthful and provide the material facts, they are under no obligation to look out for your best interests. If you are a client, it means you have signed a Buyer or Tenant Representation Agreement and have become a bonafide client of the agent who now owes fiduciary duty to you.
Under a representation agreement your agent must protect your best interests in a real estate transaction, disclosing all relevant information and negotiating on your behalf.
Furthermore, an agent with an exclusive representation agreement is going to more committed to getting the job done. Searching for the right location, demographics and price range for your investment is a time consuming job that requires skill and knowledge of the market. Successful agents value their time and will want to be compensated for their effort.
Typically, there is no cost to the Buyer or Tenant since the agent’s commission usually comes from the Seller or Landlord. Most Buyer/Tenant Representatives are willing to end the agreement in the event the client is not satisfied or the relationship isn’t going well. The agent will still be paid a commission if the buyer/tenant ends up buying or leasing a property shown by the agent during the term of the agreement.
All in all, hiring one real estate broker to do the job for you will most likely result in finding the property that best fits your wants and needs, in less time and at the best price.