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In the real estate industry, an agent is a person who is essentially the middleman between the buyer and the seller, or the tenant and the landlord. An agent is an expert in the different processes involved in a real estate transaction.
In addition to having intricate knowledge of the property that is on sale or rent, an agent also understands customer behaviours and market factors that could importantly make or break a sale, or lease.
An agent is an important tool in the process of buying, selling and renting property. Not only does he provide a sense of neutrality, he is also empowered with knowledge and aware of how things work in a particular city or region. He helps cut through the unnecessary red tape and formalities, and in ironing out any transactions that take place.
Some agents are appointed by the buyers or renters themselves, whereas some represent the sellers or the landlords. In the UAE, most real estate agencies represent the seller or the landlord.
Whether buying or renting a property, the agent comes in handy by clearly answering questions about a property’s price, size and features; discussing the terms and conditions of a sale or lease; analysing the market dynamics and giving a comparative study of prices of similar properties; providing guidance as to the legalities involved in a transaction; promoting the property in the best possible light; and advising clients about discounted schemes.
Agents can also verify if the buyer or tenant is pre-qualified, pre-screened and capable of completing the transaction. In the end, the agent will make sure that deposits are duly prepared with documentation and office purchase contracts.
As a buyer, seller, tenant or landlord in the UAE, it makes a lot of sense to go through a RERA-accredited agent instead of directly going to the market yourself. This way, you can be assured that frauds and scams will be avoided, and you get the best value for your money.
* Agents are more educated on RERA regulations and current market trends
* Take time to select an agent who can discuss details in a transparent manner
* Agents help clients secure the best price and terms possible in a transaction
Source: Urmila Santosh, Special to Properties
The writer is a freelancer