Real estate agencies are militating these days for the introduction of the Real Estate Agency Act.
The property market is looking good with a notable growth in the number of local and international real estate agencies. What role do they play in facilitating real estate transactions? An update on this matter.
The real estate agent takes an extremely important dimension in a real estate transaction, whether it is the sale or purchase of real estate. It turns out to be such an important link that it would be more appropriate to call it "real estate consultant," highlights Diane Watkins, Manager of Sotheby’s International Realty Mauritius.
Indeed, she tells us, the real estate agent often has the heavy task of ensuring that the customer is satisfied with what will be the biggest investment of his life. The officer must therefore advise the latter in a fair and equitable manner.
«The first responsibility is to understand the needs and wishes of the customer and then to provide advice on market prices, "says Diane Watkins. A good real estate agent has a good knowledge of past and current trends in the real estate market, she says. While adding that a good consultant must also tell the truth to the client regarding the real value or other conditions related to the property that is being prospected. The real estate agent needs to clearly identify the client’s profile. This is a first step towards concluding a transaction. For example, he should not invite the client to visit a property if it does not fit within his budget.
And what about the legal framework?
What about the legal framework governing the activity of realtors? It is non-existent for now, observes Diane Watkins. Many real estate agencies are also advocating for the introduction of the Real Estate Agency Act. "We have laws regarding the purchase and sale of goods, but not on real estate agents. Adopting an appropriate law would prevent some from misleading customers. It’s about consumer protection, "says Diane Watkins. The profession of real estate agent or consultant, she continues, deserves as much respect as a doctor or a lawyer, because it carries its share of challenges. This profession, underline the operators, requires experience, but also to show emotional intelligence. In order to conclude a real estate transaction, the real estate agent must be an intermediary capable of finding a consensus, sometimes difficult, between the parties concerned.
The property market is looking good with a notable growth in the number of local and international real estate agencies. What role do they play in facilitating real estate transactions? Point. In order to avoid being scammed, it is advisable to carry out an initial basic check of the agent or the agency whose services have been solicited. Require a professional card and proof with the agent, of the permits required to validate a real estate sale. To demand also: the amount of its financial guarantee and its commissions.
The main responsibilities of the real estate agent
- Evaluate the price of the property
- Advertise your property
- Ensure the distribution of your offer
- Show the property
- Negotiate the sale
- Write preliminary sales contract if necessary
Other information
In order to avoid being scammed, it is advisable to carry out an initial basic check of the agent or the agency whose services have been solicited. Require a professional card and proof with the agent, of the permits required to validate a real estate sale. To also demand: the amount of its financial guarantee and its commisssions.
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