There are many differences between real estate agents in the United States and agents in Latin America. The biggest difference is that in most of Central and South America there is no need for a license and almost anyone can be a real estate agent. On the other hand, in the United States, it is necessary to have a license to be a real estate agent. Additionally, if this agent adheres to a code of ethics, he or she will be called a “Realtor®.”
Types of Realtors
• Transaction agent (most agents in Florida): represents the transaction and cannot represent the seller or the buyer per se, but verifies that the transaction is completed correctly.
• Single agent: represents the client and has a fiduciary responsibility, advises the client regarding the pros and cons and does what the client decides to do after explaining the circumstances of the case such as negotiation possibilities, terms of the contract, prices, etc.
The MLS
In the United States, real estate agents have access to something that you don’t have in most other countries, which is the Multiple Listing Service or MLS. But what is the MLS?
Basically most real estate agents have a service that they subscribe to, where all the properties for sale are listed, except those that the owner wants to keep as a private listing. Thanks to this system, real estate agents can keep an eye on new listings, information about the property that is often not public, and can show you any of these properties. You share your tastes and preferences only with the agent you choose, and you avoid repeating the same story to other agents, also facilitating the fact that the agent you choose will learn to know your tastes and will only email you the properties that match your tastes and needs. In addition, the agent will have the possibility of negotiating the property according to the research they do to recognize the property’s fair market value, and will fill out the contract with the terms of the negotiation that you agreed to, among other things…
In most of Central and South America, whoever wants to buy a home has to call directly the listing agent of that property, find more information about the property, make an appointment, etc., usually one property at a time, which is very cumbersome.
Duties of a real estate agent in the United States
The real estate agent in the United States is usually helping you in up to three negotiations during a transaction:
1. What type of offer will be made?
You should not only take into account the price but also the terms of the contract like deposit, inspection time, etc.
2. Negotiation after inspection:
It is important to inspect the property and negotiate with the seller to fix the things that are not working condition, although it is also possible that the seller lowers the price of the property or gives a credit for closing costs, or even refuses to make any arrangements.
3. Appraisal:
In the event that the appraisal is lower than the sales price, negotiations will be made with the seller so that the price is equal to the appraisal, you can cancel the contract if there is no agreement between the 2 parties, or you can agree to split the difference.
Conclusion:
In the United States it is important to have a very good real estate agent (or even better, a Realtor®) when purchasing a property, since this is the professional who will take care for you of many really relevant factors when making a negotiation and will be in charge of achieving positive results for you, with their capacity for analysis, management, negotiation and knowledge.
Don’t forget: if you need a Realtor® in the United States, you can contact Rosa Payson, PA at +1-941-313-5843 (you can use WhatsApp or FaceTime if out of the country) and for any financing questions you can contact Pablo Samsing at +1-954-288-9242.