When dealing with brokers, it is important to be clear about your expectations. Let your broker know what you want from the relationship and set expectations regarding communication and follow-ups. It will also be helpful to put expectations in writing to avoid problems. A broker will appreciate a written document detailing your investment strategy and goals.
How Do You Deal With a Real Estate Broker?
A broker acts as an intermediary between the seller and buyer. They present offers and screen potential buyers to ensure the best possible deal. They are the gatekeepers in a transaction, so it is vital to develop a good relationship with your broker. You need to be able to trust your broker and feel comfortable allowing him to vouch for you.
Brokers can also work for the buyer and seller on the same property, but they need both parties’ consent and a written contract outlining this real estate agents St Louis. These brokers are called disclosed dual agents and must treat both parties fairly. Undisclosed dual agency is illegal.
You should always ask for the broker’s written contract before signing. A contract with a broker should clearly specify that the broker is not entitled to receive a commission for the sale.
Brokers are required by law to inform you of all offers, including those over a certain percentage of your asking price. However, this is not always possible because competitive bids can slip through the cracks of the real estate market.
This is where a co-broker comes in handy. Ensure that your broker puts your money in escrow, a bank account set up exclusively for real estate transactions. This is so the broker cannot mingle your funds with his own.