Role and Services of Real Estate Agencies and Brokers in Property Transactions

Real estate agencies and brokers play a crucial role in facilitating property transactions by providing professional services that guide buyers, sellers, landlords, and tenants through the complex process of property dealings.

Their key roles and services include:

• Advisory and Consultation: They offer expert advice on property pricing, market trends, and eligibility to buy, sell, rent, or lease properties. This helps clients make informed decisions based on current market conditions and regulatory requirements.

• Marketing and Promotion: Agencies use advanced marketing techniques such as high-quality photography, virtual tours, and targeted online advertising to showcase properties effectively, aiming to attract the right buyers or tenants quickly and at optimal prices.

• Transaction Facilitation: Brokers assist with the preparation and completion of necessary paperwork, ensuring compliance with legal and regulatory frameworks. They also update clients on offers, proposals, and relevant documents throughout the transaction process.

• Representation and Ethical Conduct: Property agents must act professionally and in their clients' best interests, avoiding conflicts of interest by representing only one party in a transaction. They must obtain prior consent before advertising properties and disclose any referral fees received.

• Property Management and Valuation: Many agencies provide additional services such as property management, valuation, investment advice, and project management for residential, commercial, and industrial properties.

• Commission Handling and Payment Security: Upon transaction completion, clients pay commissions to the agency (not directly to agents). Payments related to property transactions should be made directly between parties using verifiable methods like bank transfers or crossed cheques to prevent disputes and comply with legal requirements.

Overall, real estate agencies and brokers serve as intermediaries who streamline property transactions, protect consumer interests, and provide comprehensive support from initial consultation to closing the deal.