CONSUMER REAL ESTATE

In general terms, a consumer is someone who purchases a good or service for their use. A client and a customer may seem like interchangeable terms to you, but they carry completely different meanings in the complex world of real estate.

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The responsibility that an agent owes to a client and a customer differs. A client and an agent usually have a formal relationship with a signed agreement, whereas there is no contract in a customer-agent connection. The decision to either be a client or a customer should be made after taking into account your personal situation. However, if you are a first time buyer or seller, it is better to become a client. Signing an official agreement will grant you additional benefits and will guarantee that the agent prioritizes your interests. Moreover, an agreement brings loyalty and obedience from the agent and makes them accountable for any wrong doings.

However, if you have experience in the real estate market and have adequate information, getting a customer agreement with an agent will also be sufficient. Below we explain who a real estate consumer is and how they differ from a client.

WHO IS A REAL ESTATE CONSUMER?

The real estate consumer is looking to purchase a house or any other property. According to real estate terms, a consumer represents themselves. They may hire a real estate agent, a professional that assists you throughout the process; however, they do not mean the customer. A real estate agent hired by you is not required to make your interests the top priority; he may act best for all parties and not just you as a customer. While the services the agent provides depend on the contract you establish with them, they generally differ from those provided to a real estate client. Services provided to customers include a market analysis of their house, showing the property, and educating them on the current market trends. Moreover, a customer can talk to the agent about properties they are interested in and guidance. Upon the customer’s request to see the property, the agent can arrange house tours. However, providing these services does not obligate the agent to the customer on a client level.

REAL ESTATE CLIENT VS REAL ESTATE CUSTOMER

An agent in the transactions represents a real estate client. It is the responsibility of the agent to act in the best interests of their client, putting them before everything. While a consumer is not told confidential information that an agent may have, they will have to share everything and anything they know in the case of a client. A client-agent relationship is formalized through the signing of the contract. After that, it is the agent’s responsibility to ensure the best price and deal for their client. The duties of a real estate agent to their clients include handling financial matters and giving the client full disclosure, and keeping non secrets. The agent needs to take care of all legal matters involved and has to be loyal to his clients, putting their interests above their own. Read more about Kingdom Valley Islamabad.

CONCLUSION

Regardless of whether you choose to be a customer or a client, it is the responsibility of the agent to be sincere with you and carry out his respective duties diligently. The real estate broker or firm that you hire is also important. Agents can turn out to be frauds or lack the expertise required. Hence it would be best to carry out your own research before finalizing a real estate agent. Read more about 1947 housing.

Author Bio

Ramza Zahra is a Karachi-based freelance content writer who uses her life experiences and curious nature to research and pen it down and make a living. Currently, she is working with Sigma Properties as an Snr. Content Writer.