Most real estate agencies, including Full Potential Real Estate LLC, market their offer as full service real estate agent or brokers. For most consumers, defining what it really means to be a full service real estate agent can be difficult. Technically, it may mean that the broker/agent offers services across all the facets within buying and selling real estate including buyer’s agency, listing agency and leasing. This may also mean the agent offers both residential and commercial agency representation. However, noting what is not covered and what falls under full service is just as important. Full services may not include several aspects of real estate including legal services, lending services, home inspections, appraisals and general contracting among many more. It is common for first time buyers and sellers to depend on their brokers for guidance and support throughout the process expecting their agents to be fit to tackle all aspects of real estate. Although reliable real estate agents should be able to guide their clients through the process and all the transactions, they must remain within the scope of their expertise. When agents wander into dimensions which they are not qualified or licensed to offer assurances and information, there is great danger for the client and consumer. It is therefore important to know your agent’s limitations and their sphere of influence.
What then constitutes full service real estate agency?
It is important to note that some agents can have licenses for more than one real estate field, in which case they can be able to influence a broader scope. Nonetheless, most of them can only answer to surface-level inquiries. For instance, agents will often provide a CMA (comparative market analysis) which is basically an appraisal and they use a readily provided template used by most residential property analysts. However, agents are in most cases not licensed appraisers and there are no guarantees the appraisal performed by the prospective buyer will mirror what the agent provided. Of course there are a few exceptions but differences will most certainly exist. A full service real estate agent is a broker who is an expert in all phases of real estate marketing, and also a licensed contractor, a mortgage broker and a home inspector. If the agent can maintain their fiduciary duties to the client, then they are full service brokers in the industry. However, a conflict of interest often arises and such agents must have licensing for all the involved real estate market phases. Otherwise, they risk straying away from their sphere of influence and may face legal implications for such doings.
The importance of acknowledging limitations
Although many real estate agents never want to willingly admit they cannot take care of various consumer and client requirements, it is very important to acknowledge limitations. Even full service brokers have requirements, information and assurances they cannot guarantee their clients as they fall outside their influences. Reliable effective real estate agents are not necessarily those knowledgeable in all aspects of real estate market and complementary sectors, but those who acknowledge their limitations. For instance several states allow attorneys to become licensed brokers, but agents are not attorneys. Your agent should therefore recommend an attorney for all the legal aspects instead of attempting to handle everything altogether, unless they are also qualified licensed attorneys.
Things you should not rely on your broker to perform
Consumers should only use real estate agents to the extent that they are effective. There are certain things you should not expect your broker to handle however competent they present themselves. Some of them include the following;
Negotiating sales and purchase terms of purchase with the other party’s lawyer
- Estimating renovation costs
- Commenting on whether the property meets zoning codes and standards
- Decisions related to transaction
The agent may have sufficient experience to offer advice on various areas but are ultimately not expected to push their views onto the consumers especially when it comes to transaction decisions. Contrastingly, they are your perfect place to get referrals and recommendations when a given aspect of the trade falls outside their jurisdiction.
Full service real estate agents are highly recommended since they are capable of handle most of the aspects involved in real estate transaction. There are many in the market and finding them should not be a daunting task. However, you must make sure they only serve the areas they are qualified and licensed for, leaving the other aspects to qualified professionals within the industry. Most agencies employ professionals for each phase to provide a one-stop destination for consumers and clients.
Full Potential Real Estate is a full service real estate broker. We can assist you with buying or selling a home in the Myrtle Beach area. We can assist you with finding the right mortgage company, home inspector and real estate attorney. We have been in the real estate business for over ten years and can provide you the service you need to get the job done.
Call us today to schedule a time to discuss selling your home or buying your dream home in Myrtle Beach.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577