What Are Duties of a Real Estate Agent? Dean Graziosi Explains What You Should Never Do for Your Client

As a real estate, there are certain duties and obligations that you have to fulfill. Some of your duties are towards your clients (buyers and sellers). Other duties, and we bet this the major part, lies with the state you belong. It is therefore duty of a real estate agent to understand all of the duties before starting practice.

According to Dean Graziosi, any estate agent, who failed to comply with his duties will be answerable to the court of law. On the other hand, your client will ask you do every possible thing that can benefit the deal. In such situation, an agent make sure that all his actions are legal, nothing is illegal and out of law. According to Dean Graziosi, there are state as well as federal laws governing real estate agents. It is better to have a look on the laws than to fall prey to illegal actions.

Dean Graziosi is a realtor with above 20 years of experience. In his real estate career, he has acted as a buyer, seller as well as a real estate agent. Dean started his real estate career from the age of 18. Gradually and with extreme hard work, he took his career to new heights. And now after 20 years, Dean is a bestselling author, a real estate millionaire, a successful entrepreneur and a true mentor.

What Governs Duties of a Real Estate Agent?

Following federal and state entities govern duties of a real estate agent.

·         Federal Fair Housing Act

·         State Real Estate Laws

·         National Association of Realtors Code of Ethics

·         Employing Broker's Guidelines

Duties under Federal Housing Act:

Perhaps, this is most important lawsuit governing duties of a real estate agent. This legislative was established with Civil Rights Act of 1978 and was later amended and modified by Fair Housing Amendments Acts of 1988. This act protects seven classes:

1.      Race

2.      Color

3.      Religion

4.      National Origin

5.      Sex

6.      Handicap

7.      Familial Status

At that time, it came as a shock for many who took real estate business for granted. The legislative bordered dos and don'ts of real estate. There were restrictions on choosing a particular community neighborhood, nationality etc. Some of the salient features are given below:

·         The real estate agent cannot and shall not answer demands that are against the law.

·         The real estate agent cannot locate or advertise places in a particular community.

·         The agent cannot locate or provide properties based on religious beliefs, i.e. near a church, near a mosque etc.

·         The agent cannot even advertise that his listings are based on a particular area.

·         An agent shall not answer questions of the clients related to ethnic composition of a neighborhood.

·         Agent shall not answer the querries or show the properties advertising ethnic neighborhoods, i.e. most of the Asians live here, this area is for Latin Americans etc.

·         Agent should refuse the buyer or seller insisting to find a client or property of same ethnicity, nationality or religion.

·         Agent shall not advertise properties or provide properties on the bases of sex.

What Words to Use in Your Listings:

Use of discriminated words is highly restricted. Following is a given a list of the words that if used in the ads can violate Fair Housing Law.

·         Sports Minded

·         Bachelor apartment

·         Professional

·         Mother-in-law quarters

·         Couples only

·         For Adult

·         Ideal for Senior citizens

·         African Americans

·         Section 8

·         Handicapped

·         No children

·         Children welcome

Miscellaneous:

When asked about a neighborhood with school in the vicinity, you must make it clear to the client that not all of the neighborhood schools will allow their kids. Apparently, such kind of requests might come in to the category of violation of fair housing law.

Check out Dean Graziosi’s e-Books >>>

http://www.amazon.com/Dean-Graziosi/e/B002G0AYAI

Top Ten Questions and Answers for your Real Estate Agent Interview: Dean Graziosi Provides You Complete Interview Template

Although you might already know what to ask your real estate agent, it is not enough. It is impossible to know without answers whether the agent is speaking truth or is faking everything. Dean Graziosi has arranged top ten questions and their answers. Now you can interview your real estate agent and know whether he is really worth it.

Dean Graziosi is an expert realtor. He has been working in the field of real estate for more than twenty years. He is a bestselling author and a true mentor. His infomercial series based on real estate and auto parts is on air for many years, apparently since 1998. He also designs special courses and guides to help novice and aspirants of real estate.

Question _ 1: How Long Have You Been in the Business?

Answer: Minimum of a five years experience is recommended. An experienced real estate agent will recognize a problem at once; he will immediately plot a solution to the problem. However, there are some talented newcomers; you can judge them by their educational background, communication power and references.

Question _2 : What is Your Average List to Sales Price Ratio?

Answer: If you are seller, you must make sure that the buyers market list-to-sale-price ratio must be within 97% - 100% whereas, for sellers market it must be 100% - 110% of the list price.

If you are a buyer, expect 90% - 99% buyers market ratio whereas, 100% - 105% sellers market ratio.

Question _ 3: What is Your Best Marketing Plan?

Answers:  Marketing plans for buyers and sellers are different.

For buyer:

·         Expect to see 5 - 7 homes a day.

·         Agent should preview homes before you.

·         Agent's preview is to make sure that the homes are according to your parameters. (This clause is negotiable)

·         The agent will not represent any other buyer competing in the same vicinity or on the same inventory.

For Seller:

·         Must incorporate a weekly marketing plan.

·         Try online as well as offline means.

·         Implement flyers, signage, print advertisement and post cards.

·         Must show samples of emails, virtual tours for prospective buyers, online listings

·         Must show a separate marketing campaign specially designed for you.

Question _4: What are Your References?

Answer: A good agent should show a few of the references. He must show references that are not related to him in any way. The references should not be older than two years. The references must be available if you want to talk to them.

Question _ 5: What Makes You Different from Others?

Answer: The list will be long; however, it will be good if the agent can show proof. The list must include following qualities:

• Analytical skills
• Negotiation skills
• Good communication skills
• A complete record of satisfied customers (in case you choose for an experienced agent)

Questions _ 6: Documents

Answer: As a buyer, ask him to show a sample purchase agreement. Point out different clauses and ask him to explain those clauses. Ask him to show and explain buyer's rights of cancellation. If he fails to explain or start babbling, leave him and hire another agent.

As a seller, ask him to show listings agreement. Ask him to reserve the right of selling home yourself. If there are any hidden charges, question them.

Questions _ 7: Do You Know Other Professionals?

Answer: Ask the agent if the title company she suggests is charging any referral fee. Most of the title companies arrange for mortgage, lawyer, home inspector, appraisal etc. In turn, they charge referrals. If this is the case, search for another agent, as such referrals are illegal in many states. 

Question _ 8: What is Your Commission?

Answer: All fees are negotiable. Whether you are a buyer or a seller negotiate the fees.

Question _ 9: Do You Allow Release from the Agreement on Request Prior to Expiration?

Answer: Make sure that the agent allows you release from agreement upon your request, prior to its expiration. If he/she refuses, hire another one. This implies on buyers as well as on seller's agreement.

Question _ 10: Understanding

Answer: If you think that despite of your efforts, the agent does not understand your objectives, demands and goals, it is better to hire someone else to do the job.

Check out Dean Graziosi’s e-Books >>>

http://www.amazon.com/Dean-Graziosi/e/B002G0AYAI

How to Market Your Property without Hiring a Professional Marketer: Dean Graziosi Gives Effective Marketing Tips

Marketing is a tricky business. Probably this is the idea that pursues sellers to hire professional marketers to do the job. However, if you play safely, you can do marketing of your property yourself, without hiring a professional marketer. Dean Graziosi suggests a complete guide to market your home without hiring a professional hand.

Although, professionals tend to do the job up to the perfection, as a seller you can also put your property on listings with effective marketing tactics. Dean Graziosi suggests that if you are short of budget or you just want to try your hand at marketing, this is the best opportunity to explore. However, as mentioned earlier, marketing is a tricky business. You must study and research thoroughly before starting your quest.

Dean Graziosi is an expert realtor. He has been working in real estate for more than two decades. He is a successful entrepreneur and a millionaire. He started his career as a dealer of auto parts. Soon he came in to the business of real estate and started making money. Today, Dean has written a number of bestselling books. Some of the books are based on auto parts business others teach rules and regulations of real estate. Dean helps aspirants and novice realtors and real estate agents to achieve successful career.

Dean also runs infomercial series. His infomercial series is one of the longest running infomercial series of American TV channels.  

Start the Campaign:

Before starting marketing campaign, prepare your home. Your home must look clean, tidy, fresh and bright. Remove all of the family belongings and rearrange any settings of furniture or decoration pieces. Start by posting your home on online and offline listings. Most of the buyers today, search for houses online. Therefore, it would be best to post your ad online.

Photograph:

You have to photograph your house so that you can upload images with your online ad. Make sure that photos that you take must be clear. They cover all of the targeted area i.e. kitchen, outdoor, lawn etc separately. Make sure that you use good quality camera. 

Why Photos:

There are several factors; however, following are given fundamental reasons to explain why you should take good quality photos.

·         Properties with clearer images are sold quickly.

·         According to stats, properties with clearly defining indoor and outdoor images sell quickly as compare to properties featured with one outdoor image only.

·         Buyers prefer visual definitions as compare to words and descriptions. 

Rules of Taking Photos:

·         Avoid direct sunlight.

·         Crop out sidewalks and streets

·         Shoot up-close and angled photos

Photos of Outdoor:

·         Remove vehicles from driveway or front of home.

·         Take images of spa, lawn, clubhouse, tennis courts etc. (in case of condos/apartments)

·         Keep the camera at an angle

·         Mow and trim the lawn

·         Remove evidence of pets and kids' toys.

Photos of Interior:

·         Take photos of every room separately.

·         Open all of the lights in the room include natural sunlight.

·         Do not cover trash or other negative aspects of the house.

·         Take photographs of washrooms.

·         Never shoot in mirrors.

·         Use decoration pieces and flowers in kitchen, rooms, and washrooms.

Virtual Tour:

Take advantage of modern technology as much as you can. If there is a serious buyer, give them a 360-degree virtual tour of your home.

For Sale:

Show that your property is available for sale. Put signage on front of the house, windows and at corner of the house. Some Home Associations do not allow such signage, make sure yours allow before posting. You can also request a neighbor to place signage at their front yard with an arrow pointing towards your property.

Provide all of the basic information of contact, i.e. name, phone number and email address of agent and seller.

Print Advertisements:

Even today, print advertisements are an excellent source of marketing. Put ads on local, national and real estate newspapers. Ask for larger space if you have enough budgets. Also, post the ad on as many websites as you find. 

Direct Mailing List:

Make postcards and send them directly to the buyers. You can purchase list from your agent. Send postcards to:

·         Neighbors, indicating any friend family member who might want to move.

·         Friends

·         Buyers' Agents

·         Interested Buyers

Market Your Open House:

Not all of the houses have open houses. If you have one, clearly and boldly mention it in your ads. This will definitely grab attention of the buyers.

Check out Dean Graziosi’s e-Books >>>

http://www.amazon.com/Dean-Graziosi/e/B002G0AYAI