What are the main duties of a real estate agent?
Real estate agents play a vital role in property transactions, serving as guides and advocates through one of life's biggest financial decisions. I've noticed many people don't fully grasp what agents actually do beyond showing houses and putting up "For Sale" signs. Let's clear up any confusion by exploring the comprehensive duties that make real estate agents such valuable professionals in the property market.
Duties: The specific legal and professional responsibilities that a person must fulfill based on their role in a transaction or relationship. These obligations typically include acting honestly, following through on agreements, and protecting the interests of clients or other parties involved.
Core Fiduciary Duties
The foundation of any agent-client relationship rests on six core fiduciary duties. These aren't just -nice -to -haves - they're legal obligations that protect you during transactions.
Loyalty means putting your interests ahead of anyone else's, including the agent's own. An agent can't buy your property secretly or steer you toward houses their family members are selling without full disclosure.
Confidentiality protects your private information. Your agent won't share details about your maximum budget with sellers or tell others about your reasons for moving. However, they must disclose material facts about properties, like known foundation issues or previous flooding.
Speaking of disclosure, agents must tell you about any known defects or issues with a property. If they know the roof leaks or zoning issues, you need to know too.
Due care requires agents to use their professional knowledge and skills competently. They should know local market conditions, understand contracts, and stay current on real estate laws.
Obedience means following your lawful instructions, while accounting ensures proper handling of your money and documentation of all financial transactions.
Professional Responsibilities
Beyond legal duties, agents handle countless practical tasks. They keep you updated on market activity, respond to questions, and manage property marketing through multiple channels.
Transaction management involves coordinating with all parties - other agents, lenders, inspectors, title companies - while tracking critical deadlines. They analyze market data to help price properties correctly and spot trends that could affect your transaction.
Legal and Ethical Obligations
Fair housing laws prohibit discrimination based on protected characteristics like race, religion, or family status. Agents must maintain active licenses, complete continuing education, and follow the National Association of REALTORS®' Code of Ethics if they're members.
Common Misconceptions
Not all real estate agents are REALTORS® - that designation requires membership in the National Association of REALTORS® and adherence to its Code of Ethics.
Dual agency, where one agent represents both buyer and seller, creates special obligations for fairness and disclosure.
Best Practices for Working with Agents
You'll get the most from your agent by understanding their role's boundaries. They can't give legal advice or guarantee investment returns. Clear communication about your needs and expectations helps build a productive partnership.
Working with Bellhaven Real Estate
At Bellhaven Real Estate, we take our duties seriously. Our agents go beyond basic requirements, offering exceptional service through every step of your transaction. Ready to buy or sell? We'd love to show you how our commitment to excellence makes a difference.