# Entrepreneur of the Week Yaron Feldberg # Post 2
I want to talk in the hat of a real estate agent, and rather explain what the role of a real estate agent in Pennsylvania is to differentiate from Israel. So, if you are starting their load for the first time in real estate in the US or you have some experience in investing in the US. Understanding what you will take care of will help you know how to deal with them properly, as well as avoid problems or inconveniences in the purchase process.
Before I get started, in Pennsylvania in the buying process there are several factors involved in a real estate transaction.
Factor 1 - The seller and the buyer.
The seller who sells his conference to a buyer who is interested in buying the conference. A buyer does not have to take a real estate agent to sell his property. He can advertise himself, meet the customer, sign a contract of sale, and sell it.
Factor 2 - Real Estate Agents
Most often, buyers and sellers take a real estate agent. The reason is that the agent will oversee the transaction process and make sure there are no conditions in the transaction they may miss that will hurt one of the parties, advice on the process, and negotiation and adherence to schedules. The goal of a good real estate agent is to make the process close with a minimum of problems and prevent situations where their client is harmed by the deal. Beyond that, a good agent is an example of honesty and credibility which should make the client feel comfortable entrusting his valuable asset to a person who will take care of him and take care of his client’s interests.
Factor 3 - The various professionals.
In the transaction process, there is an option to select a test time and invite professionals to perform tests and provide a report on various problems that may exist in the property, from the property boundaries to the state of the electricity system. (Here too the agent will be a good source for such people)
Factor 4 - Title Companies
The title company or closure is basically a body that does 3 important things:
1. Ensures for the buyer the history of property ownership, problems that may arise in the future, hidden debts that may be related to the property and that there will be no rights over the property to anyone other than the seller who in the process transfers his right to the buyer.
2. A third party who will be responsible for the transfer of rights and funds in a safe manner.
3. Gives responsibility for the right to a conference to the buyer.
That is to say make sure the deal goes through smoothly without any issues that may arise after the transfer of rights.
Apart from the seller and the buyer who are actually the main factors in the deal. All other factors are tools to make the process go as smoothly as possible.
When it comes to agents, a lot of new foreign investors do not really understand what the agent's role is and what he is supposed to do and not do. There is a lawsuit among real estate agents, that we are a kind of paper pushers. We take documents and sign our clients and after making sure all the documents are signed properly. In general, in the real estate course we learn a lot of antiquities, general laws, legal concepts, what we are allowed and not allowed to do and basic calculations for measurements and taxes. Everything else an agent learns on his own: property value, assessing property condition, understanding the components it is built on and general problems that may arise.
The good ones also make sure that all the documents are signed correctly as per the requirement of their client. The better the agent the less likely the problems are. The agents are not experts in contracts, so they will not advise you on the documents, they will tell you to consult an attorney. They are not supposed to know but to calculate construction costs, interior design, profitability and so on. All of these things are a bonus that you may come across an agent who knows. The course teaches us not to advise on something we did not learn in the course to save us responsibility that could lead us to problems with clients that can be dragged to the courts. Especially in a country where it is very easy to sue for anything. A "perfect" agent is a type of Teflon. Want to understand a clause in the contract consult an attorney, want to know if there is a crime in the area you are looking for a home, here is a phone call from the local police or website. How much will it cost to renovate, consult a contractor. You got the idea.
Agent, can recommend good professionals he knows from his experience. But he must not push you professionals. He will prefer that you supply the closing company and the contractors. And if you do not have one he will recommend. In a transaction with a local client the tests are from the client's role and not the agent's. So agents coordinate the tests for you and meet with them on the ground making them kind of responsible and a lot of agents prefer not to take that risk for fear of future problems.
Ethics for a good agent is very important, whoever breaks the rules of ethics may lose his membership in the NATIONAL ASSOCIATION OF REALTORS® or NAR for short. And may even lose his license to do business in real estate. Therefore, you need to know how to use the agent wisely. For example, if an agent discovers a problem in the home that is critical. If the buyer asks him about it (indirectly or indirectly) it is his duty to tell the truth even if it may offend the seller. If a seller asks his agent to lie, it is the agent's duty not to work with the seller or to require the seller to abide by his rules. Just as an agent must not discriminate, lie, intentionally harm customers, etc. That still does not mean that agents are perfect. There are bad agents and there are good agents. Bad guys are slowly being ejected, so it's important to do a little research or get recommendations.
An agent will always ask for exclusivity to work with you, if he does not, it should turn you on a terrible red. There are lots of reasons why most agents will not work with a client who works with another agent. One reason is legal, can complicate the agent. The second is investment. I will not learn my secrets, I will invest time, fuel and money on people sleeping with other people.
Agent is a Catholic wedding until you decide to fire him and take someone new. I released a lot of investors that I found out they were turning to other agents. Every agent wants a return on his time and investment. Like any other professional.
Before you start investing, find a good real estate agent / broker who has experience in real estate investing in the area you are going to invest in, who knows the area. Who can refer you to all the different professionals. One who knows the limitations and is not afraid to yell at you. Remember you are babies in this world, and you do not know the dangers in the industry. People are successful in the industry in 2 ways. Painful experience with the ability to recover quickly, learn and apply or people who have taken good counselors.
This group is a great way to experience the world and hear different experiences.