When you begin looking for a real estate agent, you generally find agents that work independently under a brokerage. They often run their business independently, for the most part. Their brokerage holds their license, pays their errors & omissions insurance, provides branded marketing material, and holds meetings for all their agents to touch base from time to time. These agents perform in the real estate industry as their clients need. For example, they may operate as a buyer’s agent one day and a seller’s agent the next. They may have a wide range of experience from selling fixer-uppers to mansions.
An agent that is part of a team model works closely with their brokerage to hone in on their preferred area of expertise. This means that each agent has a specialty. Novum Realty operates on a team model, so we have agents that are designated as buyer representation specialists and agents that are designated to act as seller’s representatives. In addition to specific buyer and seller representation, we also support our agents in their unique interests, so that when a client presents their wants and needs, we have an agent with a passion and specialty to match.
Buyer’s Representative Specialist
As a buyer, a client comes with the need to find a new home, perhaps their first. Agents that specialize in buyer representation have a passion for working on the buyer’s side of the transaction. Our buyer’s representation specialists have studied well beyond their obligatory 90 hours of licensing to learn every articulating point of the transaction from the buyer’s point of view. Many independent contractors in real estate learn one or a handful of ways to write a purchase agreement, but with low industry standards, these leave a lot of stones unturned in the process. An agent that works on a team not only has specialized skills to work with you and protect your best interest, they also have a team of dedicated professionals that work alongside them, not against them. In a team model, we understand that the success and failures of one are a lesson for all. So, even if you’re buyer’s representation specialist has a new experience during your transaction, they can rely on the cumulative experiences of their team to offer unique solutions.
Seller’s Representative Specialist
In a market like this, there’s a good chance your home will have multiple offers written on it. Your agent must present them to you, but do you understand what each offer entails? Contingencies, time periods, financing terms, addendums, and amendments are all things you must filter through and choose the highest and best based on the merit of each offer. This can get complicated and stressful, and when you get into negotiations, having an agent that specializes in the selling side of a transaction is priceless. An agent that works closely in a team with other agents has access to the minds of other specialists who are there to support them when they need it. Our selling agents are also trained well beyond the industry standard required for licensing. We go through best practices for showings and practices for marketing the home which has become increasingly important with respect to the pandemic, and we learn continuously from one another’s transactions what is and is not working.
Mandatory Designated Agency
If you have been through a real estate transaction before, you may remember hearing about Dual Agency. This is when a single brokerage is representing both sides of the transaction. For agents that do not specialize in buying or selling, you may end up buying your home from your agent, who is also the listing agent for that property. Your agent will owe fiduciary duties to the sellers in addition to you, which means they have to protect both parties’ best interests. As you can imagine, this can get complicated especially when negotiations take place. At the end of the transaction, that agent will receive all of the commission from the transaction as opposed to splitting with another agent.
At Novum Realty, we employ what we call Mandatory Designated Agency. This means that in a scenario where Novum Realty is the buyer’s broker and the seller’s broker in one transaction, an agent will be appointed to represent each party. This makes transactions clean and negotiations much less frustrating. It also means that you have a single agent that is acting in only your best interest and owes fiduciary duties to only you.
Of course, there are talented and qualified agents out there who work independently, but we believe that the best service comes from an agent that has team support and