What is the difference between realtors, their duties and work in various countries?
You have learned the profession in your country and got your real estate license or as a private seller you have an idea how realtors work in your own country (if not, then it is time to get this knowledge as you want to minimize your expenses and maximize the profit from the sale of your property). The same thought goes for a developer willing to hire a foreign realtor to bring foreign buyers to your newly built properties.
Here is the trap that we talked about in the previous chapter: assuming that in any other country realtors work the same way as in yours. They most often do not!
The differences may be in so many means: the licensing system and its requirements are unique in each country (in the U.S. even various states have their own rules) and some countries do not require any licensing for realtors at all; the commission size and split between realtors are regulated in some countries or not at all in others; the realtors’ agreements with sellers or buyers are exclusive in some countries and non-exclusive in others; in some jurisdictions realtors are responsible for closing the deal and they pass the task to other specialists in other jurisdictions; using MLS or similar systems is a must for realtors in some countries and such systems do not exist in others; associations of realtors vary a lot in terms of rights and responsibilities of members in different countries; even the name “Realtor” does not have the same meaning all over the world (speaking of their work duties and responsibilities). By the way, throughout this book we use the words “realtor” and “real ...
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...operation relations with a local realtor in the country where a Russian buyer goes to purchase a property and usually both realtors share commissions 50:50.
As a private seller of a property that you want to offer to foreign realtors, the most important task for you is to prove to them that they will receive their commission in full and on time. By the way, as a marketing consultant for those real estate sellers who want to find a foreign buyer, the author receives inquiries daily with a lot of information on properties for sale, but almost never accompanied by any mentioning of the commission to the foreign realtor and what is even more important - how the commission will be paid and guaranteed.
A summary: if you want to sell to foreign buyers through foreign realtors, make sure you are open and convincing about how you are going to pay their commissions.
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