There are two types of Real Estate Agents in Cape Town:
1. The real estate agents that sells property
2. The real estate agents that helps buyers to purchase property
For those of you who are unfamiliar with the different roles that each of these real estate agents in Cape Town performs, below we give you our quick guide to contacting the correct real estate for your needs.
If you are selling real estate in Cape Town
- The vast majority of real estate agents in Cape Town focus their skills and time on selling properties and as such are in the ‘employ’ of the seller. In other words selling agents work for the seller and in the sellers interests.
- They are normally rewarded by means of a commission paid only on the successful sale of a property. This commission is paid to the agent by the real estate owner.
- They are mandated by the seller of the real estate to achieve the best price possible on their behalf – of course the more they sell the property for, the more they earn.
- They will attract potential buyers by advertising property, but of course any properties they offer to prospective real estate buyers is restricted by what they have on their “books”. In essence they will only offer the prospective buyer a limited choice.
So if you are selling a property find a real estate agent in Cape Town that is a sellers agent – if you are buying property keep reading….
If you are buying real estate in cape Town
- A real estate agent (buyers consultant) that acts for prospective buyers does not stock any property for sale, nor are they tied to specific ‘selling’ estate agents. This means that they can search the entire real estate market in Cape Town, no matter who is selling the property or whether it is bring listed by an estate agent or sold privately.
- Your appointed buyers consultant will save you time and hassle by conducting the search on your behalf, pre viewing properties and ensuring you only get to see the properties that meet your requirements.
- Property consultants, acting for the buyer, are in the ‘employ’ of the buyer. This means they are mandated to get the property at the possible price for the buyer – saving buyers money.
- A Property consultant will help prevent expensive mistakes. Your property consultant is under no obligation to show the property being considered in the ‘best possible light’. In fact as a buyers consultant they will look for the bad things and the problem areas.
- A Property consultant will assist with the offer to purchase. For those buyers acting with no support from a buyers consultant it is very normal for buyers to be expected to complete the offer to purchase (OTP) document with the selling agent. This OTP is a legally binding agreement potentially with a clause in it that waives many of your rights – for example a sold as seen clause. With a buyers consultant All OTP’s should normally be thoroughly checked and completed in conjunction with retained attorneys. Peace of mind for you and the correct legal advice your transaction deserves.
The message is clear and common sense – if you are buying a property, use a real estate agent in Cape Town that is a buyers consultant, one that does not stock property and does not act for buyers.
You can contact Cape Towns for more information about real estate agents here.