Professional standards maintained by real estate agents

Real estate companies in Sri Lanka are licensed professionals who represent buyers or sellers in real estate transactions. They are knowledgeable about the local real estate market and assist clients in buying, selling or renting properties, whether you are looking for a house for sale in Kandy or want to sell your waterfront land in Mirissa. Here are some of the key responsibilities and tasks of a real estate agent:

●      Listing properties: They help sellers determine the appropriate listing price for their property and market it to potential buyers. They may take photos, create listings and advertise the property through various channels.

●      Finding properties for buyers: When working with buyers, agents help them find suitable properties based on their preferences and budget. They search listings, arrange property viewings and provide information on neighbourhoods, market trends and comparable sales.

●      Negotiating and facilitating transactions: They act as intermediaries between buyers and sellers. They handle negotiations on behalf of their clients, striving to achieve the best possible terms and price. They also prepare and present offers and counteroffers, ensuring all necessary paperwork is completed accurately and on time.

●      Market analysis and pricing: They assess market conditions, analyse comparable property sales and provide guidance on pricing strategies to clients. They use their expertise to determine the fair market value of a property and advise sellers on setting an appropriate listing price.

●      Marketing and advertising: These agents employ various marketing techniques to promote properties they are representing. This may involve online listings, traditional advertising methods, open houses, virtual tours and leveraging their network of contacts to find potential buyers.

●      Client representations: They represent their clients’ best interest throughout the entire real estate process. They provide guidance, answer questions and offer professional advice based on their knowledge and experience.

●      Building relationships: Successful agents build and maintain relationships with clients, other agents, lenders, appraisers, inspectors and other professionals involved in the industry. These connections help them navigate the process smoothly and provide clients with access to a reliable network of resources.

It is important to note that the specific duties and responsibilities of a real estate agent can vary depending on local laws, regulations and the scope of services they provide.

What kind of professional standards should real estate agents maintain?

These companies or individuals are expected to adhere to high professional standards and ethical conduct. Here are of the key standards that they should maintain:

●      Licensing and legal compliance: They must obtain the required licences and certifications mandated by their jurisdiction. They should stay updated on relevant laws, regulations and codes of conduct governing the industry and ensure compliance in their practices.

●      Honesty and integrity: They should act with honesty, integrity and transparency in all their dealings. They should provide accurate information to clients, avoid misrepresentation and disclose any conflict of interest.

●      Client confidentiality: They should maintain strict confidentiality regarding their clients’ personal and financial information, and should not disclose such confidential details without proper authorisation, except where required by law.

●      Fiduciary duty: Agents have a fiduciary duty to act in the best interests of their clients. This includes prioritising clients’ needs, maintaining loyalty and disclosing all relevant information that may affect their decision.

●      Professional competence: They should continually strive to improve their knowledge and skills through ongoing education and professional development. They should stay informed about market trends, industry practices and technological advancements to better serve their clients.

●      Fair and equitable treatment: These agents should treat all clients and customers fairly and without discrimination based on factors such as race, religion, gender, nationality or socioeconomic status. They should provide equal opportunities to all parties involved in a transaction.

●      Clear communication: They should communicate effectively and promptly with their clients, providing accurate and timely information. They should be responsive to client inquiries, address concerns and keep clients informed throughout the transaction process.

●      Professional demeanour: They should maintain a professional and respectful demeanour in all their transactions. They should act in a manner that reflects positively on themselves, their brokerage and the real estate industry as a whole.

●      Conflict resolution: These agents should be skilled in resolving that may arise during transactions. They should strive to find mutually beneficial solutions and facilitate open communication between the parties involved.

By upholding these professional standards, these agents can build trust with their clients, promote a positive image of the industry and provide exceptional service to buyers and sellers alike.

What to look for when choosing a real estate agent

When choosing a real estate agent, it is important to consider several factors to ensure you find the right professional who can meet your needs and provide a positive experience. Here are some key things to look for when selecting someone for your property related work:

●      Experience and expertise: Look for an agent with a solid track record and relevant experience in the local market. An experienced company or individual will have in-depth knowledge of the area, understand market trends and be familiar with the intricacies of buying and selling property.

●      Reputation and references: Research their reputation and seek recommendations from friends, family or colleagues who have worked with them before. Read online reviews and testimonials and gauge their past clients’’ satisfaction levels.

●      Licences and credentials: Ensure that they are properly licensed and accredited. Check if they are a member of a professional organisation, which requires members to adhere to a strict code of ethics.

●      Local market knowledge: A good agent should have a deep understanding of the local market, including neighbourhood dynamics, pricing trends, school districts, amenities and other relevant factors. Their expertise will help you make informed decisions.

●      Communication and availability: Look for someone who communicates effectively, listens attentively to your needs and responds promptly to your inquiries. Availability and responsiveness are crucial, especially during time-sensitive transactions.

●      Marketing and technology skills: In today’s digital age, it is important for agents to be skilled in online marketing, social media and technology tools. They should have a strong online presence and utilise modern marketing strategies to effectively promote your property or find suitable listings.

●      Negotiation skills: Assess their negotiation skills and their ability to advocate for your best interests A skilled negotiator can help you achieve favourable terms and navigate complex negotiations.

●      Compatibility and rapport: Personal rapport and compatibility with your agent are important factors. You should feel comfortable working with them, trust their judgement, and be confident in their ability to represent your interests.

●      Support network: Inquire about their network of professionals, such as lenders, home inspectors, appraisers and attorneys. A well-connected agent can provide you with reliable referrals and resources throughout the transaction process.

●      Fee structure and contract terms: Discuss their fee structure and contract terms upfront. Ensure you have a clear understanding of their commission rates, any additional fees and the duration of the agreement.

By considering these factors and conducting a thorough research, you can find a real estate agent who is knowledgeable, trustworthy and best suited to help you achieve your goals. It is often beneficial to interview multiple companies or individuals in order to compare their qualifications and find the best fit for your specific needs.