The Difference Between a Fiduciary and Functionary Real Estate Agent and Which You Should Choose as Your Realtor
Are you ready to list your home among the other Pasadena houses for sale in the near future? Though there are many factors that will determine how successful you are in selling your home quickly and for the price you want, arguably the most important is choosing the right Pasadena real estate agent to help you with the process. When you choose a fiduciary agent over a functionary agent, you enlist the help of a guide who puts your interests above their own. Here is more information on the difference between a fiduciary and a functionary agent and how to choose the agent who best fits your needs.
What is a Functionary Real Estate Agent?
There are many functional aspects of listing Pasadena houses for sale. These include listing it on the MLS and other sites, signing paperwork with the seller of the home, and placing ads for the home on social media or on other forms of media. While all of these are important aspects of the process, they do not feature any decision-making on the part of the agent and there is very little expertise involved. Agents who stop at the basics when it comes to representing sellers of Pasadena real estate are doing the bare minimum to collect a commission check. In many cases, a functionary real estate agent may even make decisions that are not in the best interest of their client, such as pushing for a deal to close faster than necessary so they can get paid quicker and move on to the next deal.
What is a Fiduciary Real Estate Agent?
A fiduciary real estate agent has the mindset and understanding that the seller’s needs come before their own. They act as a counselor and guide through the selling process and always put their clients’ best interests first. It is their job not just to provide information or check off boxes, but to interpret and analyze information on the market and potential buyers in order to best serve your needs. Many fiduciary real estate agents will hire an assistant to perform the functionary real estate tasks listed above to free up their time so they can do the important work: representing you to the best of their abilities. When you work with a fiduciary agent, you develop a relationship built on trust, confidentiality, and responsibility.
Benefits of a Fiduciary Real Estate Agent
When agents study to get their real estate license, they agree to perform certain fiduciary duties for their clients. These include:
- The agent agrees to use their skills to the best of their ability to serve and care for the client.
- The agent agrees to account for all the funds that are entrusted to him or her throughout the buying or selling process and not to commingle them with other client funds or with his or her own business or personal funds.
- The agent agrees to put the client’s interests above his or her own and to be loyal to them throughout the buying or selling process.
- The agent agrees to keep all personal information shared with him or her by the client confidential, especially if the information could be damaging to them in a negotiation.
- The agent agrees to tell his or her client any information that may benefit them during the buying or selling process.
- The agent agrees to obey any lawful orders the client gives him or her during the buying or selling process.
How to Find the Best Fiduciary Real Estate Agent to Help you Sell Pasadena Real Estate
Ready to move forward and select a fiduciary real estate agent to help you sell your Pasadena real estate? Here are some tips:
- Talk to your network. The best way to choose a Pasadena real estate agent is to speak with those who have recently worked with area agents. Ask your friends, family, co-workers, and colleagues for recommendations, and then ask specifically what they liked or disliked about working with the agent. Your network should be able to help you narrow down your list to a handful of fiduciary agents to consider.
- Research your top choices. Now that you’ve narrowed down your list of potential Pasadena real estate agents, it’s time to do a little research. Start out by looking at their online profiles and websites. How do they promote their listings? What is their background and how many years of experience do they have? Are online reviews of them mostly positive and what issues are mentioned in the negative reviews?
Do a few interviews. After researching your top candidates, you should be able to narrow even further and choose two or three agents to interview either on the phone or in person. Ask questions about their experience, the types of clients they typically work with, and their knowledge of the Pasadena real estate market. You should also be able to get a good feel for their communication style and whether or not you get along.
- Request references. At the end of your interviews, request information on homes they’ve sold in the last year and ask if you can contact the sellers. Call to check the references and learn more about the sellers’ experience with the agent.
- Choose the one your gut tells you to. After going through these steps, you should have a good idea of which agent makes you feel comfortable and optimistic about your home sale. This is ultimately the right choice for you.
Those who work with a fiduciary agent when selling Pasadena homes have a better chance at selling their homes successfully and having a low-stress selling experience. If you’re ready to work with a fiduciary who puts your best interests first, reach out to one of the Pasadena real estate agents at Vaccaro Nahle to schedule an interview.