Which is the best type of agent to use for lofts in Downtown Los Angeles? #realestate
Because up to 45% of the best deals are not on the Internet and not listed with agents, the most savvy buyers seek out professionals who have access to these unlisted properties, sometimes called “Pocket Listings.” Not just buyers, but also sellers benefit from using a local neighborhood specialist. Downtown home sellers often run into trouble when they use an out-of-area agent who is not familiar with the few loft specialist lenders who can succeed in quickly providing a home loan to a loft buyer, particularly if the building is involved with some kind of lawsuit, litigation, high renter ratio or mixed use commercial.
Most Downtown LA home buyers and sellers rely on the expertise of a professional real estate agent to represent them in one of the largest purchases of their lives. The laws, paperwork and level of responsibility required can all be quite complicated and immense. An agent is a licensed professional, usually a Realtor(R) member of the California Association of Realtors, who represents the buyer, seller, renter and/or landlord in completing a transaction or, more often, attempting to do so. Is there a type of agent that is better than another? #broker
In California, there are two types of real estate agent licenses: Salesperson or Broker. Officially, one is not better than the other because a broker is involved either way. A broker is licensed to hire and supervise Salespersons, and every real estate professional with a Salesperson license (which is most agents) must “hang” their license with a broker. The broker does not usually observe the Salesperson most of the time, but must look over and approve the paperwork before completing a real estate transaction.
Because a Salesperson always must work with a broker, a Salesperson is not considered to be inferior or less powerful when helping a buyer or seller. Most professionals agree that experience and local neighborhood knowledge are much more important than the license type when it comes to overall effectiveness in helping home buyers and sellers. A Broker license requires more education and testing than a Salesperson license. Some buyers and sellers might therefore choose a person with a Broker license to represent them as their agent just because of the higher required education and testing level.
The need for neighborhood experience is especially true for challenging real estate
climates such as Downtown Los Angeles. With more than half of all properties listed as industrial, commercial, Mills Act or under litigation, Downtown LA buyers and sellers really should use a Downtown specialist Realtor who is familiar with the loft laws such as the L.A. Adaptive Re-Use Ordinance. The pro should have experience in preventing disasters that often arise when out-of-area agents are not familiar with the buildings and their many lawsuits, and the professional should know how to completely solve loft lending problems.
Agents and brokers usually get paid by the property seller, so that buyers need not pay anything to their agent. A few agents and brokers provide free additional service such as the Love Your New Home Guarantee, Buyer Savings Guarantee, guaranteed Free Home Warranty and other protections.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.