Post by The March Hare on Feb 19, 2006 19:02:05 GMT 1
Increased responsibilities for real estate agents
Tevfik Türel, responsible for the Eurasia region of Steward International which is one of the prominent companies of the world in the field of registration of title deeds, real estate ownership and mortgage systems, evaluated the innovations of mortgage for the real estate sector.
According to Türel, the mortgage system will provide transparency to the real estate sector and no information will be withheld from the buyer. The real estate agents will share the responsibility of the sold or rented property. Furthermore, no commissions will be collected from either party.
When the mortgage system prevails and becomes more professional through the international securitization, the real estate system will have to be reorganized accordingly. Well then, what will this reorganization involve in the forthcoming days?
1) New technological substructure: In the ‘new real estate agency system’ the agents will be obliged to be more transparent toward their customers and more knowledgeable about the properties where they are acting as intermediaries. Especially, in line with speedy digital transfer of architectural and ownership details, the real estate agents will have to make continuous investments both for their own training and for technical substructure to benefit from these new technological developments.
2) Representing one party and assuming responsibility: The real estate agents have to represent ‘only’ one party so that they can protect the rights of their customers and make the best decisions on their behalf. A real estate agent asking for a commission both from the buyer and the seller assumes a serious responsibility as he is not in a position to reach decisions for the best interests of both parties. The real estate agents will be obliged to avoid such practices and will be entitled to represent only one party, as well as arranging for ‘liability insurance’ in the case of any dispute.
3) Ownership insurance: The real estate agents will be obliged to stand by their guarantees and compensate for possible losses suffered by their customers due to erroneous or deficient information supplied by them. For this purpose, ‘ownership insurance’ will be taken for the property to be sold.
4) Additional services: The real estate agents will be obliged to offer additional services in the transaction especially for the buyer to make the property more attractive.
Needless to say, technological developments will be involved in the lives of prospective buyers as well. With the present-day development of the internet, it is facilitated for everyone interested in buying or selling property to attain the available information on the market. The real estate agents are obliged to provide better, genuine, safe and faster services for their customers with the concept of “services furnished from A to Z under a single roof” during these transactions to make them more attractive. It is essential to establish a data base to be shared by all real estate agents so that the customers do not have to go from one agent to another.
All these developments indicate the necessity of the real estate sector to be more controlled through training and issued licences. If our government establishes the required legal substructure in this respect, the sector will develop at great speed. Thanks to this system, instead of prospective buyers or sellers addressing themselves to such intermediaries as taxi drivers, grocers and waiters, it will be possible to choose among real estate agents who arrange insurances on the property involved for the benefit of the customers and provide professional services.
18 February 2006
Tevfik Türel, responsible for the Eurasia region of Steward International which is one of the prominent companies of the world in the field of registration of title deeds, real estate ownership and mortgage systems, evaluated the innovations of mortgage for the real estate sector.
According to Türel, the mortgage system will provide transparency to the real estate sector and no information will be withheld from the buyer. The real estate agents will share the responsibility of the sold or rented property. Furthermore, no commissions will be collected from either party.
When the mortgage system prevails and becomes more professional through the international securitization, the real estate system will have to be reorganized accordingly. Well then, what will this reorganization involve in the forthcoming days?
1) New technological substructure: In the ‘new real estate agency system’ the agents will be obliged to be more transparent toward their customers and more knowledgeable about the properties where they are acting as intermediaries. Especially, in line with speedy digital transfer of architectural and ownership details, the real estate agents will have to make continuous investments both for their own training and for technical substructure to benefit from these new technological developments.
2) Representing one party and assuming responsibility: The real estate agents have to represent ‘only’ one party so that they can protect the rights of their customers and make the best decisions on their behalf. A real estate agent asking for a commission both from the buyer and the seller assumes a serious responsibility as he is not in a position to reach decisions for the best interests of both parties. The real estate agents will be obliged to avoid such practices and will be entitled to represent only one party, as well as arranging for ‘liability insurance’ in the case of any dispute.
3) Ownership insurance: The real estate agents will be obliged to stand by their guarantees and compensate for possible losses suffered by their customers due to erroneous or deficient information supplied by them. For this purpose, ‘ownership insurance’ will be taken for the property to be sold.
4) Additional services: The real estate agents will be obliged to offer additional services in the transaction especially for the buyer to make the property more attractive.
Needless to say, technological developments will be involved in the lives of prospective buyers as well. With the present-day development of the internet, it is facilitated for everyone interested in buying or selling property to attain the available information on the market. The real estate agents are obliged to provide better, genuine, safe and faster services for their customers with the concept of “services furnished from A to Z under a single roof” during these transactions to make them more attractive. It is essential to establish a data base to be shared by all real estate agents so that the customers do not have to go from one agent to another.
All these developments indicate the necessity of the real estate sector to be more controlled through training and issued licences. If our government establishes the required legal substructure in this respect, the sector will develop at great speed. Thanks to this system, instead of prospective buyers or sellers addressing themselves to such intermediaries as taxi drivers, grocers and waiters, it will be possible to choose among real estate agents who arrange insurances on the property involved for the benefit of the customers and provide professional services.
18 February 2006
