Blog

By Dorange Ousa, Target Homes Limited.

When buying or selling a home, one will always need some help. So the big question is who should you reach out to? Real estate professionals go by various names. This includes a real estate agent, real estate broker or Realtor. How do you tell the difference?

We often use these titles interchangeably but there are some important differences, as well as varying requirements for using particular titles. They include the following;

1. Real estate agent

A real estate agent is a person who represents sellers or buyers of real estate or real property. Real estate agents fall into four categories of representation:

• Seller’s Agents, commonly called “listing agents,” are contracted by owners to assist with marketing property for sale and/or lease.
• Buyer’s Agents are brokers or salespersons who assist buyers by helping them purchase property.
• Dual Agents help both the buyer and the seller in the same transaction. To protect their license to practice, a real estate broker owes both parties fair and honest dealing and must request that both parties (seller and buyer) sign a dual agency agreement. Special laws/rules often apply to dual agents, especially in negotiating price. In dual agency situations, a conflict of interest is more likely to occur, typically resulting in the loss of advocacy for both parties. Individual state laws vary and interpret dual agency rather differently, with some no longer allowing it. In some states, Dual Agency can be practiced in situations where the same brokerage (but not agent) represent both the buyer and the seller. If one agent from the brokerage has a home listed and another agent from that brokerage has a buyer-brokerage agreement with a buyer who wishes to buy the listed property, dual agency occurs by allowing each agent to be designated as an “intra-company” agent.
• Transaction Agents: If a buyer is not represented by their own exclusive agent, the listing agent may have to write an offer for the client. In states where dual agency is not legal, a listing agent can be elect to become a transaction agent. Under these circumstances, the agent acts as an impartial facilitator throughout the transaction.

2.Real estate broker

A real estate broker negotiates, arranges, and oversees real estate transactions. They may also own/run brokerages. He/she has taken education beyond the agent level as required by state laws and passed a broker’s license exam. They are also more experienced.

“Brokers have in-depth knowledge of the real estate business,” says Jennifer Baxter, associate broker at Re/Max Regency in Suwanee, GA. A broker acts as an umbrella company and the agent is essentially a salesperson working for that company.

Common responsibilities of real estate agents and brokers include:

1. Represent buyers and sellers
2. Marketing residential sales and lettings units, commercial sales and lettings units, industrial sales and lettings units or lands for sale
3. Negotiate prices and managing transactions
4. Prospecting buyer and seller leads
5. Hold open houses and showing homes
6. They also source for clients’ needs if they do not have the property in their listings.
7. Manage properties on behalf of the landlord

By Audrey Ference

If you’re looking for an apartment to rent or lease, there are certain questions to ask a landlord before renting the place. After all, this is where you’ll be living—you’ll want to be crystal-clear on the rules, right? So, before you impulsively sign that lease and pay your security deposit, make sure to stop, take a breath, and ask a few simple questions to make sure this rental is right for you.

1. What is included in the rent, and what fees will I have to pay?

Rent is just part of your living for the month—the biggest part—so you need to be sure you can comfortably cover all other costs of living in that space, including rent payments, renters insurance, and utility bills.

Most apartments will include utilities like water and sewage as part of the rent or lease payment, but other utilities such as heat, water, gas, electricity, trash, internet, and even pest control can be separate costs from your rent.

“Some buildings even charge an administration billing fee,” says Natalie Young of A+ Apartment Locating in Austin, TX.

Be sure to ask questions about which of those services tenants will need to set up. If the gas or electricity is in the renter’s name, you’ll need to have money available for the security deposit most utility companies require.

2. How many people can live here, and what is the visitor policy?

If you’re planning to live with roommates or have a large family, make sure you comply with the tenant occupancy standards of the apartment before renting.

According to Young, most buildings don’t allow more than two people per bedroom of an apartment, including children. Also, if you plan to have frequent or long-term guests at your rental, ask questions about the landlord’s guest policy.

“Most landlords will want to know if you have a guest staying more than a certain number of days,” says Young.

3. Is my security deposit refundable?

Make sure you have clarity about what part of the money you give your landlord upfront for the apartment or other rental is an administration fee, and what is a deposit.

Some deposits are fully refundable if the apartment is returned in good condition after the renter moves out, and some are nonrefundable.

If the deposit is significant, ask important questions before move-in day about what conditions the lease spells out for the security deposit’s return, how maintenance requests are handled, and if there are any additional fees.

4. Do you accept pets, and if so, are there restricted pets?

If you have animals in your life, your search for an apartment or rental home might be a little more difficult, especially if your pets are exotic.

“It goes beyond just restricted dog breeds,” says Young. “You can’t have snakes in most apartments, rodents like ferrets are often banned, and many buildings don’t accept birds.”

Many landlords and management companies charge renters a pet deposit, a nonrefundable pet fee, or even a monthly pet rent as part of a lease agreement. Ask questions in advance about the pet policy and what your furry pals are going to cost you before you sign a lease.

5. What’s the parking situation?

Depending on the location of the place you rent, parking at an apartment could be no big deal or an additional fee of hundreds of dollars a month on top of your rent.

If you have a car—or two or three—ask your landlord questions about tenants’ parking situations, whether you get a dedicated parking spot, and how much that parking spot is going to cost per month.

Ask the landlord questions about what street parking is like. In some neighborhoods, it might not be possible, or tenants could spend the night before street cleaning circling the block for an hour.

6. What happens if I need to break the lease?

A lot can happen in a year: a surprise new job, a sick parent, an injury, a cross-country love connection. If for some reason you absolutely have to move from your apartment midlease, what will your options be?

Some landlords will require you to buy your way out, while others will just want you to find a qualified tenant to take over your lease, or sublet the apartment.

Policies and laws about breaking a lease vary widely, so it’s a good idea to ask your landlord lots of questions before you commit, sign the lease, and waste too much money on rent.

7. What can I change, and what do I have to change back?              

Even though you’re renting, you’ll want to make the apartment or rental home your own. But before you start pinning accent wall colors, make sure your landlord is OK with your making changes to the rental.

“Most places will let you do anything as long as you return it to the original condition,” says Young. Otherwise the maintenance costs of fixing nail holes, repainting walls, and replacing light fixtures will probably come out of your security deposit.

If you’re a DIY expert, though, it’s a good idea to talk through any ideas with your landlord after move-in day. He or she might be interested in keeping some upgrades, or may even help pay for the cost of materials or give you a break on rent for your labor. Just ask questions before you sign a lease.

Audrey Ference has written for The Billfold, The Hairpin, The Toast, Slate, Salon, and others. She lives in Austin, TX.

By Lisa Johnson Mandell |

What is a duplex? Homes come in many shapes and configurations, and one type that’s popular with extended families or budding landlords is a duplex. It’s not just one home, but two. The units or apartments may be stacked one on top of the other on separate floors, or they may be side by side with a shared wall. A duplex may also be called a “multifamily dwelling,” because more than one family can live in this type of building.

What is a duplex?

A duplex is sometimes confused with a “twin home,” but they’re not the same type of real estate. A twin home may look like a duplex: two separate homes sharing a wall. But with a twin home, the lot line actually runs through the common wall—so on each side you have an individual home on an individual lot, even though they’re connected.

A duplex is different: Rather than owning just one home, you’re the proud owner of two. As such, a duplex will likely cost more than a single-family home at the outset. However, if you rent out the other apartment, this revenue can drastically offset your mortgage and expenses, and potentially make duplex living cheaper than what you’d pay as the owner of a free-standing house.

A duplex is a popular option for people who want to keep family members nearby or who want a steady income from a rental property that’s not too far away to manage. It can also be a great real estate investment or a creative option for a first-time home buyer, under the right circumstances.

The upsides of a duplex

• A lower cost: On average, living in one side of a two-family duplex (while renting out the other apartment in the building) is more affordable than living in a single-family home with a similar number of bedrooms, bathrooms, and square footage.
• Help with mortgage payments: Let’s say your monthly mortgage payment on a duplex house is $1,700, and you rent out the other duplex unit for $900. You’ll need to come up with only $800 each month to make the payment. Or you could pay off your mortgage even faster by making extra payments on the principal, moving you closer to the ultimate goal: rental income.
• Tax deductions: Unlike with a single-family property, with a duplex you can deduct certain home expenses for property maintenance and yardwork because it’s an income property. That can make upkeep on your duplex easier to afford. Just be sure to check with a real estate tax pro before you make an offer on a particular multifamily property, because specifics always vary.
• You can keep family close: If your family includes someone who is elderly, has special needs, or is just starting a new career, he or she can stay in or rent the other half of the unit. The family member can maintain a degree of independence while not going too far from the nest.
• Security: There’s always someone nearby in case you need help, or to watch over your duplex while you’re gone.
• You set all the rules: The advantages of being a landlord include getting to set all of the rules when it comes to pets, smoking, and landscaping in and around a duplex apartment. Note, however, that being a landlord and building manager also has its downsides.

The downsides of a duplex

• Your tenants live right next to you: This could potentially be awkward if they’re knocking on your door at all hours with requests or complaints.
• You’re responsible for all maintenance: Anything that breaks inside or outside the unit, the way the yard looks, utility issues—you have to take care of it all. Being a landlord may not be easy.
• Renters are not guaranteed: If the rental market is soft, it can take time to find ideal tenants. If you don’t have renters lined up for the second unit, you’ll have to make the entire mortgage payment on the duplex yourself.
• Privacy may be an issue: You could be sharing a floor, ceiling, or wall with another person. You’ll have to deal with all of the noise, smell, aesthetic, and parking issues that come from living so close to someone else in a duplex.
• You’ll have to deal with damage: No matter how carefully you’ve selected your renters, no one ever takes care of someone else’s property as well as they take care of their own. Stuff happens, and you’ll have to sort it out.

Lisa Johnson Mandell is an award-winning writer who covers lifestyle, entertainment, real estate, design, and travel.