A subagent is a real estate agent who shows a buyer a home that is already listed by another company. Subagents are generally working on behalf of the listing agent. They represent the interests of the seller. In this blog, we hope to answer your questions about what a subagent is in real estate.
What is a Subagent in Real Estate?
A subagent is someone who has the power to represent a real estate agent when the agent is away. This includes open houses, showings, negotiating, and other tasks. A subagent can be an employee or independent contractor of the brokerage or individual real estate agent they are representing. The key to being a good subagent is knowing the area really well.
What Happens when you’re in Contract with a Subagent rather than the Agency’s Agent in Charge?
When you are in contract with a subagent, they are the one who will be involved with all of your paperwork so there won’t be any confusion. The subagent also has the ability to lower the property’s price quickly if necessary. They can also help you find new agents or brokers if you want to change companies.
The Role of the Subagent and the Lender
If you’re thinking about getting a mortgage, it’s likely that you’ll be dealing with the lender. The lender is the person who is making the decision on whether or not to approve your loan, and will work with the subagent who helps them make their decision.
The subagent is an expert in real estate transactions and is hired by lenders to inspect homes to make sure they meet certain criteria for approval.
Examples of How A Subagent Can Help You
A subagent is an agent who represents a real estate broker, but has a limited territory. This can be useful for someone who doesn’t want to deal with the full work load of a full-time residential agent or wants to focus on a specific market segment.
A subagent is typically used when the listing agent doesn’t have time to represent both parties. Subagents must be pre-approved by the brokerage, and they must also make it clear what they are willing to do for prospective buyers or sellers. For any other real estate questions, contact Meraki Real Estate today!