An agent can be defined as anyone who acts on behalf of or in the name of another person who has authority to do so to a certain degree or extent. Today most business activities are carried out through agents who act as intermediaries between the buyer and the seller to make the business activities smoother and more negotiable. Partnerships and most other business organizations heavily depend on agency principle as every partner in a partnership and every employee, director or officer in a corporation acts as agents of the whole organization. There are different types of agents relating to businesses that are discussed about in this article.
Special agentThis type of an agent has the most narrowly defined powers to act on behalf of the principle. Special agents are appointed by the principle to perform activities that are out of the ordinary course of business and that are specific in nature. For an example, a property owner may have buyer agent Melbourne browse here to work on his ordinary dealing relating to sale of property but if he is appointed not to sell the property such as a house but the furniture and the fittings instead, he becomes a special agent appointed by the principle.
General agentA general agent has comparatively less power than a universal agent. A general agent is appointed only for the carrying out of an operation in the ordinary course of business of the principle. Other than that the general agent does not have the universal right to act at his discretion. General agents can make contracts and enter into dealings such as managing the shops of the principle, act as a traveling representative and other such activities in the ordinary business activities. Certain property owners also appoint a general agent who acts as the buyers advocate in property dealings and have full authority to act on behalf of the principle and make buy or sell decisions. For more information about property managers Brighton, visit this page.
Universal agentA universal agent has many powers and can do many things on behalf of the principle relating to a principle-agent partnership. The party who hands over the power to the agent is known as the donor and he offers power to the agent through power of attorney, which is the deed signed and agreed upon by the principle. The power of attorney could be appointed generally or to a specific area. This provides the donor with peace of mind and freedom as the agent has the authority to act on behalf of him when he is away and in his absence. Mostly, family members and spouses give each other the power of attorney.