You’ve likely heard that a real estate agent is necessary if you want to sell or buy a house. Real estate agents act as intermediaries between buyers and sellers in real-estate transactions.
According to the National Association of REALTORS (NAR), 87% of home buyers buy their homes through brokers or real estate agents. What does a real agent do? How can you benefit from working with one?
What is a Real Estate Agent?
A real estate agent assists both buyers and sellers in real-estate transactions. If you are buying a house, your agent will be your agent during negotiations, as well as every other step of the process.
Commissions are earned by real estate agents. Their income is dependent upon their ability to close deals. Your agent will receive a percentage of the sale price if you sell your house.
There are many types of licensed real-estate professionals. A buyer’s agent, for example, is someone who helps a buyer navigate the home-buying process. This person is legally bound to protect the buyer’s rights and get them the best deal.
A listing agent is the one representing the seller in a real estate transaction. They are responsible for listing the property and getting the highest possible sale price.
Finally, a REALTOR is a real-estate agent who is also a member of National Association of REALTORS (NAR). A REALTOR must adhere to its strict code of ethics.
What do real estate agents do?
Although different types of agents have different duties, there are common tasks they all share. After all, there are a lot of steps to listing a home for sale. Let’s take a look at the main responsibilities of an agent in real estate.
Common Real Estate Agent Duties
A real estate agent is more than a broker who helps you sell or buy a house. Their main responsibilities include:
- Participating in and planning an open house
- Set up showing appointments for potential buyers
- To find or list homes, use the multiple-listing service
- Comparable properties sold at similar prices
- Scheduling Home Inspections and Appraisals
- Complete the paperwork to make offers or purchase arrangements
- Prepare the information to be sent to the lender for the mortgage
A real estate agent is a good choice for selling or buying a house. You get the benefit of their years of experience and expertise in the real-estate industry.
An experienced agent can help you sell your house at the best possible price. You can also take advantage of the agent’s knowledge and network in your area, as well as their ability to negotiate with other agents.
Types Of Real Estate Agents
Agents have other responsibilities than those listed above. Some agents may also have additional duties depending on their job title. It is a great way to find out what real estate agents do and how they help with the home-buying and selling process.
Real Estate Broker
A real estate broker can be a licensed real estate agent who also has passed the brokerage exam. They can work independently or with their own brokerage. A broker may have greater administrative responsibilities than a regular real estate agent.
A selling agent, or listing agent, assists sellers in selling their homes. A selling agent is responsible for scheduling a photographer for home sellers, creating virtual tours for the listing, staging the property and marketing the listing via social media.
A buyer’s agent assists buyers in buying a home. They are responsible for helping clients find potential properties, schedule viewings, and help them choose a mortgage lender.
Before you can hire a buyer’s agent, they will usually ask you to sign a buyer’s agency agreement. This contract will specify how long you’ll work with the buyer agent, their terms and the commission they’ll get.
In a real estate transaction, a dual agent acts as both the buyer’s and seller’s agent. Dual agency is frowned upon as it can lead to conflicts of interest if the seller and buyer don’t have separate representation. Dual agency can be illegal in certain states.
A discount real estate agent is someone who does all the same things as a traditional agent, but is able to do so at a much lower rate by leveraging the use of technology and having a higher volume of listings in their portfolio.
Real Estate Agent FAQs
This list contains frequently asked questions to help you understand the work of real estate agents.
What is a real agent to do after closing?
These are the most important duties that a realty agent must perform after a client closes on a property:
- After 30 days, contact clients to ensure they are happy
- Answer any questions regarding the contract
- Provide a list of local utilities companies that you can use
- Recommend local contractors and landscaping companies
It is a good idea for you to stay in touch with your agent after closing on your house. Writing a thank-you letter can help.
What is a commercial real estate agent?
A commercial real estate agent is a person who specializes in the purchase or sale of commercial property. A commercial real estate agent would be able to help you if you are looking to purchase an investment property.
Although they may sell different types of properties, their daily tasks are very similar to those of residential real estate agents. Commercial real estate agents might also need to manage leasing properties, in addition to buying and selling.
What is a closing agent?
These are professionals who help home buyers through the closing process. They make sure that the property is in clear title and that there is an easy transfer of ownership. The closing agent has some special responsibilities that can speed up the purchasing process .
Is it possible to become a real-estate agent?
Anyone over 18 years old can become a real-estate agent. You will need to register for your pre-license and pass the real estate licensing examination.
It takes approximately 4 to 6 months to complete all required coursework and pass the exam. However, licensing requirements differ from one state to the next.
Are real estate agents really worth it?
You might be wondering if it is worth hiring a real estate agent if you are considering buying your home without an agent . You don’t actually need a real-estate agent to purchase or sell a house.
Real estate agents are paid a commission of between 5% to 6% of the sale price. If you sell your house for $250,000, your agent may receive $15,000 of the proceeds.
Most people believe that the small commission fees paid to real estate agents are worth it. Here are some ways that realtors can help:
- Look for homes and communities that suit your lifestyle and budget
- Get insider information about a specific neighborhood or home
- Negotiate a deal with the seller if you are buying
- List and market your property if you are selling
- Help you decipher legal paperwork
How can I find the best real estate agent for me?
You have many options when trying to find the right real estate agent . Asking for recommendations from family and friends is a great place to begin. After you have received some recommendations, be sure to look over their resumes.
After narrowing down your search to a few candidates you might schedule an interview to ask them questions. It’s also a good idea to ask them if they have any references from past clients.
What’s the difference between a REALTOR and a real-estate agent?
A REALTOR is a real-estate agent who is a NAR member and adheres to the NAR code of ethics, is called a REALTOR. So, a REALTOR is a real-estate agent. However, a real agent may or not be a REALTOR.
It is important that you choose a REALTOR(r), or real estate agent based on their experience, credentials, and skills. Consider the experience, qualifications, and skills of any REALTOR(r), real estate agent you are considering.
The bottom line: Everything a real estate agent does should help you in the home buying or selling process
Agents assist people in selling or buying their homes. Their duties go beyond the interactions they have with you. A real estate agent will assist you in every stage of the process. This includes researching homes and negotiating with sellers on contingencies.
Real estate agents are able to do many things, and buyers and sellers often don’t have enough time or the resources to do it all themselves.