What Is a Real Estate Agent?
According to Merriam Webster Dictionary, a real estate agent working on behalf of a licensed real estate broker is a licensed professional who works on behalf of the buyer and seller of real estate during a sales transaction. Now that you know the general description, let’s dive into a more detailed explanation.
What Are the Functions?
First things first, a real estate agent works with buyers and sellers in a real estate transaction. Sometimes helping to negotiate and document the transaction between buyer and seller, representing both parties.
The whole process of the negotiations includes a lot more details than it seems at first sight: evaluating the property, list on the MLS database, advise customers on the prices and sometimes on the legal issues, coordinate the contract signing process, these are just a few examples of what the agents are responsible for.
What Type of Real Estate Agents Are Out There?
As already said, agents work with sellers or buyers, sometimes acting as a representer for both parties. As for a more detailed description:
Sellers Real Estate Agent
- Agents who work with the sellers usually evaluate the price of the property on the real estate market and enters it in the local MLS database.
- The real estate agent is responsible for the marketing and promotion of the property, not only in the traditional media but for other real estate agents and brokers.
- In the case of the potential buyer, the agent is responsible for showing the house.
- Advising the clients on the offered prices and helping them to get the desired price
- Supervising the contract deal, including all the paperwork and closing the deal
Buyers Real Estate Agent
Agents working with buyers are responsible for:
- Locating the house buyers are interested in
- Advising on the local market prices
- Advising on the neighborhood they plan to move in
- Helping them to negotiate the initial price for the property with the seller
- Helping clients to check all the documentation including title insurance, deeds, etc
- Supervising the property inspections
- Helping clients to close the deal and get the keys to the house
What Is The Salary?
A real estate agent usually works on commission. The commission is usually paid by the seller and depending on state and local real estate market it ranges between 3.5-7% of the property price, but by law, there are no standard commissions. Note to remember: in order to get a fee for your service, you need to be a licensed agent. In the case of two agents being involved in the process of the closing, the fees are shared between them.
How To Be a Successful Real Estate Agent?
Everyone knows that the real estate field is a highly competitive one. So, for you to be able to prosper here, you need to develop your own niche. And constantly be in a self-development process. Aside from self-development, every successful real estate agent is also a full-time marketer. Not only marketing their listings but also the brand or company their working in.
As many real estate agents state, the first step to success is developing social capital. You can start within your community and slowly become an expert here.