If you have ever bought, sold, or rented a home or business, then you are familiar with real estate agents. Real estate agents have a lot to offer and can make things run much more smoothly for their clients. But what is a real estate agent and what exactly do they do? What are some of the tasks they perform? Well, here you will find the answers to those questions and much more!
The Actual Definition of a Real Estate Agent
The actual definition of a real estate agent is someone who is a professional with a license to deal in real estate. They assist in the selling and buying process as well as any negotiating procedures that may occur during such transactions. According to Boardwalk Property Co, (if you’re looking for an estate agent around Bristol then these are a good choice IMHO), real estate agents collect money from commission most of the time, which makes their job even more important to seal the deal.
For more information on the actual definition of a real estate agent The Balance Small Business may offer more details.
How Real Estate Agents Are Paid
Most of the time a real estate agent will be paid as stated above, from commission. The commission is based on the amount the home was sold for. It is a total percentage or set percentage amount of what the home was sold for. However, there are some real estate agents that get their income from a set fee amount for the entire job. This depends on how the real estate agent decides to charge.
All fees should be discussed right up front before any decisions are made. A contract should be made up and signed by the client and the real estate agent to ensure that everyone is held accountable and there are set fees to take place.
The License for Real Estate Agents
Real estate agents generally have a license. Each state has an exam that a potential real estate agent has to pass. Also, a full background check for any criminal records will need to be conducted for the safety of the individual. The price for each of these will vary depending upon the location. Courses are available to become a licensed real estate agent.
This YouTube video can offer more information on what it takes to become a real estate agent and why real estate agents should have to be reputable.
Are Real Estate Agents the Same as Brokers?
The term real estate broker can be a bit confusing when looking for a real estate agent or looking into becoming one. A real estate agent is someone that assists in the selling and buying of a home. So, what is a real estate broker then? Both sound very similar, but they indeed are not. A real estate broker is quite different than a real estate agent, but both perform similar tasks.
The difference between the two is that a real estate broker has their own firm. This means that they are in charge of and responsible for setting everything up with the clients and ensuring that all contracts are legal and set up properly. All in all, they have a larger responsibility that a real estate agent.
Do Real Estate Agents Work on Both Ends?
Some real estate agents will work on the selling process as well as the buying process. While this can seem like something that works, it can also cause some issues, leaving one or both parties shorter on the amount of cash in the end. In fact, some states will not allow real estate agents to work on both the selling and the buying process. If a real estate agent is working on both sides of the deal, then the client should be informed.
It can be a lot to juggle for a real estate agent to handle the buying and selling of homes. A lot of people prefer to only use a real estate agent that specializes in their area of concern. It is also recommended that if you are selling a home, go to a real estate agent that does such. Likewise for buying a home also.
The National Associations of Realtors
The National Associations of Realtors is an associations that consist of real estate agents that have completed all of the courses and exams and have their license to practice real estate. The National Association of Realtors does require that each real estate agent go by the rules and codes of the association.
For more information on the National Associations of Realtors, check out Investopedia.
A real estate agent’s goal is to deal with all of the ins and outs of the selling or buying process. It takes all of the work to be done off the individual and allows for a stress-free process for each client.