Real Estate Agent

Who is called a Real Estate Agent?

A licensed real estate agent facilitates real estate transactions by bringing together buyers and vendors and functioning as their representative during negotiations. Real estate agents are typically paid solely by commission, which is a percentage of the property’s selling price, so their income is contingent on their ability to consummate a transaction. 

How does a Real Estate Agent work?

A real estate agent carries out multiple activities on a day-to-day basis. Primarily, a real estate agent offers guidance and assists sellers and buyers to market and buy or sell their property for the best price. 

An agent is also responsible for handling negotiating processes, offer consulting to clients about the market conditions and legal requirements to help them get the best deal available. To offer this service, a real estate agent also needs to perform comparative market analysis, which helps them get an estimate for the value of a property. 

Some real estate agents who offer comprehensive services also undertake the process of preparing all the paperwork needed for the buying or selling of a property. For example, contracts, deeds, leases, and more. 

Real estate agents also need to support and cooperate with appraisers, home inspectors, and contractors. Moreover, these agents need to create a network to manage property auctions, and promote properties through open houses and listing services. Some even offer advertising services. Lastly, a real estate agent needs to always stay updating about the latest real market trends and best practices. 

What is the difference between a real estate agent and broker?

A real estate agent and broker are often used interchangeably, but there are a considerable amount of differences as listed below:

Real Estate AgentBroker
Needs a real estate license Needs a real estate license and a broker’s license
Focuses on assisting clients buying and selling propertiesFocuses on assisting clients with buying and selling properties, along with property management, investment advice related to real estate and more.
Tends to work under the supervision of a brokerTends to work independently or works in a leadership role at a real estate agency
Earns their commission from the brokerEarns their commission from the client 

What is the difference between a real estate agent and realtor?

A real estate agent and realtor are often used interchangeably, but there are a considerable amount of differences as listed below:

Real Estate AgentRealtor
Doesn’t need to be part of any membershipMust be a part of the NAR (National Association of Realtors India) – India
Completion of mandatory pre-licensing courses and passage of a state examination. Additional training and education can vary depending on the location of operationNAR and affiliated organizations may provide access to specialized training, educational resources, and professional development opportunities.
Represents their clients’ interests during real estate transactionsIn addition to advocating for clients, supports and promotes the real estate industry as a Realtor member