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 Agent||Broker|
|Needs a real estate license||Needs a real estate license and a broker’s license|
|Focuses on assisting clients buying and selling properties||Focuses 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 broker||Tends to work independently or works in a leadership role at a real estate agency|
|Earns their commission from the broker||Earns 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 Agent||Realtor|
|Doesn’t need to be part of any membership||Must 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 operation||NAR and affiliated organizations may provide access to specialized training, educational resources, and professional development opportunities.|
|Represents their clients’ interests during real estate transactions||In addition to advocating for clients, supports and promotes the real estate industry as a Realtor member|