Real estate agents are professionally licensed individuals who represent buyers and sellers in property-related transactions. Most of these agents are accredited by brokers or realtors who have additional certification and training. The work is commonly completed on commission. Therefore, their income source depends on their capability to assist prospective homebuyers and close deals.
Responsibilities of Real Estate Agent
Real estate agents perform various duties, depending on whether they work for either the buyer or the seller. Typically, the agents who work for the seller advise their clients on how to appropriately price the house and prepare it for sale.
The preparation includes giving tips for last-minute improvements, which can increase the price and encourage an immediate sale. Moreover, seller agents market their client’s property through accredited listing services, social networks, and advertisements.
On the other hand, agents who are assisting buyers help in searching available properties that match their client’s preference and price range. These agents often look beyond previous sale data to help buyers determine reasonable offers for a specific property.
Can Real Estate Agents Represent Both Buyers and Sellers?
It is highly important for home buyers to know whether a real estate agent can represent either a buyer, seller, or both. This is vital because the agent’s reliability greatly affects the details of the transaction including the final selling price.
Depending what’s stipulated in the state laws, agents can represent both buyers and sellers in real estate transactions. However, agents must disclose information regarding their affiliation so that buyers and sellers are aware of any conflicts that may arise.
What Are The Differences Among Brokers, Realtors, and Agents?
Typically, brokers are people who own either a franchise or firm in real estate. Their responsibilities include setting up and developing earnest money accounts and approving final contracts. Unlike agents, state laws require brokers to take classes and pass examinations.
Agents, on the other hand, work under the supervision of brokers and split commissions with them. A realtor is a person who is an affiliated member of the National Association of REALTORS. As of the 31st of December 2017, the organization reported a membership of about 1.3 million. Therefore, both brokers and agents can be realtors.