Also known as a real estate broker or real estate salesperson, a real estate agent is a professional whose job is to help homebuyers find and buy a home and homesellers find a buyer for their home. Generally speaking, they act as the middleman between buyers and sellers of real estate. So, let's take a closer look at what is a real estate agent and how they can help you buy your dream home or sell your existing property.
What is a Real Estate Agent?
Job Duties of Real Estate Agents
The job duties of a real estate agent varies depending on the party whom they are representing. If an agent is representing a seller, he or she may actively search for prospective buyers, provide pricing guidance and recommendations, offer tips on how to stage the home to sell more quickly, host open houses, etc. Additionally, real estate agents may list the property for sale in listing services, such as MLS.
On the other hand, real estate agents representing home buyers search for properties that meet the prospective buyer's preferences. Perhaps they are searching for a 4-bedroom ranch-style, and don't want to pay more than $190,000. Well, after learning this information from the home buyer, the real estate agent will scour nearby properties for sale, looking for these specifications. And even if a property is listed higher than $190,000, the real estate agent may advise the buyer to make a lower offer, hoping that the seller will agree.
Some real estate agents represent both the seller and buyer. Known as a dual agent or agency, there are special laws regarding such real estate transactions. For instance, most states require real estate agents acting in dual agency capacity to disclose this information to both parties. Failure to do so could be considered unethical or even illegal.
Real Estate Agents vs Brokers
Some people assume that real estate agents and real estate brokers are the same, but this isn't necessarily true. Real estate brokers generally own a real estate firm. They are responsible for setting up monetary accounts, approving transactions, and finalizing the transactions. Real estate agents, on the other hand, work directly with buyers and sellers during the early stages of the transaction. Depending on their specific state, real estate brokers may be required to take additional classes and education for licensing.
This article was brought to you by Premier Island Properties - A full service real estate firm serving Hilton Head Island and Bluffton, South Carolina. For more real estate news, information, and interesting facts about the Lowcountry, please visit our website.
- 5 Mistakes to Avoid When Buying a Home
- What You Should Know About Home Buying Closing Costs
- Do I Need a Realtor to Buy a Home?
- What is the Home Buying Process?
- The Benefits of Buying a Home
- How to Buy a Home with Bad Credit
- Buying Your First Home - What You Need to Know
- What is MLS in Real Estate?
- What is Loan to Value in Real Estate? (LTV)
- What is Escrow in Real Estate?