A real estate agent, referred to often as a real estate broker, is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients.
A broker is a person or firm who arranges transactions between a buyer and a seller. This may be done for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confused with that of an agent—one who acts on behalf of a principal party in a deal.
Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions.
What does a real estate agent do?
Real estate agents work with clients to help them buy, sell or rent real estate. Real estate agent roles and duties include interfacing with clients, acting as a go-between for buyers and sellers and performing administrative, research and marketing tasks. Some of the general duties of a real estate agent include the following:
Administrative:
Answer phone calls and emails
Schedule appointments and showings
Update property listings
Draft and deliver documents
Order supplies
Research:
Perform real estate market analysis
Stay current with real estate markets, trends and best practices
Search open listings to find properties
Marketing:
Create and distribute promotional material
Manage online and social media presence
Network with potential clients and local businesses
Run advertising campaigns
Build a blog or website
Types of Real Estate Agents
While many agents fulfill multiple roles throughout their careers, or even their days, they tend to fit under specific headings. The following real estate job descriptions should help narrow the type of agent you are looking to hire.
Seller’s Agent
A real estate agent who helps owners sell a property may also be referred to as a seller’s agent or listing agent.
When a seller wants to put their property up for sale, they’ll generally contact a real estate agent to act on their behalf. With the seller’s best interests in mind, the real estate agent uses their knowledge of the market to accurately price the property, list it and market it to potential buyers.
In working with sellers, a real estate agent may perform the following key roles and duties:
Prepare comparative market research analysis to establish a realistic asking price (beyond what an online estimator can do)
Identify which assets are a property’s top selling points for that neighborhood
Pinpoint the best places to invest money in improvements
Stage the property to make it appealing to buyers
Photograph the property, inside and out
List the property on the local Multiple Listing Service (MLS)
Advertise the property to gain the attention of prospective buyers
Supervise and/or schedule property showings and open house events
Draft and prepare documents, such as offers, contracts and closing statements
Communicate with appraisers, escrow companies, lenders and home inspectors
Buyer’s Agent
A real estate agent who helps clients buy a property is sometimes called a buyer’s agent or selling agent.
Buyers often turn to real estate agents when they’re in the market to buy a property, such as a new office space. Because real estate agents typically know the ins and outs of the real estate market, they can use their expertise to match the buyer with a property best suited for their needs and wants.
Here are some of the key roles and responsibilities of a real estate agent when working with buyers:
Coordinate and oversee open houses
Arrange meetings with prospective buyers Interview buyers to understand what they’re looking for in a new property
Schedule property showings
Coordinate appraisals and inspections
Negotiate property repair requests and offers on behalf of the buyer
Draft and review documents and contracts
Guide the buyer through the closing process
Dual Agent
When one real estate agent is representing both the seller and the buyer in a transaction, they’re called dual agents. A dual agent fulfills all the above duties of a real estate agent for a given transaction. However, this can sometimes create a conflict of interest.
What Is a Realtor?
A realtor is a real estate professional who is a member of the National Association of Realtors (NAR), a professional association. The NAR defines the term realtor as a federally registered collective membership mark that identifies a real estate professional who is a member of the association and subscribes to its code of ethics.
How Are Real Estate Agents Different From Realtors?
Real estate agents are individuals who are licensed by their state to help people buy and sell real estate. Realtors are real estate agents who have opted to become members of the National Association of Realtors. NAR members have access to a wealth of training, tools, and data to help them provide their clients with a completely professional experience
Benefits of Hiring Real Estate Agent
They have connections with others in the industry and community. These may include title companies, appraisers, inspectors, landscapers and contractors. Because of this, real estate agents know who might be your best bet for your need and can get you in touch with the right contact.
Real estate agents understand the market and current trends. They’re familiar with property prices and the community. This insight can help you make the right decisions without extensive research on your part.
Reference:
Wikipedia
https://www.investopedia.com/terms/r/realtor.asp
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