What Is A Real Estate Agent?
A real estate agent is a licensed professional who takes up the responsibility for the representation and guidance of buyers and sellers in real estate transactions.
He/She focuses on either residential or commercial properties and usually agrees to be paid a percentage of the property’s sale price.
The roles played by real estate agents depend on their employers (the buyers or the sellers).
Agents who work for the seller are also referred to as ‘listing agents’ and they direct their clients on the pricing, preparation for sale, improvements, bidding process as well as facilitating the advertisement, marketing, and networking for the property.
Those who serve prospective buyers ensure competitive and fair pricing based on the client’s budget, choice of location, and other demands and expectations.
Real estate agents are professional intermediaries between the transacting parties tendering their respective offers and trying to reach a favorable compromise.
Upon agreeing with the terms of the deal, the agents of the buyer and seller finalize the paperwork. They also aid communication, monitor the acquisition process, do routine checks and periodic inspections until the process is completed.
The final price is largely determined by the fairness of the agent as they could well inflate values beyond the actual price.
There is a provision for agents to represent both parties in a condition referred to as dual agency.
Agents should declare their clients to avoid conflicts of interest arising from double representation. Dual agency is illegal in illegal in Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Vermont, and Texas.
The conditions for becoming a real estate agent include:
- Being at least 18/19 years old, depending on the specific state.
- Being a legal United States resident
- Completion of a particular number of pre-license education hours or the number of hours needed, depending on the state.
- Passing a real estate licensing exam in the agent’s state- certifies qualification.
Real estate agents are essentially salespersons.
Real Estate Agent Example
John wants to sell his house. He, therefore, goes to Keller Williams, a real estate agency to act as his representation whilst selling the house. Keller Williams guides John through the whole process, helping him with all legal aspects of the sale.« Back to Glossary Index