A real estate agent is a person who assists people in selling or buying real estate. A house is the most common type of property, but it could also be another type of structure or undeveloped land. An agent must understand property market value, be able to evaluate positive and negative aspects of properties, understand how to advertise, and know how to negotiate a sale. He or she may also work with financial institutions to assist people in obtaining the loans they require to purchase real estate. The agent is usually paid on commission, so he or she will receive a small percentage of each sale that he or she assists with.
Providing assistance to buyers
To assist a client in purchasing a home, the agent must first determine the type of home the client desires, the price range that the buyer can afford, and all of the possible locations. The agent then searches for for-sale properties that meet the criteria, usually using a networking system designed for home sales. He or she will take the client to a variety of locations to get a firsthand look at the houses, explain the positive and negative aspects of each, provide fair market value estimates, and answer any questions the client may have. If a buyer decides to make an offer on a home, the agent assists the buyer in determining an offer price and submits the offer to the seller’s agent.
Before a purchase can be completed, the agent must usually collaborate with other real estate professionals to ensure that all of the paperwork is in order and that the client has the necessary funds. Working with bank managers or lenders, as well as home appraisers and mortgage brokers, may be required. The agent then arranges for the client to sign all of the paperwork and receive the keys to his or her new home at a meeting.
Assisting Sellers
When a client wants to sell a home, a real estate agent can assist them in determining a price. The asking price is frequently determined recent sales of comparable homes in the same neighborhood. An agent will also advise clients on how to prepare the house for display in order to make it as appealing to potential buyers as possible, such as keeping it clean, adding simple decorations to rooms, making minor repairs, and painting the walls. The agent then markets the property to other agents as well as the general public.
When a potential buyer expresses interest in the property, the agent coordinates a showing with the buyer’s real estate agent. Agents may also host open houses, which are times when the public is invited to walk through for-sale homes and ask questions or obtain information from the agents. When a client makes an offer on a house, the agent will advise them on whether or not to accept it, and if they do, the sale will be completed.
Licensing and training
A real estate agent is typically educated in specialized classes for the job, but on-the-job training is also common. In most places, a person must pass an examination in order to obtain a license. Only the jurisdiction in which the license was issued allows someone to legally work as a real estate agent. Although a college degree is not usually required to become an agent, many jurisdictions do require that a person be of a certain age to be licensed. A background check is frequently required.