People who are involved in active buying and selling of real estate properties to earn profits (commission) are called realtors or more commonly had known as real estate agents. You could choose to be an agent of a seller or a buyer or could be both-a dual agent. Another option would be a transaction agent.
A sellers agent works on behalf of his clients to sell the real estate property at the best possible market value. While on the other hand, a buyers agent works in the best interest of clients who wish to buy real estate property, which is within their budget. Agents are usually paid a fair share from the settlement of transaction as their commission. In a situation when a sellers agent also performs the role of a buyers agent in a single transaction, he is considered as a dual agent. The difference between a buyers or sellers agent and a transaction agent is that the former work on contractual basis with their clients while the latter only agrees to work in the best interest of their customers. Whatever the choice, every agent is expected to be fair and honest in dispensing his duties towards his clients and dealings with the other agents.
Agencies that appoint different sales associates are called designated agencies. Real estate companies and its associates are usually members of a national or local body of legal associations, which govern their moral code of conduct and professional ethics. A realtor may accredit his business with professional degrees and educational programs related to listing, buying or selling, investment, and taxes.
An agent can be involved in residential as well as commercial real estate dealings. He acts as a negotiator and an intermediator between real estate investors. They also act as advocates to their clients and give appropriate advice and provide services on related issues like finance and mortgage loans. An agent or a broker plays the key role in the real estate industry. He not only helps the clients to market the property at a profitable rate or buy a real estate property at a competitive price but also facilitates other services like leasing, appraisal of properties (only if he is licensed as an appraiser), necessary documentation, comparative market analysis and auctioning of the property.
Although the real estate agents represent and act on behalf of their clients, they do not have the authority to sign the real estate deed. Only the respective buyers or sellers are considered as legal signatories of the deed. In order to play the role of a real estate agent successfully, the broker must make the most of his other business skills like negotiating a deal which is beneficial to everyone and being able to convince the client of the offer.
To earn his commission, an agent must be able to find a potential buyer for his clients property or vice-versa. To execute this, he may have to employ different methods of advertising the property to the public such as listing the property on a Multiple Listing Service, holding an open house, ensuring that the buyers have the financial resources, communicating and scheduling appointments with prospective buyers or sellers.
An agent earns his reward for the services provided by him, in the form of commission, which are usually negotiable and depends on the success and satisfactory settlement of the deal.
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