Meaning of Real Estate Agent
A Real Estate Agent is a person who helps people to sell or buy their property. The property is usually a house, but it can also be another type of structure or vacant lot.
An agent must know the market value of the properties, be able to evaluate the positive and negative aspects of the properties, know how to advertise and know how to negotiate a sale.
He also often works with financial institutions to help people get the loans they need to buy property. The agent normally works on commission and will earn a small percentage of each sale that they help complete.
A Real Estate agent will help people find suitable homes within their price ranges.
What a Real Estate Agent Does
Helping Buyers
To help someone buy a home, the agent must first find out what type of home the client wants, the price of the home the buyer can afford, as well as all the locations that would be acceptable.
Then, usually using a network system that exists for the sale of homes, the agent identifies the properties for sale that meet the necessary criteria.
He or she will take the client to many sites to see the houses first hand, explain the positive and negative characteristics of each, give estimates of the fair values of the properties, and answer any questions the client may have.
If the buyer decides to make an offer on a home, the agent helps choose an offer price and makes the offer to the seller’s agent.
Real estate agents will work with clients to find a suitable property.
Before a purchase can be completed, the agent generally must work with other professionals in the real estate industry to ensure that all paperwork has been completed correctly and that the client has the necessary financing.
This could involve working with bank managers or lenders, housing counselors, and mortgage brokers. Then, the agent organizes a meeting in which the client will sign all the documentation and receive the keys to their new home.
Helping Sellers
When a client wants to sell a house, the real estate agent helps set a price. The sale price is often based on recent sales of similar homes in the same area.
An agent will also advise clients on how to prepare the home for display to make it as attractive as possible to potential buyers, such as keeping it clean, giving simple room decorations, doing basic repairs, and painting walls.
The agent then advertises the house to other agents and the general public.
Real estate agents must pass exams in which they learn about the technical, ethical and legal aspects of real estate.
When someone is interested in the home, the agent manages to show it to the potential buyer, often working with the buyer’s Real Estate agent.
Agents can also hold open houses, periods in which anyone is invited to tour homes for sale and ask questions or obtain information from agents. When an offer is made for a home, the agent will inform the client if they accept it and will process the sale if the offer is accepted.
Training and Licensing
Typically, a Real Estate Agent receives formal training during special classes for the job, but on-the-job training is also common. In most places, a person must pass a license exam.
A licensed person can legally work as a Real Estate Agent only in the jurisdiction that issued the license. Generally, a college degree is not required to be an agent, but many jurisdictions require a person to be at least a certain age to be licensed.
A background check is often necessary as well. A Real Estate Agent helps people buy or sell properties.
