Real estate agents are individuals who possess a license to represent a buyer or a seller in a real estate transaction. They can negotiate and arrange real estate sales, including showing the property, listing property, and preparing agreements and contracts of sale. They usually work for a real estate broker. Their income depends on their ability to find the right property for their clients and closing the transaction.
Duties of a Real Estate Agents
For the seller:
- They list homes for sale. Most homeowners who want to sell their homes call for a real estate agent so that their homes can be listed on the Multiple Listing Service of a real estate brokerage. Multiple Listing Service is a database that is share by all local brokerage members. The agents find a buyer for the home.
- When the call is made, the real estate agent assesses the value of the home based on current market price.
- He advises the owner to prepare the home for listing or showing to interested parties.
- He then enters the home into the Multiple Listing Service database.
- He calls other agents and members of the MLS.
- He advertises the home for sale on traditional and social media.
- He supervises and schedules showing the home to prospective buyers.
- When an interested buyer makes an offer, he helps the seller negotiate to get a good price and helps prepare a purchase agreement.
- He coordinates the whole transaction from the contract to the closing. He secures all the necessary documents in order to close the contract.
For the buyer:
- He helps buyers locate and view homes that meet their requirements.
- He facilitates securing a mortgage.
- He gives advices on the market conditions and whether the price of the home that the buyer is interested in is right or not.
- He works with the buyer to make the initial offer in the purchase agreement.
- He works with the buyer all throughout the negotiation process.
- He coordinates appraisals, inspections and other activities related to the transaction.
- He delivers all documents.
- He works with the buyer until the closing and delivery of the keys.
Although the Internet can help a buyer purchase a home or a seller to sell his home, a real estate agent can help both buyer and seller get value for what they buy or sell.