Are you wondering what does a real estate agent do ?A realtor helps you buy or sell houses. He will guide you through the entire process and handle all transactions until completion. While it may seem like you don’t need a real estate agent to help you, navigating this complex business is difficult without one. There are many things first-time house buyers and sellers do not know. For instance, did you know that your monthly payments include more than just the mortgage? There are many such things common people are unaware of; only a real estate agent knows the ins and outs of the business. Therefore, hiring a realtor when you want to buy or sell your property is necessary. This blog will discuss what a real estate agent is, what he does, what qualities make a good realtor, and why you need one.
What is a Real Estate Agent?
A real estate agent is a licensed professional that helps you buy, sell or rent your property.
They know the local market. Once you tell them your requirements, they will advise you on the best options. A realtor will represent you in your deals and can get you the best price. They make the process of buying and selling houses very easy. For this assistance, they charge a commission on every sale and purchase.
A real estate agent should complete a pre-licensing course and pass the requisite exam before becoming a practicing agent. To be an accredited realtor, you must be a part of the NAR (National Association of Realtors) and ascribe to the NAR’s strict Code of Ethics. NAR is a trade association, and only its members can use the term “realtor.” Since there is no national requirement for being a real estate agent, you should fulfill the eligibility requirements of your state board.
Types of Real Estate Agents
There are two main types of real estate agents- seller’s agent and buyer’s agent. After you pass your exam, you can choose to be either one or practice both.
Seller’s Agent- The agent that represents the seller. Their responsibility includes staging the house, putting it up on the listing, marketing it to potential buyers, and conducting open houses. They strive to get the best to offer for their clients and oversee the smooth transaction.
Buyer’s Agent- A buyer’s agent helps his clients to buy a house. They try to find the best property for the buyers that suits their needs and fulfills their requirements. They contact the agent representing the seller, schedule viewings, and assist their clients in making the best decision. They represent them in negotiations and even help them choose a mortgage lender.
Dual Agent- There is a third, very rare type of agent- dual agent. They represent both the buyer and the seller. This agent cannot look after the best interests of both parties, so it is a very rare chance. Since it results in a conflict of interest, this practice is frowned upon. Many states even prohibit dual agency.
When you hire an agent, you agree upon and sign a contract. This document outlines the terms of the partnership, like the terms of the agreement, the commission agent will get, and how long he will work for you. It is necessary for a smooth work partnership and avoids conflicts in the future.
What Do You Need a Realtor For?
You might think that selling your house is easy. Just put it up for sale, wait for a suitable offer, sign a few papers, and you got yourself a buyer. Buyers also do not think much of the process. They think they will magically find a fantastic house at a reasonable price. This magic doesn’t exist; a realtor creates it. They perform several activities like planning open houses, locating suitable properties for their clients, networking, and negotiating offers.
A real estate agent is your first requisite when buying or selling a house. They help you in several ways. Let us see how they make the whole process of selling and buying property more manageable for you.
Value your House
A real estate agent will give the correct value for your property and set the selling price for your house. They know the current trends of how other places in the same bracket are doing in the market. Accredited realtors have access to the Land Registry, which gives them the sold prices of other houses. They have the industry experience to curate the right price for your home, which can be more or less than the trends. The price depends on your house.
Most people start with an online evaluation. Many websites will ask you for some basic information and then give you an estimate. Many firms may try to provide an inflated price to secure you as a client, but a good agent will present the facts. He will guide you in changes that will increase the appeal and value of your house.
List your House
Now that you have to put your house up for sale, they will put up boards with pictures, circulate information and draw up official details like floor maps. They will advertise your home on online websites, through pamphlets, or any means necessary to reach potential clientele. It is their headache to find the best buyer and get you a lucrative offer.
Conduct Open Houses
Once they find enough interred buyers, realtors conduct open houses and highlight the best features of your property. They charm the client on your behalf. For instance, if a pregnant couple is interested in your property, they will tell them how the house is in a school district or how perfect the nursery is.
Find the Right Property.
If the realtor works on the client’s behalf, he will do research and find the best options for you. You tell him your requirements, and he will try to find an exact match. If you have a particular need, like a quiet neighborhood, or vicinity of a school district, he will help you find it. He will shortlist a few options and help you get your dream house.
Schedule Meetings
The agent will get in touch with the other party’s agent and schedule a meeting for you. It could be a house visit, a conference with the other party, or any other necessary appointment.
Negotiate on the Client’s Behalf
Once both the seller and buyer are interested in a deal, the agents will negotiate on behalf of the clients. Both will try to get the best deals for their parties. Realtors will finalize the deal amongst themselves with the approval of the buyer and seller.
Handle Official Documents and Payments
A house sale/purchase is lengthy, but an experienced realtor will help you complete this complicated process smoothly. They will handle all administrative formalities and official documents and draw the agreement.
How to Select a Real Estate Agent to Represent You
Your real estate agent will ensure that your deals go through smoothly. The kind of realtor you select will significantly determine the process. If you choose someone inexperienced, you will have to do a lot of heavy lifting yourself. It would defeat the whole purpose of hiring an agent in the first place. So, before you select a real estate agent, you should keep the following points in mind.
Experience: Look for an experienced realtor with a track record of successful transactions. They should be familiar with the industry and be able to lead you in the whole process.
Knowledge: Your realtor should be an expert in his field, whether commercial or residential. You will only get a deal as good as your agent brings you, so make sure he knows what he is doing.
Comfort: You will work closely with your agent for quite some time. So select a person you are comfortable working with.
You can comb through online testimonials and listings to find a suitable candidate. Start by asking your friends and family who have made a recent purchase/sale for personal referrals. Be confident in your choice; your realtor will get you the best deals.
Get a Real Estate Agency Today!
Whether you want to buy your dream house or sell your property at the best possible rate, a real estate agent will help you close the best deal. It makes the process easy for you. All you have to do is find the best realtor in your area.
Real Estate Agent FAQs
- What does a typical day of a realtor look like?
A real estate agent has an exhilarating day. They see new people, visit new places, and live an active lifestyle. While they do not have any typical workday, they perform specific responsibilities. They meet clients, stage open houses, and negotiate on their client’s behalf.
- What is the eligibility requirement for becoming a realtor?
There is no national eligibility screening process for becoming a real estate agent. However, you should know what your state’s eligibility requirements demand of you. Next, you should be a part of the NAR (National Association of Realtors) and follow the NAR’s strict Code of Ethics. You should always safeguard your clients best interest.