The real estate market is a multibillion-pound industry and involves the renting, buying, and selling of properties, homes & houses. It is a very competitive market. The real estate agent is the point of contact between the buyer and the seller. They guide both parties and make sure that the transaction is smooth and profitable for both ends.
This article will look at the different tasks and responsibilities of a real estate agent job and how they can help you.
Real Estate Broker vs. Real Estate Agent
Real estate agents and real estate brokers are licensed to facilitate real estate transactions. While they must take the same licensing exam, they perform different roles in the buying and selling of property.
One way to differentiate between a real estate agent and a broker is by expertise. In general, a broker has more education and training than an agent. Brokers are best equipped to handle complex transactions and receive higher compensation for the work that they do.
Real Estate Broker:
A real estate broker or realtor is a person who represents sellers & buyers of real estate, houses or property, a perfect example is Newry Property Sales. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions.
Real Estate Agent:
A real estate agent is an individual who has completed all of the requirements to qualify for a real estate license, which typically includes taking a number of courses in real estate law and practice. Under the supervision of a licensed broker, the agent may assist in negotiating the sale or lease of property on behalf of their clients. The agent may also show properties that are listed with other brokers or agents.
First Step to Buying a House Includes: Meetings and Tours
As an independent contractor, a real estate agent has to be great at time management and skillfully handling many tasks simultaneously. Real estate agents who are successful at their jobs tend to be extremely organized while being able to deal with the unexpected. Most real estate agents work alone, so they need to know how to do everything that’s involved in running a business, from writing blog posts and marketing their services to updating their database of clients and staying on top of their own finances.
Estate agents need to have strong written and verbal communication skills—especially when dealing with difficult situations—and should be able to negotiate with confidence.
They must also build a network of other professionals in the industry and beyond: mortgage lenders, building contractors, home inspectors, attorneys, architects, cleaning services—you name it!
Preparing and Listing the Property
- Prepare the home for showings
- Show the home to prospective buyers
- Handle negotiations with buyers
- Advise clients on market conditions
- Make sure all paperwork is filled out correctly
Preparing and listing the property is the core task of any real estate agent. The agent will ask for a listing agreement from the seller. This is a legally binding contract between the seller and the agent that clearly states what services the agent will provide, how long they will try to sell your property and at what price.
After you sign this document, the agent will take pictures of your property to include in their marketing materials and on their website. They may also walk through your property with you to make suggestions about how to prepare it for sale by advising on topics such as decluttering and getting rid of old furniture or outdated wallpaper or paint colours.
Once all this is done, the agent will write up a description of your property that includes information such as its location, the price that you are asking, unique selling points (such as new windows or an updated kitchen) and local amenities (such as nearness to public transportation or schools).
Estate Agents Handle Property Lease & Sales
- Real estate agents work for brokers
- Must be qualified & have a valid license
- They work with both home buyers and sellers
- Overall real estate agents act as a fiduciary
Estate agents are the professionals you call when you’re thinking about buying, selling or renting a house. They have all the answers to your questions about real estate. No one could possibly understand best about your needs than an expert with a degree in real estate who can negotiate for you and offer up advice on how to get what you want in a property transaction.
Estate Agents’ Salary in UK:
Depending on the location, real estate agents are typically paid by commission. This means their salary is determined largely by how many sales they close. A real estate agent in Newry, Northern Ireland stated the average annual salary for estate agent in UK & Northern Ireland is around £30,500.
Where in the USA the average is around £60,000 plus commission
Real estate commissions are vary from 5 to 20 percent of the house sale price, depending on location
- This is negotiable for the seller
- The commission is split between the listing agent and the selling agent
- Sometime the selling agent’s share is typically 50% of the commission
The commission is usually a percentage of the selling price of a property and is negotiable. Typically, it’s 15 to 20 per cent of the sales price, but this number can vary depending on where you’re selling.
The listing agent and selling agent each get half of the total commission, but the selling agent’s share is often greater than 50% because he or she does most of the work.
Once a House is on the Market for Sale or Rent
The role of estate agents in working with sellers
- Meeting with and understanding the needs of sellers when listing new properties.
- Prove your ability to market, negotiate, and demonstrate your market knowledge.
- Establish an asking price based on an analysis of the current local market and comparable properties.
- Provide the property with relevant listing services.
- To prepare a listing presentation and advertising collateral, take photos of the property, including the interior and exterior.
- When you conduct open houses, stage the home properly to make it look perfect.
The Role of Estate Agents with Buyers
- Meeting, interviewing, understanding, and qualifying prospective buyers.
- Look up potential properties that match the needs of your clients on listing services.
- Set up showing appointments for prospective buyers based on their schedules.
- Show buyers properties and explain details you learned during research or when talking to other real estate experts (home inspectors, appraisers, etc.).
- Demonstrate negotiation skillset and them know details about the property you learned from your research or from
Conclusion:-
Estate agents are all about helping their clients find the place that is most suitable for them. Whether they specialize in buying, selling, or renting, real estate agents serve a critical purpose within the last step of the real estate process.