Acting as an intermediary between sellers and buyers of any property, a real estate agent is a job that entails a lot of dealings and negotiations. In recent years, a vast majority of homebuyers acquired their properties via a real estate agent. This goes to show the importance of an agent’s role in buying and selling homes and even commercial establishments.
Understanding the role of a realtor, including their legal duties and responsibilities, is important for both buyers and sellers. That is why in this feature, you are going to witness a day in the life of a realtor to get a glimpse of what exactly they do and how they are connected to a real estate agency.
Read on to get to know real estate agents and their roles in the real estate industry.
Real Estate Agents: Who They Are
A real estate agent is a professional dealer or organizer of real estate transactions between buyers and sellers. An agent who acts as a representative of a seller is referred to as a listing agent. On the other hand, the ones who represent buyers are called real estate agents. Do not be confused, though, as both listing agents and agents from the buyers’ side are both called real estate agents. However, there can only be one agent in a transaction.
The primary role of real estate agents is to assist their clients in the entire buying and selling process. Agents guide their clients with the complex steps, procedures, and legalities involved in acquiring and selling properties. Hence, agents are adept at providing legal assistance in the real estate realm.
In exchange for their service, agents are compensated by their clients on a commission basis. The commission of the agent is determined by a percentage of the total contract price of a property. This is also known as the realtor fee.
Real Estate Agents: What They Do
At a professional level, real estate agents always consider the best interest of their clients. They serve as liaison officers to negotiate with the other party. They guide their clients by answering their queries and addressing their concerns promptly. They assist their clients in providing a list of the necessary documents they need to prepare, including securing these documents.
Real estate agents are the ones that communicate with the other party. They provide all the pertinent details involved in the process, and they assist their clients until the transaction is completed and the deal is officially closed.
Real Estate Agents: Their Role in Closing Transactions
As mentioned previously, real estate agents assist their clients until the end of every transaction. They initiate and mediate in communications with the other party, and more often, they suggest a review of all the processes as they reach the closing date.
This role of the agent in the final stages of the transaction is crucial as it enables you to check for any irregularities that may have transpired since the initial phase of the transaction. Moreover, agents counter-check each document for any discrepancies and assure accuracy and veracity. They also ensure that all terms and conditions have been observed and complied with by both parties before exchanging property title and money. When mistakes occur, agents are the ones responsible for rectifying them before finalizing the transaction.
Conclusion
Real estate agents usually work alongside a real estate broker or agency in most states. Hence, all realtors are considered real estate agents, but not all agents or brokers are realtors. This is because realtors should be members of the National Association of Realtors and are considered experts in their field and adhere to the institution’s code of ethics.
Becoming a real estate agent is an excellent career choice for anyone who has the entrepreneurial instinct and good communication skills to drive their own results. Most real estate agents are working for brokers and agencies. If you’re setting your sights at one of the many real estate jobs in Davison, look no further than Smith Street homes. Just send your resume and a letter of interest to smithstreetadmin@smithsteethomes.com!