What Is a Real Estate Agent and what are his/her duties?
Real estate agents who arrange the property transactions, putting buyers and sellers together and acting as their representatives in negotiations. Real estate agents usually are compensated completely by a commission a percentage of the property's purchase price, so their income depends on their ability to get a deal closed.
What are the Real Estate Agent Works and Duties?
Real estate agents usually specialize in either commercial or residential real estate. Either way, they perform different Agent duties, depending on whether they work for the buyers or the Sellers. Agents who work for the seller, also known as listing agents, advise clients on how to price the property and prepare it for sale, including providing tips on last-minute improvements that can boost the price or encourage speedy offers. Seller agents market the property through listing services, networking, and advertisements.
Agents who work for the buyer search for available properties that match the buyer’s price range and wish list. These agents often look at past sales data on comparable properties to help prospective buyers come up with a fair bid.
The Buyer Agent is not popular in Thailand as the buyer not paying any Commission.
Agents act as go-betweens for the principal parties, carrying offers and counter-offers and other questions back and forth. Once an offer is accepted, agents on both sides often continue to work, helping their clients through the paperwork, conveying communications, advising on inspections and moving, and generally shepherding the deal through to closing.
It’s important for consumers to understand whether a real estate agent represents the buyer, the seller or both parties; obviously, the agent’s loyalty can greatly affect several details of the transaction, including the final price.
An agent can represent both parties in a transaction.
Agents must disclose their representation so that buyers and sellers are aware of any conflicts of interest.
- A real estate agent is a professional who represents buyers or sellers in real estate transactions.
- A real estate agent usually works on commission, being paid by the seller a percentage of the property’s sale price.
- A Real Estate Agent have duties o preform to their clients
Real Estate Agents' Compensation
Traditionally, an agent is paid a commission that is a percentage of the property’s sale price. The more the house sells for, the more money an agent makes.
Real Estate Agent vs Real Estate Broker
In Thailand we use the terms "real estate agent," "real estate broker," and "realtor". While overlap among the three definitely exists, so do key differences.
The exact definitions of and distinctions between an agent and a broker vary among different countries.
A real estate Agent is anyone who earns a basic real estate Training can be called a real estate agent. A real estate agent is essentially a salesperson, qualified to help consumers buy or sell a property.
A real estate Broker is a step up the professional food chain. Brokers have additional training and education that make them more qualified and more experience as an active real estate agent. Brokers handle the technical aspects of the real estate transaction: A client signs a contract with a brokerage, not the individual agent.
In Thailand Brokers typically own the Business or the Franchise. They can by themselves, and they may have some Real Estate Agent hired.
In Thailand a real estate agent can work alone, but in countries that have agent licence the real estate agent must operate through a real estate broker. Usually, though, agents work for brokers, and they split their commissions with them.
Real Estate Agent vs Realtor
Almost every real estate broker is also a real estate agent, but not every real estate agent is a broker. How do realtors fit into the equation?
A realtor is a member of the National Association of REALTORS® (NAR), a trade association. Both agents and brokers can be realtors, along with property managers, appraisers, and other real estate industry professionals. Realtors are expected to be experts in their field and must follow the NAR's code of ethics, which requires agents to uphold specific duties to clients and customers, to the public and to other realtors. In addition to NAR, realtors must belong to a state or local real estate association or board such as TREBA or RESAM.
Written by Investopedia