What Does a Real Estate Agent Do?
A real estate agent is a person with a state or local license to signify a buyer or a seller in a real estate business deal in exchange for a commission. Real estate agents are those people who deal with you face to face when buying or selling property. These are the people who on the front lines of the real estate market and perform such errands as showing homes to opinion buyers and negotiating transactions on behalf of their client.These are the people who on the front lines of the real estate market and perform such errands as showing homes to opinion buyers and negotiating transactions on behalf of their client. The relationship was originally well-known by reference to the law of agency with the broker having a relationship with his clients.
Real estate agents often work on a 100% commission basis, their income depends on their ability to locate property suitable for their clients and closing transactions. Real estate agents often work on a 100% commission basis, their income depends on their ability to locate property suitable for their clients and closing transactions. They assist buyers by helping them purchase property for the lowest possible price under the best terms.In most jurisdictions a person must have a license before they may collect payment for services rendered as a real estate agent. Unlicensed activity is illegal, but buyers and sellers performing as principals in the sale or pay for real estate are not compulsory to be licensed. The licensee is one who has obtained a real estate license and is engaged by a real estate broker. A Licensee’s refer to themselves as an “agent”.
Traditionally, the agent provides a commission-based relationship below a signed inventory agreement with a seller or buyer representation agreement with a buyer, thus creating under the familiar law in most states an agency relationship with fiduciary obligations.The seller or buyer is a client of the agent. Some states also have statutes that identify and organize the nature of the sign. An agency relationship in inhabited real to communication involve the lawful sign by a real estate agent of the principal, whether that person is a buyer or a seller. A real estate agent works with a principal who is known as the agent’s customer. When a seller chooses to work with a deal broker, there is no agency relationship created. There are different types of services that an agent can provide. These are given below as an example. Comparative Market Analysis (CMA) an estimate of the home’s value compared with others. Facilitating a Purchase – guiding a buyer while the process. Facilitating a Sale – guiding a seller while the selling process etc. The damages are predictable based on a percentage of the sales price, opening between the buying and selling and then between the agent and his/her real estate agency.
Though an opening based on the percentage received by the agent is generally normal, in some brokerages agents may give a monthly “desk fee” for office costs, monthly fee, etc. And then keep 100% of the commission received.