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What to Look for When Choosing a Real Estate Agent
What Is Real Estate?
Real estate typically means the property that consists of land and permanent improvements that are attached to that land whether man-made or natural. These improvements include buildings, homes, fences, trees, water, minerals, and bridges.
A very clear example of real estate is vacant land or residential lots along with the houses, decks, outbuildings, tree sewers, and fixtures that are within the limited boundary of the property. Real estate examples differ from personal property such as cars, furniture, boats, and jewelry.
There are individuals who work in the real estate industry and assist people in selling or renting out a property. Also, they assist customers in buying or renting a property. Usually, these specialized individuals offer offices, houses, lands, buildings, and other related real estate properties that individuals need to sell, buy, or rent.
There typically are up to 9 jobs in the real estate industry. These jobs are head of marketing, property manager, mortgage broker, real estate investor, commercial real estate agent, foreclosure specialist, residential or commercial appraiser, leasing consultant, and commercial leasing manager.
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Who Handles Works Related to Real Estate?
If individuals need help in buying, selling, or renting a real estate property, they will need to refer to a real estate agent or a realtor. Usually, real estate agents or realtors have experience in the real estate industry and they can help clients sell, buy, or rent a property. They typically know people who want to sell or rent out a property and people who want to buy or rent a property. In that way, they can help both parties achieve their goal.
A real estate agent or a realtor helps parties in offering the property, negotiating, and even in legal matters. Individuals can either refer to a real estate company that contains real estate agents or they have the option to refer to an independent or freelance real estate agent or realtor.
What matters the most is not choosing between a freelance real estate agent and a real estate company, but rather choosing the right specialized person who will professionally offer his/her services and who has what it takes. Also, it is important to refer to the ones who have a wide selection of real estate properties to offer.
Who Needs Help From a Real Estate Agent?
Obviously, individuals can always count on themselves when it comes to real estate. They can do their own research if they want to buy or rent a real estate property or they can use marketing and put their offers and their posts about selling or renting out a property on the internet. There are a million ways one can use to sell, buy, or rent a real estate property.
However, getting help from a specialized real estate agent is not at all overrated. The reason is quite simple; a real estate agent or a real estate company usually offers a big selection of real estate properties to sell, buy, or rent.
Individuals who need help from a real estate agent are:
· Investors who need land or another space to buy or rent.
· Individuals who want to sell their land or their house.
· Individuals who want to buy land or a house.
· Individuals who want to rent out their land or their house.
· Individuals who want to rent land or a house.
· Company owners who wish to rent a building with offices.
· Freelancers who want to rent an office to work in.
· Individuals who wish to rent a space and open a center.
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What Is the Difference Between Realtor and Real Estate Agent?
While real estate agents and realtors can be used interchangeably, one can still recognize some differences between the two terms.
The difference between a realtor and a real estate agent is quite simple:
A real estate agent is someone who is licensed and is able to help people sell, buy, or rent all kinds of housing and real estate properties. Usually, states require individuals who wish to become real estate agents to receive a certain number of hours of training or classwork before getting a license. Then, after completing the training or the classwork, individuals must pass a written test. Only after successfully passing the test can individuals become licensed, and can be then referred to as real estate agents.
On the other hand, a realtor is a real estate agent who decided to become a member of the National Association of Realtors. Therefore, as a member, real estate agents who wish to become realtors subscribe to the standards of the association as well as its code of ethics. To be able to become a realtor, a real estate agent must pass an exam.
Also, the term “realtor” is used in the real estate industry. A realtor is a real estate agent who has an in-depth knowledge of the real estate industry and has taken education beyond the real estate agent level. A real estate broker typically means someone who has passed a broker’s license exam. The extra courses that are taken to pass the exam are related to contracts, ethics, taxes, and insurance at a more in-depth level. Furthermore, brokers learn about legal issues related to real estate and the way that law applies to real estate investments, operating a brokerage, property management, and construction.
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What to Look for When Choosing a Real Estate Agent?
When individuals want to choose a real estate agent, they usually need to take into consideration some basic factors that make the selected real estate agent the perfect choice. Unlike popular opinions, a real estate agent has to have some basic qualifications and skills to be able to help clients in the most professional way possible. Therefore, there are certain factors one must look for when choosing a real estate agent who wants to help in buying, selling, or renting a real estate property.
1. Experience
The real estate market can be complicated and very challenging. That is why it is very crucial to work with a real estate agent who knows what he/she is doing. Experience is an integral part of all jobs, however, in this specific industry, experience goes a long way. Therefore, the first thing one must take into consideration when choosing a real estate agent is experience and only experience.
2. Reputation
Before deciding on a real estate agent, one is always called to conduct research and find out what past clients have had to say about the possible real estate agent. A good reputation is the only guarantee that will help clients make sure that they are making the right decision. For that reason, clients can read reviews, critics, comments, feedback, or even ask other clients who already know the real estate agent.
3. Work Ethics and Integrity
In a world full of people and agents who do not have any morals, it is of great importance to work with a real estate agent who has work ethics. Clients must aim at choosing a real estate agent who is respectful, kind, and has integrity. This is the only way that makes it possible for clients to trust the chosen real estate agent. Therefore, the real estate agent must be professional.
4. Transparency
When it comes to real estate, a real estate agent is also called to handle matters related to money and other business deals. Thus, when choosing a real estate agent, clients must make sure that the chosen real estate agent is transparent and that he/she can be trusted in matters that are related to money and important offers and deals. This is also considered to be one of the most important qualifications of a real estate agent.
5. Ability to Negotiate
Real estate and negotiation go hand in hand. The reason is that more often than not, one of the parties might need a mediator who can deliver messages and requests. Therefore, the chosen real estate agent must be able to professionally negotiate and help parties get the best offer. This way, a satisfaction of both parties is guaranteed. Clients must never underestimate the power of a good negotiator.
6. Great Communication Skills and Responsiveness
Since there are many things to talk about, many issues to work on, and many problems to fix, a real estate agent must have great communication skills. The chosen real estate agent must be able to quietly have a conversation and to know how to deliver the message and which tone to use. Also, being responsive is very important in the real estate industry. That is why clients must search for a real estate agent who knows how to communicate.
7. Problem-Solving Skills
Just like any other industry, the real estate industry might include so many problems. Whether problems related to the owner and the buyer or tenant or related to the real estate property itself. A real estate agent must have problem-solving skills to be able to reduce possible consequences. Therefore, looking for a real estate agent who has problem-solving skills is very important.
8. Good Consultancy Services
The duties of a real estate agent are not only based on assisting in selling, buying, and renting a real estate property, as they also lie in consultancy services that help clients make the right decision. A real estate agent can be also considered an investment consultant who has enough knowledge of the real estate industry. That is why deciding on a real estate agent with good vision and who can offer great consultancy services is very important.
9. Knowledge of the Local Area
A real estate agent must know the local area he/she works in. This includes having deep knowledge of schools, crime rates, price points, proximity to key amenities, and comparable properties. Also, they must be able to evaluate the set prices and decide whether they are fair or competitive.
10. Professional Network
Having a professional network is very important because a real estate agent will have to connect you with other professionals such as appraisers, inspection companies, and staging companies that are reputable and professional.
Duties of a Real Estate Agent
The real estate agent’s main duty is to help clients make the right decision. However, agents have other duties and roles as well.
The roles of a real estate agent include:
· Listing the property on multiple marketing platforms.
· Helping in finding the right real estate property.
· Helping in staging the property.
· Showing the property to potential buyers.
· Meeting and conferring with a professional such as a property inspector.
· Handling paperwork.
· Offering consultancy services.
· Negotiating with the buyers and the behalf of owners.
· Negotiating with the owners on the behalf of buyers.
· Assisting with legal matters.
· Offering clients a wide selection of real estate properties.
· Replying to potential buyers and giving the necessary information.
How Do Real Estate Agents Get Paid?
Usually, a real estate agent only gets paid if the property is sold or rented. However, if the real estate property is sold or rented, the real estate agent normally gets paid by both the owner and the buyer or the tenant. The real estate agent gets 5% to 6% of the price of the property. This means that the owner pays from 2.5% to 3% of the price and the buyer or the tenant pays the other 2.5% to 3% of the price of the property.
Nonetheless, in specific cases, individuals might have to pay if they have received consultancy services or other related services from a professional real estate agent.
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