The role of real estate agents is crucial in the home-buying and selling process. A 2020 National Association of REALTORS survey found that 88% of home buyers used a broker or real estate agent to buy their house.
What is the role of real estate agents and brokers in the purchase or sale of a property or home?
It is important to fully understand the role of real estate agents in these transactions and their legal obligations. Here is a brief overview of what real estate agents do.
What is a Real Estate Agent?
Real estate agents are licensed professionals that arrange real estate transactions between buyers and sellers. Listing agents are agents who represent sellers, also referred to as selling agents. They are real estate agents who represent buyers and they are called buyer’s agents.
Real estate agents may also be called REALTORS. REALTORS, or real estate agents, perform the same essential functions.
Although listing agents and buyer agents are sometimes allowed to work together, they rarely do so for the same transaction. Agents can guide their clients through the whole home-buying or selling process and provide valuable information and guidance at every step.
Real estate agents typically get paid by commission. This is usually a percentage of the property’s purchase cost.
What do real estate agents do?
Brokerage companies and real estate agents act in the best interests of their clients regardless of whether they are listing agents or buyers’ agents. They act as liaisons between the parties, even during counteroffers and offers. They are available to answer questions during the entire process. Both sides have real estate agents:
- Guide the client through all paperwork
- Communicate with the client and all parties
- Give information about the home inspection process
- Continue to support the client throughout the closing process
Both types of agents can be involved but they offer different services to their clients. Remember that real estate agents must be:
- Be familiar with the local housing market and pricing
- Expertise in state and local real estate laws
- Understanding the needs of their clients
This is a look at the roles of real estate agents in a real estate transaction.
What does a real estate agent do for a seller?
Listing agents are a great option for homeowners looking to sell their home. Listing agents offer unbiased home valuations and help to set a listing price. Agents are well-informed about the market and can make recommendations for improvements that will help you sell your home.
A listing agent also handles the marketing of a home. This involves registering the property in the local Multiple Listing Service (MLS) database. Networking with other agents is another way to market your home. You can also create advertisements or host open houses.
Listing agents must vet potential buyers. Not all buyers are serious. Before accepting or arranging for a showing, listing agents will often verify the financial situation of potential buyers. Listing agents are familiar with the questions they should ask to determine if the potential buyer is able to afford the house.
On behalf of their clients, listing agents may negotiate various aspects of a house sale. They might negotiate the price or other expenses, such as closing costs, home warranties, and fees. A real estate agent can also help with legal matters that may arise during the selling of a home. They are responsible for preparing, submitting, and filing all documents such as contracts and agreements.
What does a real estate agent do for a buyer?
Agents for buyers search for local properties that meet their client’s requirements and budgets. It involves both searchings online and visiting houses in person. They set up showings for clients and provide information about the local housing market.
Real estate agents must ensure that clients have been preapproved for mortgages. Preapproval shows the homeowner, your agent, and their agents that this is serious about purchasing a house.
Real estate agents assist you in submitting bids and negotiating on your behalf during the entire buying process.
Agents can also assist with home inspections and appraisals. They often have relationships with people who are well-respected in the industry and can provide these services.
There is a lot of paperwork involved in the home-buying process. A real estate agent is there to help you navigate through the various contracts, agreements, and other documents required for buying a house. They will also submit paperwork for you.
Your real estate agent will be your link to all parties involved in the purchase of a house, from first contact to closing
What role do agents play in closing?
The closing period is also a time when real estate agents play an important role. Agents communicate with their clients throughout the entire process. Communication continues throughout the closing process.
A final walkthrough may be suggested by the agent close to closing. This will allow you to inspect for damage that may have occurred since the original contract was signed.
Every document is reviewed by real estate agents. This ensures accuracy and compliance with all terms and conditions before the deed is transmitted. It’s not uncommon for mistakes to occur, so it is the job of an agent to correct them before everything else is transferred.
You can also have agents represent you at meetings and contract signings. There are many parties involved in closing, depending on where you live. These include title agents, title or escrow agents, mortgage lenders, buyers, and sellers, as well as real estate agents. Agents work with their clients to protect their best interests, not only after the sale is completed but also throughout the relationship.
What happens if you don’t have an agent?
All of the duties that were mentioned above for real estate agents are yours if you buy or sell a house. You are responsible for listing your house, marketing it, setting up open houses and showings, providing paperwork, and working with the real estate agent.
You will need a REALTOR if you are buying a house. They will help submit bids, negotiate pricing, and coordinate inspections. This is a huge task, especially if your knowledge and experience in real estate transactions are limited. Although it is possible to represent yourself as a seller or buyer, it takes a lot of time and energy.
The bottom line
A good agent can help you navigate the real estate transaction process, from the beginning of the sale to closing. Your agent can also help you to assemble legal documents, find homes and prospective buyers, and communicate with any other parties involved in the transaction.
You may not know where to begin your home search. A quality real estate agent can help you find the right home for you.