A Real Estate Agent basically bridges the gap between buyers and sellers who want to buy or sell their property as well as seek licensed professionals to represent them and make the transaction more transparent.
Generally, agents can earn a specific amount of commission on the property's sale price, so it is up to the agents how well they can make a deal successful between a buyer and a seller. Usually, agents work under agencies for the legal entity and to smoothen the process.
Residential or corporate real estate is the usual focus of real estate agents. Regardless of whether they operate for the buyer or the seller, they have various responsibilities. Seller's agents, also referred to as listing agents, assist clients on how to price their properties and prepare them for sale.
Listing tools, communication, and marketing are all used by seller agents to promote the property. On the other hand, buyer's agents look for suitable residences that fall within the buyer's budget and shortlist the best options. These agents frequently consult previous sales data on similar houses to assist potential buyers in making a reasonable offer.
For example, Jack is the owner of land who wants to sell his property as soon as possible and the price he has set for the land is $20 million. On the other hand, there are so many potential buyers out there but didn't know about Jack's property. Now, between them, a real estate agent can play a crucial part.
The agent can work as a bridge between them and connect the potential buyer and seller through his/her network. As both parties wanted a licensed professional, an agent was the convenient choice for them. So, buyers negotiated through the agent and lastly, one buyer purchased the land for $19 million. After the transaction, the agent got 4% of the total sale price as commission.
Use of the Term in Sentences
- The term real estate agent is commonly used to indicate a common connection between buyer or seller who wants to buy or sell properties but this type of work doesn't give the assurance of fixed salary.