March 1, 2024 • 3 mins
Article Contents
A real estate agent or REALTOR® is a professional who helps both buyers and or existing homeowners through the process of buying or selling a home. They work as an intermediary throughout the process of purchasing or selling a home. Real estate agents can also be called listing agents, seller’s agents or buyer’s agents.
A real estate agent can assist the buyer in a purchase transaction by:
A real estate agent can also provide the buyer with valuable information and advice on the local market, financing options, legal aspects, and the tax implications of buying a home. A real estate agent can refer the buyer to other professionals, such as lawyers, accountants, inspectors, contractors, and movers, who can assist the buyer in different aspects of the home-buying process.
A real estate agent typically works on a commission basis, which means that they get paid a percentage of the sale price of the home after the transaction is completed. This percentage is usually between 5% and 6% of the total sale price. The commission is usually split between the buyer’s agent and the seller’s agent, and it is paid by the seller out of the proceeds of the sale. The commission rate may vary depending on the market conditions, the type of property, and the agreement between the agents and their clients. You do not have to pay a real estate agent if your home does not sell.
A real estate agent can be a valuable asset for the buyer in a purchase transaction, as they can help the buyer find their dream home, negotiate the best deal, and navigate the complex and often stressful process of buying a home.
However, the buyer should also do their own research, ask questions, and be aware of their rights and responsibilities as a home buyer. The buyer should also choose a real estate agent who is trustworthy, experienced, knowledgeable, and responsive, and who has the buyer’s best interests at heart.
You are not required to stick with the real estate agent you originally hired. You can cancel their contract and either move on without a real estate agent or hire someone else.
A real estate agent is an individual with a license to buy or sell real estate within your state. The term “realtor” only applies to agents who have membership in the National Association of Realtors (NAR). Realtors are often real estate agents, but not all real estate agents are realtors.
A real estate broker is someone who cannot only buy and sell homes, but can also hire agents to act on their behalf. Think of them as one step above a real estate agent.
A real estate agent can be a valuable asset for the buyer in a purchase transaction, as they can help the buyer find their dream home, negotiate the best deal, and navigate the complex and often stressful process of buying a home.
Finding a real estate agent is easy. Finding the right real estate agent for you? That can be harder. To start, ask friends, coworkers and anyone else you know for their recommendations. If they had a bad experience, that can also clue you in on who not to hire.
Local social media groups can also be helpful resources if you’re staying in town. Before deciding on an agent, set up consult calls with several picks and see who you have the best rapport with.
How much down payment you need to buy a house depends on the type of loan or mortgage. Learn about the different types and typical amount required.
As a first-time home buyer, it’s important to understand the process and be prepared. Get tips on how to prepare and find your first house.
Before finding a mortgage, you may hear the terms prequalification and preapproval. Learn how they differ and what you may need while you look for a home.
