Do you know what a person who sells houses is called? It’s not just a simple answer of someone who sells houses. This profession has a variety of names depending on where you live. For example, in the United States you may have heard of them being called real estate agents, realtors or brokers. While in some countries, these professionals are commonly referred to as estate agents.
Regardless of what you choose to call them, these individuals play a critical role in the real estate industry. They help people buy and sell homes, using their expertise to negotiate deals and ensure their clients get the best possible price. Oftentimes, they’re able to provide valuable advice on how to increase your home’s value and make it more attractive to potential buyers, which can result in a higher final sale price.
Whether you’re looking to buy or sell a house, having a knowledgeable real estate agent by your side can make all the difference. With so many factors to consider, it’s important to have someone who can guide you through the process and help you make informed decisions. So, the next time you’re in need of a real estate agent, keep in mind that those who sell houses can go by many different names, but regardless of what they’re called, they’re here to help you every step of the way.
Different Types of Real Estate Agents
Real estate agents are professionals who specialize in assisting clients with buying or selling properties. There are different types of real estate agents, each of whom specializes in different areas of the real estate industry. Here are the three main types of real estate agents:
- Listing agents: Listing agents represent sellers and help them market their properties. These agents work with homeowners to create a pricing strategy, stage the home for showings, and list the property on the Multiple Listing Service (MLS). They also handle negotiations and serve as an intermediary between the seller and potential buyers.
- Buyer’s agents: Buyer’s agents work with clients who are interested in purchasing a property. These professionals help buyers find listings, arrange property viewings, and negotiate with sellers. They also provide guidance on the home-buying process in general and may offer referrals to other professionals, such as home inspectors or mortgage brokers.
- Dual agents: Dual agents represent both the buyer and the seller in a transaction. While this arrangement can be convenient for clients who want to streamline the process, it can also be ethically complex. Dual agents must balance their loyalty to both parties and avoid conflicts of interest.
Specialized Real Estate Agents
In addition to the three main types of agents, there are also specialized real estate agents who focus on specific aspects of the industry. Here are a few examples:
- Commercial real estate agents: These agents work with clients interested in buying or selling commercial properties, such as office buildings, retail spaces, or industrial warehouses.
- Residential real estate appraisers: These professionals evaluate properties to determine their market value. Appraisers typically work independently rather than as part of a real estate firm.
- Real Estate Investment Trust (REIT) brokers: REIT brokers work with clients interested in investing in properties through REITs, which are investment trusts that purchase and manage properties on behalf of shareholders.
Real Estate Agent Fees
Most real estate agents charge a commission fee for their services, which is typically a percentage of the final sale price. In the United States, the average commission rate is around 5-6%, with 2.5-3% going to the buyer’s agent and 2.5-3% going to the seller’s agent. However, commission rates can vary widely depending on location, property type, and other factors. Some agents may also charge additional fees for services such as marketing or staging a home.
| Service | Typical fee range |
|---|---|
| Listing agent commission | 2.5-3% |
| Buyer’s agent commission | 2.5-3% |
| Marketing fees | $500-$2,000+ |
| Home staging fees | $500-$5,000+ |
It’s important to note that real estate agent fees are typically negotiable and can vary depending on the services provided. Clients should always carefully review a real estate agent’s fee structure before signing a contract.
Qualities of a Successful Real Estate Agent
When it comes to buying or selling a home, having a knowledgeable and skilled real estate agent by your side is essential. However, not all agents are created equal. Here are some qualities that separate successful real estate agents from mediocre ones:
- Excellent communication skills – An effective real estate agent should be able to clearly and concisely communicate with their clients and other agents involved in the process.
- Expert negotiation abilities – Negotiation skills are crucial in the negotiation of offers and counteroffers with other parties involved in the transaction.
- Extensive market knowledge – The top agents have an in-depth knowledge of the local market, including recent sales trends, new construction projects, and upcoming developments.
In addition to these key qualities, successful real estate agents share a few other traits that help them thrive in their work. For instance, they are highly organized individuals who have excellent time management skills. They also have a positive attitude and a willingness to go above and beyond to ensure their clients are satisfied with their services.
Moreover, having a successful real estate career requires a strong work ethic. The most successful agents are driven to achieve results and are comfortable with a certain level of risk because their success depends on their ability to close deals and generate income.
| Qualities of a Successful Real Estate Agent | Description |
|---|---|
| Expert communication skills | An agent should be able to explain complex issues in a clear and concise manner for their clients to understand. |
| Excellent negotiation skills | An agent should be able to secure the best possible deal for their clients while maintaining positive relationships with other parties involved. |
| Extensive market knowledge | Having up-to-date information about the local real estate market is essential for agents to provide tailored advice to their clients. |
| Strong work ethic | Succeeding in real estate requires dedication, hard work, and a willingness to take risks. |
In conclusion, a successful real estate agent possesses a wide range of skills and qualities that are integral to helping clients achieve their real estate goals. If you’re in the market for a new home or looking to sell your current property, be sure to work with an agent who demonstrates these qualities and is committed to providing exceptional service.
How to Become a Real Estate Agent
Being a real estate agent can be a lucrative and fulfilling career path, but it is also one that requires a lot of hard work and dedication. In this article, we will discuss the various steps and requirements to become a real estate agent, including education, licensing, and building a client base.
Education Requirements
- There are no specific educational requirements to become a real estate agent, but having a high school diploma or equivalent is typically necessary.
- Some states require completing a pre-licensing course, which can range from 30 to 90 hours, before taking the licensing exam.
- Obtaining a college degree or taking additional courses in real estate, business, and finance can be beneficial for advancing in the industry and developing a better understanding of the market.
Licensing
To practice as a real estate agent, you must have a license from your state’s real estate regulatory authority. The requirements for obtaining a license vary by state, but typically include:
- Completing a pre-licensing course (if required)
- Passing a licensing exam
- Fingerprinting and a background check
- Paying a licensing fee
After obtaining a license, real estate agents are required to renew it periodically (usually every 1-2 years) and complete continuing education courses to stay current and maintain their license.
Building a Client Base
One of the most crucial aspects of being a successful real estate agent is building a client base. Here are some tips for doing so:
- Network and market yourself in your community
- Develop relationships with other professionals in the industry (i.e., lenders, home inspectors, contractors)
- Create a strong online presence and utilize social media
- Provide excellent customer service to both buyers and sellers
Real Estate Agent Income
The income of a real estate agent varies greatly based on many factors, including location, the market, and the agent’s experience. According to the Bureau of Labor and Statistics, the median annual salary for a real estate agent in 2019 was $49,980. However, top-performing agents can earn much more than that, with some earning six or seven-figures annually.
| Income Type | Percentage of Income |
|---|---|
| Commission from Property Sales | 90% |
| Property Management Income | 5% |
| Other Income Sources (i.e., Referral Fees) | 5% |
Real estate agents are typically paid on a commission basis, earning a percentage of the total sales price of the property they sell. The commission is split between the buyer’s agent and the seller’s agent and can range from 2-6% of the sales price. Agents who work for a broker will typically split their commission with the broker, with the agent taking a percentage and the broker taking a percentage.
The Role of a Real Estate Agent
Real estate agents are professionals who help buyers and sellers with their real estate transactions. They are licensed and trained to provide guidance and assistance throughout the entire buying or selling process. In this article, we will discuss the role of a real estate agent.
Responsibilities of a Real Estate Agent
- Listing properties for sale or rent
- Advising buyers and sellers about the current real estate market conditions
- Negotiating deals and offers on behalf of clients
- Facilitating property showings for potential buyers
- Preparing and submitting paperwork and documents for transactions
- Coordinating with other professionals, such as home inspectors and appraisers
Communication Skills
One of the most important skills a real estate agent must have is excellent communication. They must be able to communicate effectively with clients, other agents, and other professionals involved in a transaction. A good agent will keep their clients informed every step of the way and answer any questions they may have.
Agents must also be able to accurately convey their clients’ needs and preferences to potential buyers or sellers. They must be able to negotiate effectively and find common ground between parties.
Market Knowledge
Another key aspect of a real estate agent’s role is understanding the local real estate market. They must be knowledgeable about current market conditions, including pricing, inventory, and demand. This helps them advise clients on the best course of action when buying or selling a property.
Real estate agents also keep up to date with changes in laws and regulations governing real estate transactions in their area.
Technology and Data Analysis
In today’s digital age, real estate agents must be tech-savvy and adaptable. They must be comfortable using a variety of technology platforms and tools, such as social media and online listing sites. Agents can also use data analysis tools to help clients determine the best pricing strategy for their properties.
| Data Analysis Tools for Real Estate Agents | Description |
|---|---|
| Comparative Market Analysis (CMA) | An analysis of similar properties in the area to determine a property’s value |
| Real Estate Data Platforms | Tools that provide real-time data on pricing, inventory, and demand |
| Digital Marketing and Advertising Tools | Tools that can target specific audiences with advertising and marketing materials |
The use of technology and data analysis tools can help real estate agents be more efficient and effective in their work.
In conclusion, the role of a real estate agent is diverse and multifaceted. A successful agent must have excellent communication skills, market knowledge, and be adaptable to changes in technology and data analysis.
Real Estate Agent vs. Realtor: What’s the Difference?
When it comes to buying or selling a property, many people think that real estate agents and realtors are the same. However, there is a significant difference between the two terms. In this article, we will discuss the difference between a real estate agent and a realtor in detail.
- Definitions: A real estate agent is a licensed professional who helps buyers and sellers with their real estate transactions. On the other hand, a realtor is a member of the National Association of Realtors (NAR) and follows its code of ethics.
- Licensing: Real estate agents are required to have a real estate license in the state where they do business. However, becoming a realtor requires obtaining a real estate license and being accepted as a member of the NAR.
- Ethics: Realtors adhere to a strict code of ethics set by the NAR. This code of ethics includes a commitment to honesty, professionalism, and a high standard of practice.
Hiring a real estate agent or a realtor comes down to the individual’s preference. Some people prefer a realtor because of their strict code of ethics, while others may not see the need for hiring a realtor and are content with a licensed real estate agent.
However, it is important to note that not all real estate agents are realtors. It is crucial to understand the difference between the two when hiring someone to handle your real estate transactions.
| Real Estate Agent | Realtor |
|---|---|
| Requires a state-issued real estate license | Requires a state-issued real estate license and membership in the National Association of Realtors (NAR) |
| May not be held to the same ethical standards as a realtor | Must abide by NAR’s code of ethics |
| Can be less expensive to hire | May charge higher fees due to their additional membership and ethical standards |
In conclusion, when choosing between a real estate agent and a realtor, it is important to understand the difference between the two. While a real estate agent can help with your transactions, a realtor can provide an extra level of professionalism and adhere to a strict code of ethics. Ultimately, the choice comes down to personal preference and what you feel comfortable with when buying or selling your property.
How Real Estate Agents Get Paid
Selling or buying a property isn’t an easy task, especially if you’re doing it alone. This is where real estate agents come in. They are professionals who are licensed and trained to help you buy or sell properties. As with any profession, they make their money by charging a commission or a flat fee. Let’s explore how real estate agents get paid.
Commission-based
- In the United States, real estate agents are typically paid a commission of around 5-6% of the home’s sale price. This commission is split between the buyer’s agent and the seller’s agent.
- The agent that represents the buyer doesn’t typically receive the entire commission. Instead, it is split between the buyer’s agent and the brokerage that they work for.
- The seller’s agent also receives a portion of the commission, which is split between the agent and their brokerage.
Flat Fee
While commission-based payment is the norm, some real estate agents charge a flat fee instead. This fee can range anywhere from a few hundred dollars to a few thousand dollars, depending on the agent’s experience and the type of property being bought or sold.
Rebates
Some real estate agents may offer rebates to their clients. Rebates are a portion of the agent’s commission that is returned to the client after the sale is complete. Rebates are legal in most states but may be prohibited in some jurisdictions.
The Split
Real estate agents don’t keep the entire commission for themselves. Instead, they must share it with their brokerage. The split can vary between brokerages, but it typically falls somewhere in the range of 50/50 to 70/30. This means that the agent keeps 50-70% of the commission, while the brokerage keeps the rest.
| Commission Split Example | 70/30 Split | 60/40 Split | 50/50 Split |
|---|---|---|---|
| Total Commission | $10,000 | $10,000 | $10,000 |
| Agent Commission | $7,000 (70%) | $6,000 (60%) | $5,000 (50%) |
| Brokerage Commission | $3,000 (30%) | $4,000 (40%) | $5,000 (50%) |
As you can see in the example above, the commission split can impact how much money the agent receives after a sale. A 70/30 split means the agent gets to keep 70% of the total commission, while a 50/50 split means they only get to keep half.
In conclusion, real estate agents get paid by charging a commission or a flat fee. The commission-based payment model is the most popular and typically falls within the range of 5-6% of the sale price. Agents must share their commission with their brokerage, with the split ranging from 50/50 to 70/30. Some agents may offer rebates to their clients, but this isn’t common practice.
Top Real Estate Agencies and Brokers
Real estate agencies and brokers are the backbone of the housing market. They are the ones responsible for helping individuals buy, sell, rent, and lease homes. A person who sells houses is known as a real estate agent or a realtor. They can work for a real estate agency or they can work independently as a broker. Real estate agents and brokers play an important role in the industry because they are the ones who know about the trends, fluctuations, and forecasts of the market. In this article, we will explore the top real estate agencies and brokers in the industry.
- Remax – With over 120,000 agents in over 100 countries, Remax is considered to be one of the largest real estate agencies in the world. They have a global reach which makes them a popular choice for individuals who are looking to invest or relocate.
- Century 21 – Century 21 has been around since 1971 and has a presence in over 80 countries. They are known for their customer service and innovative approach to technology. They were the first real estate agency to launch a mobile app in 2009.
- Coldwell Banker – Coldwell Banker has been in business for over 100 years and is known for their focus on luxury properties. They are active in 44 countries and have a global network of over 92,000 agents.
These real estate agencies are well-established and have a reputation for being reliable and trustworthy. However, it’s worth noting that there are many other agencies out there that also provide quality service. It’s important to do your research and find an agency or broker that fits your specific needs.
Some other top-performing real estate brokers include:
- Ben Caballero – Ben Caballero has been recognized by Guinness World Records for being the world’s most productive real estate agent. He sold 4,700 homes in 2020 alone and has been in the industry for over 50 years.
- Ryan Serhant – Ryan Serhant is a real estate broker and star of the Bravo TV show “Million Dollar Listing New York”. He is known for his charisma, negotiation skills, and expertise in the luxury market.
- Mauricio Umansky – Mauricio Umansky is a real estate broker and founder of The Agency. He has a celebrity clientele and has sold as much as $500 million worth of property in a single year.
If you’re in the market for a new home or looking to sell one, it’s important to find an agent or broker who is knowledgeable, experienced, and trustworthy. Take the time to research and find one who will work hard for you and be dedicated to your needs.
| Real Estate Agency/Broker | Number of Agents | Presence |
|---|---|---|
| Remax | 120,000+ | 100+ countries |
| Century 21 | N/A | 80+ countries |
| Coldwell Banker | 92,000+ | 44 countries |
Overall, real estate agencies and brokers are essential for buying and selling houses. It’s important to research and find one that fits your needs and has a good reputation. The top-performing agencies and brokers have a proven track record of success and are worth considering when looking for help in the industry.
What is a person who sells houses called?
1. What is the common term for a person who sells houses?
The most common term for someone who sells houses is a real estate agent.
2. What does a real estate agent do?
A real estate agent is a licensed professional who helps people buy, sell, or rent properties.
3. How do real estate agents earn money?
Real estate agents earn a commission on the sale price of the property, usually around 5-6% of the total amount.
4. Are there different types of real estate agents?
Yes, there are different types of real estate agents, including buyer’s agents who represent the buyer, seller’s agents who represent the seller, and dual agents who represent both the buyer and seller.
5. What kind of training do real estate agents have?
Real estate agents are required to complete pre-licensing education and pass a state licensing exam. They may also receive additional training and certifications in specialized areas of the industry.
6. What qualities make a good real estate agent?
Good real estate agents are knowledgeable about the local market, have excellent communication skills, are organized and detail-oriented, and have a strong work ethic.
7. How can I find a good real estate agent in my area?
You can ask for referrals from friends and family, search online for real estate agents in your area, or contact a local real estate agency for recommendations.
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We hope this article has helped you understand what a person who sells houses is called and what they do. If you’re in the market for buying or selling a property, consider working with a reputable real estate agent who can guide you through the process. Check back later for more informative articles!