Types of Agents in Real Estate, you should know before buying or selling any property. When you are buying or selling property, you have to hire a real estate agent to help you in the process from viewing the property to buying or selling property. These agents are experts and have good knowledge in the real estate field and they will guide you throughout the process. Also, these are types of agents in the insurance
|Types of Agents in Real Estate|
So, let’s see, What are the different type’s agents in real estate?
Types of Agents in Real Estate
There are 6 different types of agents in real estate. The types of agents are depending upon their experience level and education.
- Realtor Agent
- Real Estate Agent
- Real Estate Broker
- Selling Agent or Listing Agent
- Buying Agent
- Dual Agent
1. Realtor Agent
The Realtor Agent is the real estate agent who is licensed by the National Association of Realtors (NAR). So, the Realtor Agent is part of the NAR. The Realtors Agents are expected to follow the Code of Ethics and Morals. This makes an agent more trustworthy and able to compete with others better in the real estate world.
When the real estate agent becomes a realtor agent? The answer is when the agent takes a pre-licensing course and clear a licensing exam then the real estate agent becomes a realtor agent.
The access of Multiple Listing Service (MLS) is available to Realtor Agents and not to real estate agents. The Multiple Listing Service gives realtors greater access to homes in the real estate markets. This is the greater advantage of hiring a Realtor Agent.
2. Real Estate Agent
The Real Estate Agent always works on behalf of the Realtor Agents. The real estate agents have been licensed to market and negotiate the selling or purchasing of the property, but this is on behalf of the realtor agents only.
The real estate agent is an experienced person who can help many people, investors and sellers throughout the different real estate deals. The real estate agent is made responsible for representing the seller or buyer or both in real estate transactions.
For example, the real estate agents give the following services to the seller or buyer like taking photos of the house, land or any other properties, providing marketing materials, showing and organizing property, taking care of negotiations with the different buyers and purchasers, and also handling the legal process to get all types of documents of the property.
This is a financially lucrative job. In this type of job, you have to hustle for your income but you can earn a good amount of money if you are getting commissions on the sale or purchase of the property.
3. Real Estate Broker
This type of agent is also working on behalf of the realtors but is limited to marketing and selling. This means the real estate broker is responsible for handling the marketing and selling of the property.
The real estate broker works on a contractual basis with different real estate agencies. Therefore, the agents do not need to be employed under any brokerage firm.
Usually, the real estate broker conducts their own market research to acquire the property to sell or buy for their customers.
For example, advertising the property for sale, listing and showing the property, making negotiations for the best price to seller or purchaser and advising their clients on the different issues, are the working strategies of the real estate agents.
4. Selling Agent or Listing Agent
The selling agent or listing agent is the agent who deals with selling or property for their clients. The main and primary object of the selling agent is to sell the client’s property for the best price.
For example, the selling agent will be listing and be showing and marketing your property in the real estate market and always works for getting the good value of your property.
The purpose of the seller agent is to conduct good research and come up with the best value and price for the property of their client. And, the selling agent gets a commission of the sold property.
5. Buying Agents
The Buying Agents always works for the buyer of the property. The main object and purpose of buying agents are to research different types of properties and make available a good property for their clients to purchase a good value.
The working strategy of the buying agent is to keep an eye on the new properties that are available in the new market and shows good property to the buyer.
The buying agent is always there for their client. The agent also gives advice to their clients on financial strategies, types of good amount loans available in the market for purchasing a new house or land etc.
6. Dual Agent
The Dual Agent is the agent who works from both sides i.e. buying and selling on the same property.
The dual agent always must be carefully and active in the new markets as they are working on both sides i.e. from selling and buying clients.
For example, the dual agent is always active in the market and keep an eye on the client who wants to purchase and sell their house or land, and the agent gets commissions from both sides.
But there is a great responsibility on the dual agent and also the agent is mandated by the law to disclose all the material facts of the property to the seller and buyer. For instance, there is a chance of not disclosing confidential information from both parties but the dual agent should not ignore this thing.
The types of agents in real estate in the market you should know before purchasing or buying any kind of property. To be a good real estate agent, he/she has to work hard on the research of the market. And keep in mind that these agents are always there to help you in the matter of selling or purchasing any kind of property.