A real estate agent or realtor is a person licensed within a specific state to help people either sell their property, or to act on behalf of others to try to purchase property. The real estate agent is usually formally trained through taking real estate classes (though some have on the job training instead), and then must usually pass examinations that allow him or her to become licensed. Though you can buy property or sell your own property without an agent, there are so many laws that apply to this process, that many find employing a realtor is an easier process. Employing a real estate agent also means that your property, when you’re selling, will be listed and advertised by the company or agency for which the realtor works.

When you’re interested in buying property, you can choose to use one real estate agent or numerous ones. Generally people may use one realtor, who will not only look at the properties his or her agency currently is selling but will evaluate properties available through other agencies. If you find a property you like, the real estate agent helps you submit a price offer, and then continues to negotiate for a price if your initial offer is not accepted. The agent does have a vested interest in selling properties listed by his/her particular agency, since pay is often determined based on commission alone, a percentage of profits from the sale of listed properties.

If you are selling property, the real estate agent helps you determine the appropriate asking price given assessed value, and the current market. A realtor will also “show” your property, by running open houses or by bringing potential customers to look at your home. When others wish to buy your property, the realtor fields offers, conveying them to you, helps make counteroffers when prices are too low, and sets up the terms for accepting an offer. Many people both sell and buy at the same time, which means the agent is not only helping people sell their own home, but purchase a new home.

In addition to working to help customers buy and sell property, real estate agents may also manage property owned by clients or by their company. They may list properties for rent, collect rent, show available properties for rent, and oversee repairs on rented dwellings that require them. They’ll accept applications, submit applicant’s information for credit checks and help to determine the best and most reliable renter for a property. Though this technically falls under the category of property management, many realtors work in companies that not only help people buy and sell property, but also offer property management services.

Realtors often keep contacts with other professionals in the realty industry, like bank managers, home assessors, and mortgage brokers. Before you get to make an offer on a property, they may have you sit down with a broker or with a lender to determine the exact amount you’ll be able to afford to pay for a home, and what types of loans you can qualify for. This information is vital since it allows the real estate agent to look for things that are specifically in your price range, but meet the basic requirements you need, like a home having a certain number of bedrooms or being located in a specific school district.

Essentially then, as the name real estate agent implies, the agent acts on behalf of someone else, the client, in order to quickly buy or sell property of all types. Pay for this job is frequently through commission only on the sale of properties, though some trainees may receive pay while they train. Agents may work alone, for small companies, or for large ones, and they may specialize in listing certain types of property. For instance some people only sell or attempt to purchase homes for clients. Others may sell office buildings, property for development, industrial sites, or commercial buildings.