What are the different types of real estate agents?
The term real estate agent is broad and wide-ranging. With several different qualifications, responsibilities, and career paths between them, it’s important to gain a better understanding of what each job entails before you consider looking any further into a job in the real estate industry.
Perhaps you like the sound of working for both parties to find a mutually beneficial outcome. Or maybe the idea of working for a real estate brokerage firm like Compass that oversees and guides agents and people alike is more your style.
Either way, these explanations of the various positions available in this exciting industry will help you to make the best decision possible.
Designated agent
A designated agent will generally fall into one of the following categories – a buyer’s agent and a seller’s agent. Clients will usually require both a seller’s and a buyer’s agent to facilitate a successful move into a new property, although this isn’t always the case.
They make their salary primarily based on commission, which means that their earnings can sometimes be affected by factors such as the economy, the season, and the markets as a whole.
A seller’s agent
As the job title suggests, a seller’s agent specializes in listing a house on the market. Their jobs entail everything from promoting and marketing the property itself to scheduling viewings.
A seller’s agent will then take the lead on these viewings, showcasing the home on sale and divulging the asking price. That price is also determined by the seller’s agent, based on factors like other property in the area and the current market value.
A buyer’s agent
Buyer’s agents are more prone to get their hands dirty in terms of doing the research and gaining a sound understanding of what a client needs most in a new home. They’re given a budget to meet and a list of what a client is looking for in their dream home. What then? Well, it’s up to the buyer’s agent to make it a reality.
Real estate brokers
Real estate brokers work less with customers and seldom face to face. Instead, their role resides more in the background. Their job is to oversee the entire process and ensure that the business itself is running like a well-oiled machine to service the clients.
A broker has a higher level of education and qualifications than a standard agent.
A dual agent
A dual agent represents the buyer and the seller. This can help to facilitate a faster and smoother transaction, but it’s a job that gives an agent access to a lot of sensitive information from both parties.
As they essentially work for both sides, the job requires a great deal of care during the negotiation process. In fact, some US states have banned the act of dual agency.
Finding the best career path as a real estate agent
Regardless of which path sounds best suited for you, all real estate agents are required to obtain a state license. You’ll also be expected to adhere to the codes, ethics, and practices that other real estate professionals do.
