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Understanding the Role of Real Estate Agents

What Do Real Estate Agents Do?

A real estate agent is a licensed professional who assists buyers and sellers with property transactions. The buyer’s agent helps clients find the perfect home and prepare an offer, while the seller’s agent helps determine the sales price, market the home, and show it to potential buyers.

Real Estate Agent vs. Real Estate Broker

Real estate agents and brokers both help people buy and sell homes, but there are key differences. Agents work directly with clients under the supervision of brokers. Brokers, who have additional training and have passed a licensing exam, can work independently or oversee agents.

Real Estate Agent vs. Realtor

While all Realtors are real estate agents, not all agents are Realtors. Realtors are members of the National Association of Realtors (NAR) and adhere to its high ethical standards. They also receive ongoing education to enhance their skills.

How Are Real Estate Agents Compensated?

Agents typically earn a commission from the sale, paid by the seller and split between the buyer’s and seller’s agents. This commission is usually around 5% to 6% of the sale price and is only paid when the home sells.

Do You Need a Real Estate Agent?

While it’s not mandatory to use an agent, their expertise can be invaluable. Agents can help navigate complex contracts and negotiations, saving you time and stress. According to the National Association of Realtors, 86% of buyers used an agent in 2022.

How to Find the Right Real Estate Agent for You

Choosing the right agent can make the home buying or selling process smoother. Here are four steps to find the best agent:

• Search for reputable agents: Ask for recommendations and check online reviews.
• Meet with at least three agents: Interview multiple agents to find the best fit.
• Prepare questions: Ask about their availability, communication methods, and marketing strategies.

The Bottom Line

If you’re planning to buy or sell a home, consider using a licensed real estate agent to guide you through the process and negotiate the best deal. And if you’re taking out a mortgage, O1ne Mortgage is here to help. Call us at 213-732-3074 for any mortgage-related needs.

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