Are you planning to buy or sell a real estate property? Real estate agents or brokers can assist you in a better way! Real estate agents and real estate brokers, do you confuse them and their roles too? You are not the only one, but many can’t differentiate between them because of their overlapping roles. In this blog, we will look at the difference between real estate agents and real estate brokers. And we will get to know, what is the role of real estate agents and brokers in the real estate market.
Real estate is such a vast market, and without some reasonable knowledge, one can’t stand in this industry. Thus real estate agents and brokers are those with certain real estate knowledge and they can help you get your desired property.
Difference between Real Estate Agents and Brokers
Although people often use the terms “agents” and “brokers” interchangeably, they are not exactly the same. Both refer to licensed real estate professionals. Their role is quite similar, but there are some differences as well. Such as a real estate agent is a person, who helps people buy or sell their property. When the deal is done, they get some commission. They can represent either a buyer, a seller, or both.
Whereas, a real estate broker is someone, who can do the same job as a real estate agent. They are a licensed entity as well. They can work alone independently or own a company where many real estate agents work under them.
So, as for the role both the real estate agent and the broker, play almost the same. However, the agent works only under some brokerage or a company. On the other hand, a real estate broker works independently or hires many agents. In this way, real estate agents get their own commission only. However, brokers can get their own commission, as well as a part of the commission of the agents working under their brokerage.
Role and responsibilities of a Real Estate Agent
If you want to sell an older property that is no longer needed, or you want to buy a new property, then you can get assistance from a professional real estate agent. Let’s briefly understand their role;
Although, the role of real estate agents and brokers overlap, differences are also very prominent. A real estate agent works for clients, helping them buy, sell, or rent out a real estate property. These tasks are not as simple as they seem to be. It needs strong technical knowledge and hands-on experience. The real estate agent acts as a link between a buyer and a seller. To finalize the deal of a real estate property between a buyer and a seller, he needs to do some administrative, research-related, and marketing-related activities.
Administrative role of Real estate Agents
As for the administrative role, a real estate agent is responsible for answering phone calls and responding to emails, solving clients’ queries. They schedule appointments and meetings between the two parties. They update property listings, according to the demand of the customers. Once both parties show interest in the deal, then they deliver the required documents and drafts as well.
Role of Real Estate Agents in Research
Now for research purposes, they analyze the changing market trends. Keep their knowledge up-to-date with the latest trends and best practices, as well as competitors’ strategies. Moreover, they search thoroughly the property listings, to fulfill the demand of their customers.
Role of Real Estate Agents in Marketing
To finalize the deal between a buyer and a seller, the administrative and research role of a real estate agent is of far importance but not enough. Marketing is another section that requires great attention from the real estate agent. For marketing purposes, real estate agents create and spread the promotion content. They make sure their social media presence facilitates the customers as much as possible. They enhance their social network to get the leads of their potential customers. Other than that, they also run advertising campaigns and build websites with good content to attract a large number of audience.
In short, the real estate agent’s role is to do thorough research, attract a large audience via promotional activities, and do some administrative tasks as well. All these services are done just to get as many clients as they can, to earn as much commission as they can. As a client, it can be beneficial for you as well, as it lowers your burden. You don’t have to worry about any property-related matter, your real estate agent will do everything for you.
Role and Responsibilities of a Real Estate Broker
The role of real estate agents and brokers can’t be taken for granted. As they wholeheartedly try to simplify the process of property handling for you. To ease your burden, in exchange for some commission they offer great services in buying, selling, or renting out a real estate property.
We have discussed the role and responsibilities of real estate agents, real estate brokers also have almost the same responsibilities. Let’s get to know their roles, and how it differs from that of real estate agents.
A real estate broker, just like the agent negotiates the deal between a buyer and a seller, or the two parties. They manage complete records of the selling and purchase of a property. Although, both the agent and the broker are licensed personnel, the license attained by a broker is of a higher level than the agent. A broker can initiate a brokerage, hiring multiple agents, but the agent can not do that. In this regard, we can say, a real estate broker enjoys more freedom than a real estate agent. But, a broker is supposed to handle and supervise the brokerage.
They have to pay special attention to the training and supervision of the agents working under them. Because a lack of professionalism, or any irresponsibility of the agent can cause a big loss to the brokerage, and thus to the broker. A minor mistake by the real estate agent can leave the broker under huge penalties.
An agent working on behalf of the broker, or the broker himself works for both the buyer and the seller.
Role of real estate broker/Agent on behalf of a Seller
Working for a seller, the broker or agent’s role is;
- To make a list of homes, that the seller wants to sell.
- Then they share this listing with other real estate agents to get a maximum number of buyers.
- They advise the sellers, on how to make their housing attractive for the clients.
- They help sellers to negotiate offers with the potential buyer.
- Then they deal with all the transaction process on the seller’s behalf.
Role of real estate broker/Agent on behalf of a Buyer
On the other side, brokers and agents also work for the buyers, who want to buy their desired real estate property. For the buyers, they provide the following services, such as;
- First, they help them find a property according to their requirements, budget, and desired location.
- They help buyers in visiting the property they are interested in.
- They help negotiate the offer between a buyer and a seller.
- Once the deal is finalized, they assist buyers in coordinating the transaction processes.
- Overall, they provide assistance to buyers from selecting the property, and all paperwork to the final step, that is the possession of their property.
Faisal Town Islamabad, is also one of the famous luxurious housing society in the prime location of Islamabad, where you can buy your desired plot by the help of a real-estate agent or the broker.
Conclusion
Role of real estate agents and brokers in simplifying the process of buying, selling and renting is of great importance. If you want to do any of these activities, then it’s better to hire a professional agent or broker, as they can assist you in the complete procedure. As for buyers, from searching for a desired property, managing the documentation and transactions, till the possession of your own property real estate agents assists you at each and every step. If you are a seller, you can get help from a real estate agent or broker in finding the potential customers, to paper handling, marketing, to the finalization of your deal. So, to start these real-estate activities before any prior experience, its better to hire a real estate agent or a broker.
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Reviewed By Mr.Rizwan Sajjad
