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Real estate brokers and sales agents help clients buy, sell, and rent properties. Brokers and agents do the same type of work, but brokers are licensed to manage their own real estate businesses. Sales agents must work with a broker.
Duties: Real estate brokers and sales agents typically do the following:
- Solicit potential clients to buy, sell, and rent properties
- Advise clients on prices, mortgages, market conditions, and other related information
- Compare properties to determine a competitive market price
- Generate lists of properties for sale, including details such as location and features
- Promote properties through advertisements, open houses, and listing services
- Take prospective buyers or renters to see properties
- Present purchase offers to sellers for consideration
- Mediate negotiations between the buyer and seller
- Ensure all terms of purchase contracts are met
- Prepare documents such as loyalty contracts, purchase agreements, and deeds
Because of the complexity of buying or selling a home or commercial property, people often seek help from real estate brokers and sales agents. Although most real estate brokers and sales agents sell residential property, others sell commercial property, and a small number sell industrial, agricultural, or other types of real estate.
Brokers and agents can represent either the buyer or the seller in a transaction. Buyers’ brokers and agents meet with clients to understand what they are looking for and how much they can afford. Sellers’ brokers and agents meet with clients to help them decide how much to ask for and to convince them that the agent or broker can find them a qualified buyer.
Real estate brokers and sales agents must be knowledgeable about the real estate market in their area. To match properties to clients’ needs, they should be familiar with local communities, including knowledge of the crime rate and the proximity to schools and shopping. Brokers and agents also must stay current on financing options; government programs; types of available mortgages; and real estate, zoning, and fair housing laws.
Real estate brokers are licensed to manage their own businesses. Brokers, as independent businesspeople, often sell real estate owned by others. In addition to helping clients buy and sell properties, they may help rent or manage properties for a fee. Many operate a real estate office, handling business details and overseeing the work of sales agents.
Real estate sales agents must work with a broker. Sales agents often work for brokers on a contract basis, earning a portion of the commission from each property they sell.