Real Estate Agent

Their work begins with a mandate from a seller or a buyer. A mandate is usually a written instruction to find a buyer or a seller for a specific property within an expected price range and in a defined time or date. A first priority would be to establish a market value that is fair for the seller's property.

Reputable real estate agents are also required to discuss and put together the most effective marketing plan for the seller's property. To do so, real estate agents need the full and honest cooperation of sellers.

Real estate agents, when offering or advertising a property for sale, point out the merits and most important selling features of that property, particularly its location, the current state of repair of the property and, most importantly, the likely market value of the property.

In negotiations with prospective buyers, real estate agents must always take an objective approach and find out precisely what the particular buyer needs and whether they would be able to meet their financial obligations for the property of their choice.

Real estate agents sometimes obtain listings of properties for sale by following up leads obtained through newspaper advertisements, the Internet and personal contacts. Once a property is listed, real estate agents familiarize themselves with the property and interview prospective buyers to determine their needs in the hope of finding a suitable property.

Once the buyer has decided to purchase a particular property, the agent negotiates a price and terms acceptable to both the buyer and the seller. They help arrange a mortgage or other method of payment with a bank or building society for the seller and do the follow-up work to ensure that transactions proceed smoothly. Real estate agents usually work on commission on the sale of a property.

In the search for buyers, real estate agents must, especially with regard to homes, determine buyers' requirements in relation to such important matters as schools, universities or technical colleges, churches, shops, public transport and recreation. Real estate agents must know the zoning of undeveloped land in close proximity to the property being marketed.

In most cases, real estate agents act as negotiators between sellers and buyers and reach agreement on price, date of occupation and many other factors that must be agreed upon. All of these elements of agreement are defined in a written "Offer to Purchase" or "Contract of Sale". This contract will be submitted to an attorney, usually the seller's attorney, who will handle the legal aspects of the sale and arrange the transfer of ownership of the seller's property to the buyer.

In addition, real estate agents also perform many other administrative functions, such as completing bank or mortgage company bond application forms, liaising with conveyancing attorneys and other similar tasks. This is one of the few careers in which earnings are made through fees or commissions and are only paid upon completion of the transaction or registration process. If the transaction fails no commission is paid.