Types Of Real Estate Agents
When hiring a real estate agent, it is necessary to make sure that they can fit your requirements. Some agents might be specialized in selling homes, whereas, many others might be an expert in assisting people to buy properties. Also, most real estate agents will be specialized in buying or selling a property in a particular area. This means hiring a real estate agent in Elmhurst might not be a good idea when buying a property in Oak Brook. You have to specifically look for a real estate agent in Oak Brook if you are interested in this locality.
In addition to knowing the differences in the locality of specialization, you should be aware of the different fields that real estate agents are experienced in. Therefore, we list different types of real estate agents you can find in your locality:
Real Estate Agent
Real estate agents are professionals whose job is to represent individuals during the process of buying or selling a property. They should pass an exam in the state to obtain a license in this field. Additionally, a real estate agent must also complete certain hours of related coursework to get a real estate license.
In addition to having a license and completed hours of coursework, a Realtor will also be a member of the National Association of Realtors. The term Realtor is often used as a trademark term and people in this designation are required to follow a strict code of ethics.
Even though the membership in National Association of Realtors is not mandatory to work as a real estate agent, they cannot use the term “Realtor”.
Real Estate Broker
Real estate brokers can also help a person with selling or buying a property. But a broker has more responsibilities when compared to an agent. Real estate brokers will also be licensed to oversee the financial and legal procedures associated with property sales.
Specialized Real Estate Agents
There are different real estate agents who are specialized in a particular field. They include:
Listing Agent: A listing agent (also called a seller’s agent) is a professional who represents the seller in a transaction. He/she will list the properties for sale and set up open houses.
Buyer’s Agent: This type of agent represents the buyers in a transaction. They help to find properties, make recommendations regarding the price, and negotiate with the sellers.
Dual Agent: Dual agents simultaneously represent both buyer and seller in a real estate transaction.
So when hiring a real estate agent for buying or selling a property, make sure to choose the right agent for you.