Whether you’re buying or selling your home, it’s important to know the role of a real estate agent and an estate agent, what each can do for you, and the differences.
What does a real estate agent do?
Real estate includes commercial or residential property and the land which comes with it. So, the responsibility of a real estate agent in the US is to sell or lease that on behalf of the owner. Their role involves a lot of marketing because they are usually self-employed and work on a commission basis. This means it’s in their best interest to sell the property at the best price. The best real estate agents to work with are those who are fully licensed, such as those from Compass Real Estate.
With fewer people having the money to buy property, you might wonder, is Compass real estate in trouble? While there might be more challenges ahead in selling and therefore making a commission, Compass is still finding ways to entice buyers who would like to become homeowners. One example of this is having listings that aren’t available on public websites, so potential buyers can find properties they wouldn’t have known about otherwise.
What Does an estate agent do?
An estate agent is a more typical term used in the UK. Although the job titles aren’t the only difference. An estate agent is employed to deal with the process of buying or selling a property but is rarely self-employed. Instead, they can be paid a basic wage and commission. Some might worry this makes them less motivated to sell a property, but the estate agent’s job security will still be tied to their performance, and of course, they will want the chance to earn more money.
Some overlapping responsibilities
You’ll notice there are some overlapping responsibilities. Estate agents and real estate agents both deal with buying and selling homes and can take you through the process. Many of the duties and expectations for both estate agents and real estate agents are very similar.
There are some differences though, mostly related to how each one is licensed. Estate agents don’t have to be licensed, although it helps them stand out to potential home sellers or buyers. However, real estate agents are required to be licensed. However, real estate agents are required to have a valid real estate license. As this involves at least 70 hours of training to get started, and constant training throughout their career to keep their license up to date, you can be certain they are qualified and aware of any recent changes in the industry. They are appointed by the person looking for a property, often after seeing a home listed in the regional database.
With estate agents, a minimum of one agent has to have a license, for the company to claim to be a licensed estate agent.
Many people selling their property or hoping to buy a home, particularly for the first time, might be apprehensive. So, choosing a qualified and licensed professional can help you put your mind at ease. So, even if there are bumps in the road, they can guide you through them.