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Real estate sales representatives assist with the buying and selling of residential and commercial properties, representing either the buyer or seller. They advise on pricing, market properties, and negotiate on behalf of clients. Licensing exams and training classes are required in many areas.
A real estate sales representative deals with brokers involving both residential and commercial real estate. During sales, he or she may represent the interests of either the buyer or the seller, and in some cases, the same representative may work with both parties involved in the transaction. Few colleges offer degree programs designed to prepare people to work in these roles, although regulatory boards in many countries run short-term vocational training classes.
When an owner decides to put a residential or commercial site on the market, a real estate sales representative may be asked to assist with the sale process. In these cases, the representative can advise the owner of an appropriate asking price before placing advertisements for the building on real estate websites and in local periodicals and newspapers. Some of these individuals also market properties from their own offices. In this case, factsheets containing photos, descriptions of rooms and amenities can be prominently displayed. Typically, prospective buyers are required to submit bids to the real estate sales representative who then contacts the property owner before accepting or declining these offers.
In many cases, buyers want to tour properties before finalizing bids, and the real estate sales representative has the responsibility of taking people on tours of listed buildings and lots. An individual representing the buyer will attempt to draw attention to a building’s most attractive features in order to increase the selling price. In most countries, laws prohibit the seller’s agent from withholding vital information that could affect the buyer’s willingness to make an offer. Additionally, rules in many areas are designed to prevent these representatives from making false or misleading statements to generate sales.
Buyer’s agents are real estate sales representatives who attempt to negotiate home prices on behalf of prospective buyers. These individuals can take their clients on tours of various properties and submit bids on behalf of their clients. While a single person can represent both parties to a sales transaction, many people prefer to use two agents to avoid situations involving actual or perceived conflicts of interest.
In many areas, real estate sales agents are required to attend a series of training classes that culminate in a licensing exam. People must pass the exam before starting to work in real estate. Thereafter, representatives typically receive their salaries in the form of sales-based commissions, although some professionals also charge a retention fee intended to cover their day-to-day costs during the negotiation process.
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