Real estate agent is person who arranges a deal of selling and buying houses or other properties. In many countries some of them also manage the building and the properties for their clients. Every agent has a specific field in which he likes to work, some work for buyer and some help with the sale of the property and some work in both categories. The agent’s works is only to fix the deal or market the house, other legal documenting and paperwork will be done by a solicitor or a licensed conveyance. But if an agent has license he can do the legal work. There are many solicitors who are work as real estate agents too.
In some countries an agent will deal with a client and help in managing all the properties the client has, he will also deal with the tenants of his clients. The obligations of these agents are different in different countries. In many countries an agent has to work for a specific one time and if the client has to hire him for other properties, he will have to pay extra money or commission, but if some problem occurs between tenant and the owner of the property, it is agent’s duty to resolve the issue.
The fee structure of these agents is also varying from country to country. In many countries an agent will only charge fee to the seller of the property and it can be on no sell no fee basis and in case he fixes the deal he will charge one or so percent of the rate amount of the property. In many countries an agent will have his commission from both parties, from seller as well as buyer but the commission will only be paid if the deal is done. They will charge some percent of selling price or a month’s rent of the house.
Some agents have fixed fee structure but some will be open to negotiation, a person can decide the fees amount with them if they agreed to the client. If an agent is having fee he will ask it up front but the commission will only be paid when the deal is done.
If there are two agents working on the property they will split the commission between them equally. Some agent charge first month’s rent with 5 to 7 percent of the whole year’s rent. A tenant will pay less than the owner of the property these fees will be non-refundable because it will be used for paperwork such as applications or for processing fees. In many countries tenants does not have to charge and it is illegal.
It is important for the agent to check working and financial details of the tenant to find out whether he will be able to pay the rent or not and it needs to be done before finalizing the deal. Some agents ask for the reference letter from previous landlord of the tenant.
There are many agents who are working for real estate agencies which buy the property from their owner in cash payment. We Buy Houses Houston and we are one of the best agencies working to deal with houses and properties sale and purchase.