A job of a realtor or real estate agent is very complex. They have to have a lot of knowledge about the real estate market, they have to be familiar with the area, know the local zoning laws, tax laws and much more. They will know where to find financing for property purchasing and will know the best places to find those loans also.
A broker and a real estate agent does the same type of work but there is a difference. A broker must be licensed to have a real estate business and a realtor or real estate agent must work under a broker and they will have to be licensed also. Realtors or real estate agents will provide service to brokers on a contractual basis. The broker will pay the agent a commission that is earned from sale of any properties sold by the agent. A broker can sell real estate property also. They may rent or manage rentals for a fee.
When brokers, real estate agencies or realtors sell a property, they will arrange for all title searches, arrange meetings between buyers and sellers, act on price negotiation and will help arrange financing from local lenders for the property. The agents are involved through the entire process of buying or selling a home or property and will be there for the client all the way until the final closing sale.
A realtor, broker or real estate agent will be responsible for locating properties available for purchase or for sale. This is considered as obtaining listings which are agreements by owners to place properties for sale with that real estate agency.
Agents will compare property with properties that have recently sold to help determine a fair competitive market pricing for the property.
Agents will meet with clients who are potential buyers to discuss and learn about what type of property that the buyer is most interested in purchasing. They will assist the client in determining how much property a client can afford, assist with sharing information on local taxes and the neighborhood that the client is interested in purchasing a home in.
Once a sale of real estate has been completed, a realtor or agent that sold the property will earn a commission most of the time. If another agent obtained the listings, then that agent will also earn a commission.