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This is how a real estate agent works

The role of real estate agents is no secret: they are the ones who can make the process of selling real estate smoother, helping both buyers and sellers. Of course, this requires the agent to perfectly assess the property and provide accurate information to the right people, which is not always easy. What qualities are needed for someone to succeed in this profession?

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Who Can Be a Real Estate Agent?

Not just anyone can be a real estate agent: the job requires certification and a wealth of knowledge. Expertise and awareness are essential, as well as knowledge from various fields: legal, architectural, and financial knowledge is valuable, and excellent communication and persuasion skills are crucial. Without these, one cannot sell real estate.

The following qualities and skills are essential for a real estate agent:

  • Awareness: The first and most important thing is knowing the current real estate market situation and trends, as this is how a house, apartment, or land can be properly priced. It is obvious that a well-priced property is essential for a successful sale, although it is not the only factor. If someone does not know what factors are influencing the market, how prices are evolving, or why a certain price is valid, they might get stuck here.
  • Communication Skills: The agent needs to communicate effectively with both buyers and sellers. Someone who is taciturn and struggles to communicate with others won’t make a good real estate agent, because their performance depends on how well they can highlight the property’s advantages, motivate the buyer, and answer any questions that arise.
  • Preparation: It’s very discouraging if an agent knows almost nothing about the property they are selling beyond what is obvious. In more reputable agencies, this is clearly not acceptable, and a real estate agent who wants to excel in their field would not allow this. They must gather all possible information from the seller so that they can answer buyers’ questions. Preparation also includes knowing the paperwork process involved in the sale of the property, so that they can help initiate the process.
  • Organizational Skills: An agent may be responsible for several properties at the same time and needs to show them to interested buyers. Keeping track of everything and organizing the schedule so that appointments don’t overlap and are on time is no easy task. Sometimes, coordination with the seller is necessary, so organizational skills must be at a high level.
  • Architectural and Legal Knowledge: Although real estate agents are neither lawyers nor architects, they must have some understanding of these areas. Without this knowledge, they will not be able to answer buyers’ questions about the legal status or architectural features of the property.

What Legal Issues Can Arise in Real Estate?

Real estate law comes up in several contexts during a sale. It matters, for example, how many owners are listed, if there is a usufruct on the property, or if there is a mortgage. These details can be found on the property’s ownership record.

If the buyer is interested in purchasing the property, legal concepts like deposit and down payment may arise: these can be the same amount but have different meanings. The deposit is non-refundable if the buyer backs out of the transaction, while a down payment can be refunded. In case of a deposit, the seller is also liable: they must pay the buyer double the deposit amount if they back out. No such obligation exists for the down payment.

While lawyers usually accompany the sale process, real estate agents must be familiar with the basics as questions may arise even before the actual contract is signed.

What Does a Real Estate Agency Contract Involve?

When selling property, sellers typically don’t contract directly with the agent, but with the agency. The agent, in turn, has a contract with the agency, which may vary: the agent can be an employee or an independent contractor with a specific assignment contract for the property in question. The latter is more common.

So, the real estate agent doesn’t sign a contract directly with the property owner; they receive their assignment through the real estate agency.

What is the Real Estate Agent’s Fee?

The commission may vary from one agency to another, but generally, the agent’s fee is 3-5% of the sale price of the property, though deviations are possible.

This amount is not entirely for the agent: part of it goes to the agency, and the agent can expect to receive approximately 20-50% of it, depending on the terms.

Since each case is different, there are no standard success fees at most agencies. Sellers must individually request a quote from the agency. The success fee may depend on whether the contract is exclusive or open, meaning if the seller has entrusted only that agency with the sale, or is trying to sell the property through others as well. In the latter case, agencies usually request a higher fee, as there is more competition.

Luxury Real Estate Agent Position at Kenway

Within the real estate market, luxury properties represent a special niche, as they come with unique demands. Therefore, an agent specializing in luxury apartments and houses must be well-prepared, precise, and have impeccable communication skills. Naturally, the expected commission is also higher.

We invite experienced real estate agents with legal knowledge and a performance-based income motivation to consider the job offer at Kenway!