Some of the lines between the roles of individuals in the real estate industry transaction becomes blurry because of their differences and even the term of those said individuals are interchangeable.
A real estate broker and agent in the Philippines have a huge difference when it comes to their qualifications and where they sit on the professional ladder.
Brokers can run their own brokerage firm that is generally responsible for management activities including writing contracts, managing a back-office, overseeing the transfers of escrow money and other financial transactions, recruiting and onboarding agents to represent buyers and sellers of real estate. They are considered as more experienced and qualified in the field of real estate and can work as independent agent that interacts directly to the buyers and sellers. Moreover, they can employ real estate agents to work for them.
Unlike brokers, real estate agents are licensed by a broker to facilitate real estate transactions where they are paid on a commission basis for their sales, and work for brokerages wherein they receive a percentage of the sale price of a property. A buyer’s agent will ask for a certain wish-list for their dream home and they will try to match it to any available inventory. They are in-charge of actively marketing the property and to solicit buyers.
Agents are responsible for carrying offers and counteroffers between each party, along with any queries they may have. An agent will work with another agent once an offer is accepted, guiding clients through the process of filling in paperwork. They also make sure their clients are fully aware of any requirements to complete the sale including inspections, moving, and important dates such as the closing.
They have different roles, but one thing is for sure, they are individuals who have a big impact in real estate transactions.
Buying or selling a home can involve a great deal of money, so it’s natural to feel at least a little intimidated. You need the right real estate professional to guide you through it all.
