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US real estate agents need a license

  The real estate agency practitioners in the United States implement the examination and licensing system. All brokers and legal persons in the industry need to obtain a real estate agent license (License) before they can engage in business activities. Such licensed brokers are called Licensed Real Agents. Operating without a license is illegal and the consequences are serious. However, this license system for real estate agents in the United States has been successfully operating for many years, effectively ensuring the quality of employees in the real estate industry.

  In addition, real estate brokers are also considered a more decent job in the United States. Statistics show that 90% of real estate agents have a college degree, 45% have a bachelor's degree, and 20% have a personal assistant. In the years when the U.S. housing market was more prosperous, real estate brokers also made considerable incomes. According to 2004 data, shopkeepers involved in sales made $90,000 a year. With the accumulation of working years and experience, the income of real estate brokers in the United States has also risen. The annual salary of brokers who have worked for many years is higher than that of doctors and university teachers.

US real estate agent commission rate

  Initially, the commission ratio of real estate agents in the United States was regulated by the US government, but it was later found that such an approach would restrict the brokerage company from providing more services to customers, so the restrictions were loosened. After years of practice, real estate agents in the United States have formed the current basic rule - charging 6% of the house price as a commission.

  However, the 6% standard will vary according to the type of property being sold, and also vary from continent to continent, all determined by market regulation. Typically, the commission rate for single-family detached houses is 3%-8%; the commission rate charged by large commercial properties is lower, at 3%-6%; as for land for development, it is as high as 6%-10%. Usually, after the broker completes the brokerage business, the real estate agency charges a commission, and the broker can get 50%-90% of the commission. The specific ratio is determined by mutual agreement between the two parties.

Importance of real estate agents

If you are buying a house

  For most of us, a home is the biggest purchase of our life. Apart from huge financial deals, simply finding the right home to meet our specific needs is not an easy task.

  Just as you wouldn't buy a car, computer, or camcorder without researching the various models and prices, you wouldn't buy a home without professional advice and guidance. While some people think that the services of a real estate agent are only necessary when selling a home, a real estate agent is just as important when you are buying a home.

  For example, a real estate agent can help you decide how much home you can afford based on your financial situation, help you pre-qualify for a loan, and even let you know about different financing methods. Western Realty's professional real estate agents are also neighborhood experts, providing detailed information about schools, transportation, local taxes, and neighborhood characteristics.

  Using a real estate agent also means that your home sales information is available into the real estate agent's intranet system (MLS). MLS is an important sales tool used by real estate agents to notify other brokers about available properties. A broker can provide you with a wide range of housing options.

  When it comes to whether you're overpaying, a real estate agent can provide you with a market analysis of your home to compare asking and selling prices for homes in your neighborhood.

If you are selling a house

  You probably know that working with a real estate agent is an integral part of selling your home. First, your real estate agent can register your home in the Realtors Intranet System (MLS), giving you unparalleled exposure to your home and ensuring you have the most real estate agents to help you find buyers.

  But a real estate agent does much more than that to sell your home. He or she knows how to target specific advertising to reach buyers of your home, and they use all available marketing tools to ensure your home sells properly.

  In addition, real estate agents will perform a variety of marketing efforts on your behalf, from hosting open houses and handling phone enquiries to showing your home to prospective buyers.

Besides finding buyers, what can a real estate agent do for you?

  Realtors provide information on local market conditions to help you price your property realistically and fairly, as well as keep you informed of market changes that may affect your property.

  Buying or selling a home means a lot of paperwork. A real estate agent can be extremely valuable when it comes to closing bills. They will guide you through the rough road of paperwork with a solid hand, familiarizing you with escrow, insurance, property disclosure and inspection procedures, and more.

Why hiring a professional is a good deal

  If you hire an agent, you can benefit from the professional experience from the moment you consider selling your home.

  Your agent can help you determine a fair market price based on the transactions he or she has completed in your neighborhood and arrange financing to make a quick sale in the current market easier - helping you gain equity on your home.

  If you wish to participate in the financing of your property purchase, your agent or broker can create a workable plan for you to help reduce the risk of uncommon terms, as well as assess the expected benefits of holding a property protection financing plan for you.

  American real estate agents are experts in real estate marketing. They can choose media and messages to bring interested buyers to your door. They will meet and screen buyers for you, and use their sales and negotiation skills to help you get the best possible sales return. Every brokerage firm has a stable client base, which is unmatched by individual businesses. They will share their constructive comments on exterior repairs, financing arrangements or reassessing your listing price.

  The agreement between seller and buyer is only the beginning of the final transaction. From that moment on, your agent or broker can handle the details and paperwork needed to complete the transaction: from construction and termite reports to fire insurance and settlement arrangements with escrow and title companies.

  As a real estate expert, your agent or broker can pre-assess your closing costs and net proceeds from the sale, as well as keep you informed of the details to ensure a smooth and on-time settlement.