The literal meaning of real estate agent is one who is involved in selling, buying of immovable property like land, house etc. He is the intermediary in the sale of the real estate. His main job profile is to find prospective seller and prospective buyer of property.
Real estate agent also helps people in letting out their property for rent. This profession was always there but it was done in a small scale and was highly unorganized and an agent is meant to cover his local area only. Last decade has seen a tremendous development in the field of real estate all over the world. This development has made the profession of real estate agent a dynamic, high earning and attractive position. Due to the increased instance of fraud, cheating and unaccountable money flowing in this industry many of the developed countries has made license mandatory to legally sell a real estate and to become a real estate agent. In that case agent has to take up a written examination conducted by the license regulating authority which will test his knowledge of real estate laws and regulation of that particular country and set guidelines for his conduct as a real estate agent.
A graduate with any stream, at any age can enter into this field. He should be excellent in selling skill, should have regular update of competitive prices and should be an excellent appraiser of the property. He should be well versed with the transfer of property laws, housing laws, environment laws and tax regulations and any other statutory guidelines relating to land and building in that particular area. Real estate agent must possess good communication skills, exhibit good mediation and negotiation skills in closing a sales deal. Some real estate agents confines to residential sales and some enters the commercial side of real estate which is more lucrative and demanding. The development in the field of communication and internet technologies has expanded the horizon of real estate agents. Now real estate agents are exposed to international markets. They have a better and strong network. With better communication means they can save their time and earn more. The real estate agents charge the commission for a sale from the seller or buyer sometimes from both for his service. The percentage of commission varies from place to place. The flow of foreign investment is real estate industry has changed many aspects of real estate and hence changed the job responsibility of real estate agent.