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Real Estates
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Credit: Gregoryj77
Source: http://commons.wikimedia.org/wiki/File:Gingerbread_House_Essex_CT.jpg
License: CC BY-NC 3.0

When people buy or sell a house, they often hire a real estate agent. Real estate agents—also known as realtors—work to match buyers with houses they might like. They help write up contracts. They make sure both the buyer and the seller have their papers in order.

Working for Commission

A realtor gets paid a commission after a house sells. In many cases, the buyer and the seller each have their own agents. The agents then split the total commission for the sale. You can calculate a realtor’s commission by multiplying a decimal by the sale price of the house. For instance, imagine a realtor gets a 5% commission on a house that sold for $100,000. Thus, the realtor earns 0.05 \times \$100,000=\$5,000 for the sale. The realtor earns this money because she advertises the house, networks to find buyers, and handles the contracts. Sometimes, a realtor may spend a year or more trying to sell a single house.

Credit: buddawiggi
Source: http://www.flickr.com/photos/buddawiggi/5987710858/
License: CC BY-NC 3.0

A good realtor is friendly and should enjoy helping people find houses. Realtors need to be good at math, and they need some knowledge of home construction, so they can help people spot problems in the houses they visit. They also have to be honest and committed to working for their clients.

See for yourself: http://www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.htm#tab-4

Explore More

Watch the videos below to learn more about what it's like to be a real estate agent.

http://www.youtube.com/watch?v=260N5B4SWGA

http://www.youtube.com/watch?v=qpdLkXt_2Vc

http://www.youtube.com/watch?v=LZYZHGRdmj0

Image Attributions

  1. [1]^ Credit: Gregoryj77; Source: http://commons.wikimedia.org/wiki/File:Gingerbread_House_Essex_CT.jpg; License: CC BY-NC 3.0
  2. [2]^ Credit: buddawiggi; Source: http://www.flickr.com/photos/buddawiggi/5987710858/; License: CC BY-NC 3.0

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