A realtor is a professional who specialises in leasing, buying or selling all types of residential and commercial property. Realtors are also often called real estate agents, brokers and consultants/managers.

Who is authorised to work as a real estate agent?

In most countries, only a person who has a licence officially authorising him or her to act as a real estate broker may work. The same powers are held by legal persons (real estate brokerage companies, real estate agencies) who have previously obtained a licence to carry out real estate activities.

In order to obtain the licence, citizens have to present a state diploma in law or economics or successfully pass a qualifying exam. However, the specifics of the legislation of some states, which sets the rules for real estate transactions, are arranged in such a way that allows people without special education to provide real estate services. In such countries, even people with a criminal record can become real estate agents.

What does the specialist do?

A realtor performs a lot of work before a transaction is closed: he consults with clients, selects suitable properties for them, arranges a time for showing the property, makes a presentation, and helps to check and process the necessary documents. In order to be able to provide services successfully, they have to know a lot about marketing, understand mortgage lending and property valuation and be knowledgeable not only in residential but also in land and family law.

In general, a realtor’s responsibilities include the following:

  • obtaining, collecting and disseminating data about the property;
  • interacting with a lawyer or notary during the transaction;
  • advising clients on all matters relating to real estate;
  • examination of the legality of documents;
  • selection of properties suitable for the client;
  • assisting with negotiations in real estate transactions.

Realtors have a lot of contact not only with clients and notaries but also with developers, bank employees and civil servants. For successful interaction at all levels, it is important for professionals to be able to listen, to explain their position clearly and convincingly, to be a salesperson and a psychologist all in one.

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