Learn about universal and general agents. Understand the role of universal and general agents, and see a comparison of these two agents in real estate.
Updated: 11/21/2023
General and Universal Agent in Real Estate | Comparison & Roles
Table of Contents
- What is a General Agent in Real Estate?
- What is a Universal Agent in Real Estate?
- General vs Universal Agents
- Lesson Summary
Frequently Asked Questions
What is an example of a general agent?
A general agent is a person who is responsible for the process of selling and finding a property in a given area. They are also known as a real estate agent or broker.
An example of a general agent in real estate would be someone who has access to lots of properties in one area and maintains contact with sellers or buyers to help them sell their properties or find new ones for sale at the time.
What is a universal agent in real estate?
A universal agent is a person who can perform the duties of a real estate agent in any state or region. Some universal agents specialize in certain areas, such as international real estate or luxury properties. The idea of a universal agent allows people to get into the real estate industry without moving around too much. This model is also beneficial for agents who want to establish themselves and work with multiple firms and clients.
Table of Contents
- What is a General Agent in Real Estate?
- What is a Universal Agent in Real Estate?
- General vs Universal Agents
- Lesson Summary
A real estate agent may be an individual or a business owned by an individual. The term "real estate" covers land, residential housing, commercial property such as office buildings, industrial buildings, and warehouses. It also includes land use rights such as public utility easements and mining rights.
A general agent is a real estate broker who has certain legal rights in the state they are licensed to sell real estate. They help their client by finding them a home to buy. In return, the general agent receives a commission. They are mostly involved in real estate sales, but they can also do leasing activities.
The main characteristics of a general agent are that they are:
- They are required to be licensed and registered with their state.
- They have at least two years of experience in the industry.
- Prove they can make 3-5 sales per month and spend 30% of their time marketing themselves or helping other agents succeed.
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General agents can do many different things for their clients, such as: negotiating with sellers or potential buyers on price, providing financial assistance, and helping find new listings to make sure their client stays up-to-date on what's happening in the market.
A general agent typically helps facilitate the sale or purchase process through some of the following tasks: marketing, negotiating terms, and providing advice on financing. They might also perform some administrative tasks such as helping to prepare documentation, recordkeeping, and other duties that are related to transactions.
General agents can work with both buyers and sellers in a variety of different ways, including directly or as an intermediary between buyer and seller.
A good example of a general agent is a real estate agent in San Francisco who represents buyers and sellers from all over the Bay Area. They typically work on commission, which means they will make money if they sell a house.
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A universal agent is an expert in a particular field who can help clients with their real estate needs. A universal agent is a person who can provide advice and representation services to real estate buyers and sellers. They are also called real estate brokers, agents, or consultants. The main characteristics of a universal agent are that they are multidisciplinary, have global reach, and can provide all services from one point. They are trained in real estate law, negotiation, and sales skills. A universal agent may also be able to use their specialized skillsets to help with legal transactions such as property transfers. They also work with less paperwork.
Universal agents have a broad range of skills and can help clients with every aspect of their real estate transactions. They can help them find sellers, assess the value of homes, and find new homes that suit their needs.
The main characteristics of the universal agent are that they are experts in a specific field, and they take care of all aspects of the transaction for clients. They sometimes represent themselves as generalists because they have skills in different areas like marketing and finance to offer to their clients, but as a rule of thumb, universal real estate agents are different from general real estate agents.
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General and Universal Agent in Real Estate | Comparison & Roles
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