A real estate agency is a business that facilitates the buying, selling, renting, or leasing of properties. Real estate agencies typically employ real estate agents who work with clients to help them find, buy, or sell properties.
Real estate agencies can specialize in various types of properties, such as residential, commercial, industrial, or land. They can also specialize in specific locations, such as a particular city or region. Some agencies may also offer property management services for landlords and property owners.
Real estate agencies earn money by charging commissions on transactions. For example, when a property is sold, the agency typically receives a percentage of the sale price as a commission. The commission rate can vary, but it is typically around 5-6% of the sale price.
To operate as a real estate agency, there may be requirements for licensing and certification in the local jurisdiction. Additionally, real estate agencies may be subject to various regulations and laws related to real estate transactions, such as disclosure requirements and fair housing laws.