A short explanation of each type of transaction
Buying
Find the property of your choice and send the offer which may be accepted, countered or rejected by the seller. Once accepted, the inspection and appraisal follows. Repairs if any are negotiated. Lender then gets underwriter involved who processes the loan and gives a verdict on approval. Finally the closing attorney complets the process.
Selling
Seller gets into an agreement with a Real Estate agent to sell the house. Repairs and painting usually follows to ensure that the home is ready to sell and attractive to potential buyers. Home is listed on MLS by the agent and the same listing is displayed on many other Real Estate websites. Offers start pouring in. Seller accepts the offer that has better price as well as easy conditions. Buyer gets inspector who lists issues if any. Repairs are negotiated and once the loan is approved, the home is finally sold.
Management
Home owners who wish to rent their property and want the professional manager to handle day to day affairs of the property like repairs, collection of rent and tenant care signs property management agreement with Property Manager. This saves the home owner from stress of day to day management of property and keeps the cash flowing.