Becoming a licensed real estate agent is a serious decision. It’s important to know what your responsibilities will be as an agent before you take the licensing exam.
The are many tasks a real estate agent handles on a daily basis. In fact, many buyers and sellers ask what does a real estate agent do. Many want to that they are getting their monies worth when hiring a REALTOR®.
What a real estate agent earns will often depend on how well they do their job. Simple enough right?
Let’s look at some of the major responsibilities of both a buyer’s agent and a seller’s agent. Believe it or not they won’t be exactly the same.
What does a real estate agent do for buyers?
Help a buyer get pre-approved for a loan
One of the most essential tasks for potential home buyers before looking at properties is getting pre-approved for a mortgage.
A buyer’s agent can put buyers in touch with their preferred lender. It certainly doesn’t lock the buyer in but gets the speaking with a qualified local mortgage professional.
Researches the MLS daily
One of the key responsibilities for a buyer’s agent is to scour the multiple listing service each day for potential homes that match the buyer’s search criteria.
When something is found the agent should be on the phone immediately, especially in a fluid real estate market.
Set up house showings
When a desirable home is found, a real estate agent will schedule a showing based on the buyer’s schedule.
During a showing an exceptional buyer’s agent should be pointing out not only the pros but any noticeable cons of the property.
Write and negotiate offers
Once a home is found that the buyer loves an offer will be written. The services of an exceptional agent become much more paramount at this point.
A real estate agent needs to craft an appealing offer that the seller will give strong consideration to but also protect the buyer’s interests.
Quite often what goes in the offer will depend on the current real estate market. Does it favor buyers or sellers? What contingencies will be acceptable to the seller. Buyer’s agents need to be on top of their game.
Attend and negotiate the home inspection
One of the more essential steps in the home buying process is the home inspection. Many sales fall through at this point in the transaction.
It is crucial for a buyer’s agent to attend and be familiar with the issues. Their negotiation skills become a valuable service.
Communicate with the other side
In real estate sales, communication is vital. A buyer’s agent will speak to many parties including the mortgage broker, seller’s agent, inspectors, and attorneys.
Timely communication is always paramount to keeping things running smoothly until you get to the closing table.
What does a real estate agent do for sellers?
Pricing the property accurately
One of the most vital responsibilities of a listing agent is to provide an accurate comparative market analysis of the property. Pricing correctly is one of the most crucial aspects for a sellers success. The best agents never tell a seller what they want to hear.
Market the property like crazy
The are many things that make a listing agent successful with their marketing. It starts with having professional photography. The internet is where the first showings will take place, NOT when a buyer walks through the door.
A seller’s agent needs to cast as wide a net as possible. The best real estate sites should have vivid descriptions, awesome photos, and information buyers want to know.
Marketing material should be professional and make a buyer think WOW this is well done.
Negotiating the offer
Like a buyer’s agent, a seller’s agent needs to protect their clients interests. Any non-standard terms should be pointed out and modified.
Getting the seller the best deal possible should be the top goal.
Negotiating the home inspection
The home inspection could make or break the sale so it is vital the agent has good negotiation skills. If the buyer is asking for something does it make sense? Is it reasonable? Will other buyers want the same thing.
Inspection negotiations are often dictated by a test of reason.
Constant communication and monitoring the sale
A seller’s agent needs to constantly monitor what is going on to ensure the seller gets to the closing table with the least stress possible. Staying in touch with all the parties is crucial to making that happen including the banks appraiser, buyer’s agent, mortgage lender and closing real estate attorney.
The responsibilities of a real estate agent are extensive, and it’s important to have a clear understanding of what those responsibilities are whether you are a buyer, seller, or real estate agent.