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Things To Know About Real Estate Agents – What does a real estate agent do? Oh, where should I start? Explaining to the public how real estate agents spend their time is like explaining what a doctor or lawyer does all day. There is much more that goes into “treating patients” or “handling legal matters,” and the same goes for “helping people buy, sell, or rent real estate.”
From a consumer’s first thought about a real estate move to the actual step (whether now, next month or three years from now), the broker is incubator, initiator, actor, coordinator, planner, personal concierge. Resource person, problem solver, mediator, miracle worker, bureaucracy cutter, transaction manager and chief make-it-happen officer for everything else that doesn’t fall into the previous categories.
Things To Know About Real Estate Agents
You may delegate some of these roles, but nothing gets done without their oversight and input on what needs to be done and how.
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A real estate agent is anyone who is licensed to help people buy and sell commercial or residential real estate. A real estate agent is a trademarked term that refers to a real estate agent who is an active member of the National Association of Realtors (NAR), the largest trade association in the United States.
An agent has a workday like any other, but typically there are little to no limits to that agent’s day and week. This is how a broker’s working day often goes:
There are no official days off in real estate. You may have periods without scheduled appointments, but there are some
Agents are “on” no matter where they are. In our instant response society, there really is no waiting until tomorrow.
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When a consumer contacts him about a property, he responds. If other agents contact you to ask questions about your listing or want to show one of your properties, reach out to them.
When they receive an offer, they work on it regardless of day, place or time. There is no stop and start in this business.
Despite what people may say, it is almost impossible to ever stop communication. The workplace is wherever an agent is, and that doesn’t mean agents have to go into the office at the start of the day – work happens at home, in the car, on vacation and on the go.
Work often begins early in the morning or at night before managing emails and follow-up communications – phone calls and text messages about a variety of things, from providing feedback on listings to tracking ongoing transactions to creating to-dos -Lists for assistants and employees.
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Agents review MLS activity for relevant listings and updates on properties of interest to their buyers and sellers (competitive offers, price changes, under contract, back on market, off market or sold, etc.) and notify their clients of relevant ones Information .
Agents must continually update their contact databases with new customer information, updates to existing customer contact information, new home birthdays and anniversaries, and more.
Agents put together real estate itineraries for clients planning a home search that may include multiple viewings in a short period of time.
Planning these tours requires a delicate dance that considers geography and logistics against a backdrop of unknown time constraints that vendors may impose. (“Can you come at 2 p.m. instead of 10 a.m.?” or “Today is not good, but how about Friday?”)
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These spontaneous changes in plans wouldn’t be a problem if agents had nothing else to do and buyers had the luxury of time
And Murphy’s Law says that the property causing the scheduling difficulties will be at the top of the buyer’s wish list. Agents have to find a way to make this happen.
Agents make contact to make initial contact, discuss real estate needs and advise clients they have just referred about the market.
They conduct in-depth research on possible options for buyers and delve into market comparisons to get an idea of what sellers’ homes can realistically sell for.
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Then there are the appointments – meetings with buyers and sellers for initial discussions, viewings and viewings of properties, meetings with inspectors, appraisers and a variety of specialists, contractors, set designers, photographers and repair professionals.
Oftentimes, agents are juggling these meetings with the sellers from six months ago who are calling and want to meet right away—or with the inactive buyer couple who have suddenly found the perfect home they need to see right now.
Negotiating offers can take days or weeks. Once an offer is developed and a property goes under contract, that is just the beginning. There is no jumping up and down, no high-fives and no laughter on the way to the shore. On the contrary, anything can go wrong here.
At this point, agents need to ensure that everyone involved in the process is doing their job. No matter which side of the transaction they represent – buyer or seller – brokers must ensure that each meets their obligations under the transaction in a timely manner.
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Agents contact the title company or law firm to ensure the file is processed and all details and nuances are taken into account. They also handle any unexpected events – a closing that needs to be mailed to the seller or a situation where a power of attorney must be in place because one of the buyers will not be present.
There are countless tasks agents must complete from contract to closing, from reminding clients about the transfer of utilities to making sure the seller has everything moved out on the day the buyer takes legal possession.
Problem solving and crisis management take place at every turn. This includes educating customers about the reality of what they want to achieve. collect information about a community, association or property; or resolving numerous potential issues that could derail a real estate search, transaction or settlement.
Unlike many other jobs, no two days are the same. One week could be plagued by multiple obstacles (a buyer’s financing falling through, home inspection issues, etc.), and another day everything could be coming together in an eerily smooth manner. But never fear; In this business it’s always the case that the other shoe drops.
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Speaking of “shining other people’s shoes,” there is no guarantee that the time and hours invested will result in a paycheck.
Agents cannot charge for the time and effort spent providing advice and information, viewing properties, attending viewings, creating and conducting open houses for agents and consumers, and more .
The buyer may never buy; The seller may never sell and the agent’s salary is influenced by other people’s circumstances and decisions.
The enthusiastic buyer could fail the job transfer. An unexpected medical situation could put someone else’s apartment search on hold. Or a few sellers might suddenly decide they love their house more than before.
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The agent receives – if he or she is lucky in these cases – a “thank you”.
Then there are the marketing and business development agents who bring their brand, knowledge and expertise. This website, newsletter, postcard, video, or other marketing materials (social media posts, custom real estate ads) did not appear out of thin air.
Agents devote thought and resources to each element of marketing, always paying attention to implementation, execution, and tracking results.
In short, real estate is a profession full of follow-up, follow-up, follow-up; Multitasking; prioritization, reprioritization; Juggle; figure out how to be in three places at once; Evaluating, advising and coaching; Hold hands; research and problem solving; and answer.
The Benefits Of A Real Estate Agent Career
Despite what reality television portrays, agents don’t just drive around in expensive cars or have their private driver unlock a door for them. You don’t show up at some fancy place in designer clothes to negotiate a deal on trendy cocktails.
It may seem glamorous and easy, but showing properties to a client or putting a house on the market happens at some point in the middle of a very complicated process.
Marketing, branding and creating top exposure usually come first, and these are the things that motivate customers to choose an agent.
To obtain a real estate license, agents must complete a certain minimum number of courses and pass a state-mandated exam. State licensing requirements vary.
The Closing Process
According to the Bureau of Labor Statistics, real estate license applicants must complete between 30 and 90 hours of instruction at an accredited college, university or technical school, depending on the state.
Applicants must also pass an examination that covers both national and state and local real estate laws, standards and practices.
All real estate agents are required to pay an annual license fee and renew it every one or two years, depending on the state. Some states may require agents to complete a certain number of continuing education courses before their license can be renewed.
Process of buying, selling or renting a property; And from this perspective, they help keep the economy running in the truest sense of the word.
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Cara Ameer is a broker and real estate agent with Coldwell Banker Vanguard Realty in Ponte Vedra Beach, Florida. You can follow her on Facebook or Twitter.
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