What Does a Real Estate Agent Do?
What is a Real Estate Agent?
A real estate agent is a licensed professional who represents sellers or buyers in real estate transactions. So, as a licensed professional in the real estate business, what does a real estate agent do? Real estate agents work with and assist their clients (interested buyers and sellers) who wish to buy or sell or rent real estate properties. These include houses and residential buildings like condominiums and apartments, office and commercial buildings, comparable properties, and land.
A real estate agent is an expert on real estate transactions, thus s/he can guide you through the property purchase or selling process. They have the knowledge of the requisite documents for completing the purchase or sale of a property.
As a real estate agent professional, the real estate agent has a deep comprehension of the best market to focus on to promote your property, doing comparative market analysis regularly. Since s/he handles the real estate transaction, the real estate agent is conversant with the legal process in the sale or purchase of a property. The real estate agent is, from his license, authorized to market and negotiate the best possible deal for his client.
Types of Real Estate Agents and Their Roles
Realtor
The realtor is a real estate agent with a license from the National Association of Realtors. This is the largest American trade national association whose members work in the real estate industry, so most agents are members. This license demands the members' compliance with a code of ethics.
A realtor owns a brokerage company with real estate agents as its employees or business associates. The company gets in real estate prospective buyers and sellers at the same time and sells (or buys) the clients' properties for a commission. The real estate company also does property management, like managing rental properties of their clients.
What does the real estate agent do as a realtor? The realtor has a contract with a client who is either a buyer or seller and thus, is bound by law to fulfill whatever is stipulated in the agreement. The NAR's strict code of ethics and the law dictates that the realtor must hold the client's interest above his own, and conduct their dealings with honesty and sincerity.
Agent
This is the usual or more common understanding of people of what a real estate agent does. A good real estate agent acts on the realtor's behalf and promotes and arranges for the sale or purchase of a property. In this manner, the real estate agent provides the materials for marketing the property, like photos, organizes property showings, handles negotiations with potential buyers or sellers or other real estate agents, as well as the documentation requirements in the legal process.
A job as a real estate agent can be highly profitable. Remuneration from the commissions can bring you good money, but this income is not stable. There are slow and hot periods in the real estate business. Some real estate agents use their commissions to maintain their finances.
Broker
A broker is a real estate professional, a licensed real estate agent whose work is to market and sell a client's property. If a real estate agent works as a broker, s/he may or may not be employed by a brokerage firm, but instead, work with various real estate companies on a contract basis.
The broker does the housing market research himself, to come into comparable properties the customer would like to buy or sell. As such, s/he will do the marketing (promotion and advertising), have the property listed, handle showings and viewings for open houses and negotiate to obtain the optimum sale or purchase price, while advising the client on issues that may crop up during the process, including recommending home inspectors.
Seller's Agent
The real estate agent is called a seller's agent when s/he works on selling homes with the end of sight of a commission from accomplishing its sale. To do so, s/he will have your property entered into multiple listing services, that is, the MLS database so that it will be easily accessible to potential buyers and other real estate agents.
The seller's agents conduct research and recommend the best price, get the property ready for showing and organize open houses, advertise and market the property and work out the terms of sale with your interests at heart. S/he will also guide you on other buyers who have shown interest in your property including narrowing the potential to the most promising. This kind of real estate agent will also walk you through the preparation of the necessary documents to complete the deal.
Buyer's Agent
This type of real estate agent, the buyer's agent, from the name itself, works only with the home buyers. When you meet with them and hire them, they will get your specific needs and do research on the potential properties according to your specifications, including price. Then s/he will browse the listings in the market, ascertain availability, showings, and fit to your specs and then counsel you on the choice to make.
Real estate agents who work as buyer's agent are always on the lookout for new listings and then prepares for viewings and home inspections to bring you to. They advise you on the most beneficial (to you) financing options to choose from. They assist you with the documents required for the transaction's completion, like the title documents, sale agreement, etc.
Dual Agent
There are real estate agents who do business with both buyers and sellers of the same property - they work as dual agents. S/he makes a contract with both buyer and seller. This scenario also happens when both the seller's and the buyer's agent are employed by the same real estate company.
According to the law, a dual agent must reveal his position in the transaction, otherwise, either or both of the parties involved have the prerogative to withdraw from the negotiations. A dual agent could have a conflict of interest so you must be careful if you decide to work with one because s/he would be in on confidential details from either party.
How to Find a Good Real Estate Agent
It is not that easy to get a good real estate agent, there are many of them, online and everywhere, in the competitive market of real estate. You must do your research, that is crucial. You define what you need a real estate agent for, to be a real estate broker, and what needs you want his or her services and expertise for, so you could get to choose the right real estate agent who will best serve your interest and needs, not just one with a real estate license.
If you need an agent to sell your house or one to help you buy one, either type of real estate agent would be qualified and have the skills in their respective fields and would be able to guide you, where needed, on the purchase or sale of your property. Don't hesitate to pose questions, to get details or clarification, from your first meeting to hiring the real estate agent and in every step of the transaction. Also, you must scrutinize the documents you are required to put your signature to. Get in touch with Barry Jenkins - Better Homes & Gardens Real Estate | Real Estate Agents in Virginia Beach, VA.
Other Tasks and Responsibilities of Real Estate Agents
Administrative Duties. Whether employed or working independently signing contracts with other agents, what does a real estate agent do to perform his/her job effectively - have an office, which must be organized and run smoothly. S/he can do it himself or employ an assistant.
Greeting clients, making and answering phone calls
Preparing correspondence, scheduling meetings, and making travel arrangements
Preparing paperwork: real estate documents and forms
Arranging and/or coordinating showings and assisting at open houses for clients, and gathering feedback after such events
Ordering office supplies, preparing and distributing marketing materials
Establishing and keeping electronic and paper filing systems
Preparing and posting materials for property listings
Setting up and maintaining a client database and preparing reports
Assisting the real estate agent in the closing processes
Networking with the community and other agents. Networking is indispensable to succeed in the real estate market. A robust network could make the difference between a successful and lucrative real estate career and just getting by.
Join different networks as ways to make people aware of your presence and how you can assist in their real estate needs. By establishing your own diverse community (that is, your network system), you gain a base that trusts you and boosts your business by creating leads your way, thus, having an assurance of a continuous inflow of potential clients.
Continuing education, certifications, designations. To keep the real estate license in the states that they work in, real estate agents in whatever role must participate in specified periods and courses for continuing education yearly or in a given recurring period. Each state has its own laws administered by its real estate commissions.
In Virginia state, after passing the licensing exam, a real estate agent must complete 30 hours (online or on-campus) of 9 courses in a post-license education approved by the Virginia Real Estate Board within the first year of obtaining the real estate license.
For real estate agents doing salesperson roles, their continuing education must be 16 hours with some specific mandatory topics. For brokers, brokers have to take 24 hours of CE per two (2) year renewal period. Of those 24, 16 hours of coursework must cover certain mandatory topics.
Networking with other real estate agents. Real estate agents need to establish links with other real estate agents, in the same company and other companies as well. Networking with fellow professionals is an opportunity to get updates on listings and clients and client needs. Finding out about buyers or selling competitors is also an output or effect of good solid networking. Networking is an excellent help to agents and brokers to get firsthand insights into the local real estate situation.
Frequently Asked Questions
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As mentioned above a selling agent ensures the fulfillment of your interests. That is the primary goal of the agent. You present your needs and your target price and s/he will set about walking you through the whole process, guiding you each step of the way, up to documents and other paper requirements for the completion of the transaction.
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Agents receive commissions from successful home sales or purchases. The amount is a percentage of the property's market value.
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Previous clients, actual home buyers, and sellers had said that they look for these qualities and skills in a real estate agent: Honesty and integrity, Knowledge of the purchase or sale process, Responsiveness to client needs and specifications, Knowledge and comprehension of the market, Communication and negotiation skills.
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