What's It Like to Be a Real Estate Agent?
Have you ever wondered what is it like to be a real estate agent? Being a real estate agent is quite an exciting job as each day can be entirely different. The primary responsibilities of a real estate agent are assisting clients in the buying, selling, and renting process for residential properties. Likewise, they can assist business owners in finding offices and other commercial properties for their operations.
The life of a real estate agent includes viewing some beautiful listings and helping clients find their dream home. Not to mention, you can help business owners find the commercial property to help take their business to the next level. Although being a real estate agent is a fun and rewarding job, there is more to a day in the life of a real estate agent than what meets the eye. In this article, we show you the ins and outs of life as a real estate agent, so you can better understand what it takes to succeed in this dynamic profession.
Administrative Duties for Real Estate Agents
Although you may think the life of a real estate agent includes touring captivating mansions and other eye-catching properties, there are less glamorous administrative duties associated with running your business. Now, touring those properties is certainly a reality with the profession. However, not every day is strictly associated with income-producing activities and touring lavish homes. There are also administrative tasks that will need to be attended to on a regular basis. Common administrative duties include:
- Data entry
- Budgeting for operations
- Organizing appointments, meetings, open houses, and viewings
- Filing real estate documents, lease records, and buyer agreements
- Managing your client database
- Responding to business inquiries, phone calls, emails, etc.
- Conducting market research, such as pending and sold listings
- Ordering supplies, such as marketing materials, processing papers, etc.
- Updating your website and social media platforms
- Producing and distributing marketing materials, such as newsletters, flyers, billboards, etc.
- Other administrative duties as they arise
It’s important to note that these administrative tasks can be quite time-consuming, so many real estate agents hire assistants to handle these day-to-day duties. Agents with assistants can focus more time on property viewings and building client relationships, which allows them to leverage their time more effectively and be more productive.
Since real estate agents make their money off of commissions from selling homes, lead generation is crucial to their success. Most individuals either buy, sell, or rent a property in their lifetime. So, anyone can be a potential client for a real estate agent. Some tactics real estate agents use to generate leads include reaching out to various friends, family, and acquaintances to see if they or anyone they know is in need of an agent.
Being a real estate agent requires networking, and much of their success is contingent upon their ability to create lasting connections. The most successful real estate agents spend a great deal of time meeting and talking with many people looking for different types of properties. Having a business card on hand is an effective way to initiate the first point of contact, exchange business information, and grow your network. Additionally, good real estate agents optimize their website using SEO best practices. Employing this methodology once you’re an established agent can lead to greater long-term success as search engine algorithms will be more likely to promote your services.
To help expand your network, always follow up with potential leads; you never know when someone will be ready to buy or rent.
Building Client Relationships
Real estate agents spend a great deal of time working directly with clients, which is why building client relationships is paramount to success in this industry. Agents have to work closely with buyers to understand what they want in a property, their price range, their ideal location, and other varying factors that ultimately influence their buying decision. Once they gather all the necessary information, real estate agents compile a listing presentation, then show the properties they think their client will like the most. Real estate agents can also accompany clients to loan meetings, property inspections, and more to assist in their client's decision and help finalize the sale.
When real estate agents are helping clients to sell a property, they typically provide a comparative market analysis to kick things off. A comparative market analysis allows the agent to determine the fair market value of the property. They’ll then use tools, such as professional photographers, to produce an engaging listing. As potential buyers request more information and possibly even a tour, the real estate agent will walk them through the property and answer questions as they arise.
Meetings and Tours
Perhaps the responsibility most associated with a day in the life of a real estate agent is conducting property meetings and tours. However, not all meetings are conducted with clients. Most real estate agents meet with other brokers to discuss new listings, price changes, and potential buyers. Known as Multiple Listing Services (MLS), multiple agents can work together to exchange useful information on properties to help finalize a sale for their clients. Agents can participate in multiple MLS tours each week. These tours benefit agents because it helps them to see their competition and also makes it easier to find good listing prices for their clients.
Continuing Education Requirements
To become a licensed real estate agent, you need Continuing Education (CE) credits. Not only are these credits necessary to maintain a license, but they also improve your overall credentials and increase your marketability. Each state has different requirements and deadlines associated with Continuing Education, and it’s important to know exactly what you’ll need to do to maintain your license. To learn more about your state’s specific requirements, check out our Continuing Education page.
Earning additional credits and certifications is not always a part of the typical day of a real estate agent, but it is important. Continuing Education can increase your real estate knowledge and proficiency while keeping you informed on changes within the industry.