What Do Real Estate Agents Do?
Many key players drive the real estate industry, including investors, property management teams, home inspectors, appraisers, and prospective buyers, to mention but a few. Nevertheless, the real foot soldiers of the standard real estate transaction are the individuals who do the nitty-gritty work of getting a property purchased or sold: The real estate agents.
So, who is a real estate agent? In simple terms, a real estate agent is a real estate expert who represents home sellers' or buyers' interests in real estate transactions. The real estate agent coordinates all parties involved in these transactions, ensuring that the sale is a success.
Another important question to ask is what do real estate agents do? While assisting property owners in finding potential buyers and helping aspiring property owners to find their dream homes are all in a day's work for agents, that just scratches the surface of everything that these professionals do. We’ve created this in-depth guide to outline what a real estate agent does, their duties, and how they help those they serve.
Real Estate Agent Duties
There's a certain level of investment in time, money, and energy needed for any professional to succeed. Real estate agents are no exception. If you're interested in pursuing a career as a real estate agent, you should know what real estate agents do so that you can determine if this path is the right fit for you.
Real estate agent duties will vary depending on the day and whose interests you're representing. Some common administrative duties include:
- Working with sellers
- Working with buyers
- Staging and showing properties
- Networking with other real estate professionals
- Listing agreements paperwork
- Developing business leads
- Reviewing MLS listings
- Skills development
Did You Know?
Real estate careers are not going anywhere. Although “For Sale by Owner” (FSBO) listings are a current trend, only less than 10% of FSBO sellers succeed in closing a sale without a real estate agent.
Working With Sellers
Most home sellers often reach out to a brokerage to work with an agent to sell their home. When representing a seller, a real estate agent is referred to as a seller's agent. So, what does a real estate agent do for a seller?
One of the seller's agent's duties is to list their clients' properties on a Multiple Listing Service (MLS), which is a marketing database set up by real estate brokers. Once the seller's agent lists a property on this database, the information is made available to other member brokers in the area, making it easy for agents to find potential buyers.
A good seller's agent does more than listing the home on the MLS or placing a “For Sale” sign in the yard. Other seller's agents' duties include:
- Evaluating all factors that determine the list price to set the right asking price.
- Working closely with sellers to make their properties attractive for viewing.
- Scheduling showings of their client's home with interested buyers.
- Screening potential home buyers to ensure they are serious.
- Presenting all offers and opinions from potential buyers to the sellers.
- Marketing their client's home on various real estate listing websites, their agency's website, and social media sites.
- Negotiating for the best sales price with potential buyers on behalf of the sellers.
- Preparing all necessary paperwork and coordinating the signing process.
- Under the Law of Agency, real estate agents must always act in their clients' best interests. As such, they should have a close fiduciary relationship with their clients and should never share any confidential information about their clients with buyers.
Under the Law of Agency, real estate agents must always act in their clients' best interests. As such, they should have a close fiduciary relationship with their clients and should never share any confidential information about their clients with buyers.
Working With Buyers
Generally, the listing agent of a home does not also represent the buyer. Nevertheless, there are instances whereby a listing agent can also work with a buyer. When this happens, the real estate agent is referred to as a dual agent. You’re likely wondering: What does a real estate agent do for a buyer?
As mentioned above, a property listing is posted in the MLS database and shared with colleagues to find the right buyer. Below is a list of duties that buyer's agents maintain to get their client into their ideal home:
- Advising buyers on market conditions and educating them on the buying process.
- Combing through listing databases and websites to find properties available for sale in the area.
- Making inquiries to narrow down the search to homes that match the buyer's criteria.
- Walking buyers through ideal properties, pointing out good features and potential red flags.
- Helping buyers craft an initial offer and submitting it to the seller's agent on behalf of the buyers.
- Negotiating an offer with the seller's agent on behalf of the buyers.
- Coordinating appraisals, home inspections, and resolving any issues on behalf of the buyers.
- Providing helpful advice that can help buyers get approved for a mortgage.
- Ensuring that homeowner's insurance policy is in place.
- Preparing all paperwork and reviewing all documents before presenting to the client for signing.
- Presenting their client with the keys to their new property.