We’re all accustomed with real estate agents and how they assist people to buy or sell homes. What many people may not understand is that they do much more than show available properties and conduct open houses. If you’ve contemplated a real estate career and want to learn more about real estate agents, this information could help you to determine if it’s an ideal fit for you.
Real estate agents perform a multitude of tasks during the course of any real estate transaction. Their duties change depending on the specifications of their client and the role they will assume for their client.
First, let’s look at the actual definition of a real estate agent:
A person who works for a broker and is hired to assist a property owner sell or rent their property. They also assist buyers in purchasing or renting a property. They are licensed by the state they operate in and are regulated by those state laws.
In any real estate deal – buying, selling or renting – there will normally be two agents involved: one agent to represent the property owner and another agent to represent the potential customer (buyer or renter) depending on the undertaking. In some cases, an agent can represent both parties, but they will need a special agreement signed by everyone involved disclosing or waiving potential conflicts of interest.
Duties of the Buying Agent
An agent’s set of duties when they represent a buyer. On a purchase transaction, an agent’s typical duties may include:
- Interview the potential buyer’s and discuss wish lists, needs, expectations and location options
- Help buyers apply and secure a loan, determine budget and advise them on market conditions
- Show buyers properties that meet their requirements and stay within the approved budget
- Help them draft an initial offer, assist with counter offers and all negotiations; then help execute a contract
- Assist with any inspections, appraisals, and any activity associated with the buyer’s side throughout the course of the sale
- Explain all documents, contracts, and forms to buyers and ensure the buyers receive and understand all documents (like seller’s disclosure)
- Walk the buyers through the closing process with the title company
- Make sure they get the keys to the property and closing is executed correctly and on time
Duties of the Listing Agent
In a sales transaction, where a property will be placed on the market for sale, a real estate agent is recognized as the listing agent. In this role, the real estate agent will determine the sales price, work with the property owner to establish an advertising and marketing strategy, and prepare the home for showing once it’s listed.
The agent has a specific list of duties to prepare and execute the property for sale. Some of those duties associated with selling a property are:
- Research local selling market and comps for the area to determine a listing price
- Guide and assist the seller in preparing their home for future showings and make the home show ready
- Take photos of the home for marketing material and enter the property in the MLS database, as well as other web outlets to circulate interest
- Implement advertising strategies and market the home according to plan (especially to other brokers)
- Supervise and assist in showings of the home
- Handle all incoming offers, contracts, and negotiations.
- Work with other agents and seller to facilitate the best deal to get the home sold
- Oversee closing of the home throughout the title and escrow company process
Lastly, on a rental, an agent will work with the owner to get the property leased and usually another agent will show the rental property, representing the potential renter. It is much more common for a real estate agent to work with both parties on this type of arrangement but still the special representation agreement form will have to be used and agreed upon.
As you can see, the type of real estate business being conducted will depend on an agent’s duties and description. It can change from transaction to transaction depending on representation. Agents typically wear many hats throughout their career.
The internet has changed the real estate industry tremendously, allowing future buyers to search the web looking for potential homes on their own. This can help the agent in the sense of time management but doesn’t eliminate their role. Agents still have to show buyers, draft offers, guide and assist buyers and really flex their negotiating muscles.
Whichever side of the transaction agents find themselves on, their job is to represent their client professionally, with earnestness and perform within the guidelines set in place with their state licensing agency.
If this sounds like a career you’d like to pursue, call (805) 433-9334 today or visit our website at TroopUniversity.com to learn more. Take the first step toward a rewarding opportunity that provides diversity and challenge – experience what the Troop difference can do for you.