An agent by a real estate definition of the dictionary is a person whose business consists in organizing the sale or rent of homes, land, offices or buildings for their owners. While that is a technically accurate definition of a real estate agent, it does not provide an accurate description of what he or she does on a day-to-day basis. Lets analyse what does a real estate agent do.
There are a number of real estate agent tasks that are at the heart of a well-managed real estate business. So what do realtors do? A good real estate agent: keeps up with local and regional market activity and industry news, researches actives, pending and sold listings, and reviews the MLS fact sheet or daily activity report, completes, submits and files documents, such as real estate documents, agreements and records with the appropriate state agencies, plans and coordinates appointments, open houses, presentations and meetings with clients and other real estate agents, develops marketing plans for listings and creates flyers, newsletters and other promotional campaigns, responds to incoming emails and phone calls, updates websites, social networking profiles and blogs.
Most of the successful real estate agents have assistants or office managers that help them with the activities that they do daily, enabling them to focus on more direct revenue generating activities. In this article we will talk in detail about the real estate agent job description with the main 10 tasks that they commonly perform during their working day:
1. Provide excellent customer service
Most real estate agents and brokers consider excellent customer service to be the most important quality in a successful real estate career. You must be on top of every detail like ordering some food for your customers on their moving day, remembering birthdays and responding to emails quickly. So, when you see “excellent customer service” in a job description, it means that you must be attentive enough to remember all the little things on an ongoing basis. Today there are real estate software like Aidy that make this work easier with a virtual assistant that reminds the agent of these important details.
2. Be available most of the time
There are no official days off working in real estate. Despite what people may say, it is almost impossible to close the communication. The workplace is wherever an agent is, and that doesn’t mean that agents have to go to an office to start the day: work is done at home, in the car, during vacations, and on the go. That’s why having a real estate crm on your mobile device makes your daily work simpler and easier.
Work often begins early in the morning until evening before managing emails and follow-up communications: phone calls and text messages about anything from displaying comments on lists, to tracking ongoing transactions, to creating task lists for assistants and staff.
3. Review MLS activity
Listing agents review MLS activity for any pertinent listings and updates on properties of interest to their buyers and sellers such as competitive listings, price changes, under contracts, changes in markets, and notify their clients of relevant information. Some people prefer to sell a house by themselves, but they don’t realise that working with a listing agent gives them access to a unique knowledge of the local housing market that only a real estate professional has.
4. Create a database
Agents should continually update their contact databases with new customer information, updates to existing customer contact information, birthdays and anniversaries of new homes, and more. And there is little that is more valuable to a real estate agent than a thriving database of potential clients.
5. Establish business objectives
Being a real estate professional means that you will have to be comfortable with sales because business depends on people buying property. A real estate job will require that you have a passion for buying and selling homes.
Becoming a real estate agent, may also mean to be your own boss. This means you will be responsible for growing your business. Because of that, part of your job description as a real estate agent will pay attention to the business aspect: how much you spent on selling a home, or whether you’re meeting your growth goals.
On the other hand, if you start under the brand name of a well known brokerage firm it can be a shortcut for you but it has its own ups and downs. For example Remax agents do bypass the long and difficult way of creating a brand and in return they share a good portion of their income with the brand. You will analyze both possibilities and choose the best one for yourself.
6. Schedule property samples
The agents developed property itineraries for clients who are looking for homes, which could involve numerous showings in a short period of time. Scheduling these tours requires that you take into account geography and logistics, plus the time constraints that vendors may impose.
These makeshift changes in plans would not be a problem if the agents had nothing else to do, the buyers had the luxury of time and were local, but agents rarely work with that kind of flexibility.
You should also be aware of the organization of exhibitions or open days, as well as the preparation properties before customers see them.
7. Contact clients and generate real estate leads
Agents communicate to establish initial contact, discuss real estate needs and provide market advice to clients who have just been referred to them.
They conduct extensive research on possible options for buyers and dive into market comparisons to get a sense of what sellers’ homes can really sell.
Generate leads through networking and relationship development. This begins with people you know, such as friends, family, business partners in your sphere of influence.
8. Attend meetings and make appointments
Meet with buyers and sellers for initial discussions, preview and tour properties, meeting inspectors, appraisers and a host of specialists, contractors, installers, photographers and repair professionals.
During these meetings, business continues and emails, calls and text messages arrive. Often, agents will juggle these meetings with sellers from six months ago who call and want to meet immediately, or the couple of inactive buyers who suddenly found the perfect home they need to see right now.
In addition, real estate agents usually work in an office with other agents and brokers and have many opportunities to discuss new listings, get updates on listings, and discuss the needs of the buyer and seller. This allows agents and brokers to quickly gather first-hand knowledge about a range of properties available in the local market.
9. Negotiate bids and manage the sale
Negotiation offers can last for days or weeks. Once an offer is resolved and a property is under contract, that’s just the beginning. At this point, agents should ensure that everyone involved in this process does their job.
Buyers must ensure that everyone meets their transaction obligations in a timely manner. If a lender is involved, active and frequent communication is necessary to ensure that the loan process is on track.
Agents contact the title company or the attorney’s office to ensure that the file is being handled and that all details and nuances are being addressed. They also address anything unexpected that may arise: a closing that must be mailed to the seller, or a situation where a power of attorney must be present because one of the buyers will not be.
There are a number of tasks that agents must ensure are performed from contract to closing, from reminding customers about utility transfers to ensuring that the seller has moved in all day when the buyer legally takes possession.
The competition is fierce. In the local real estate industry, you need to grow your niche and be recognised as the authority on the form of work you love! This will help you differentiate yourself through effective marketing.
Agents devote time and resources to each marketing piece with a view to implementation, execution and monitoring of results at all times. They spend time on their website and blog, newsletters, emails, TV, newspaper and radio ads, video or other marketing pieces such as social media publications and custom property ads. These are all channels that can be used in effective real estate agent marketing plans.
What does a realtor do between sellers and buyers?
While we’ve detailed some of the daily duties of real estate agents, it’s true that many of them are divided up according to whether you’re dealing with a buyer or a seller. Below we will detail the tasks according to the relationship with both clients:
Working with vendors
In this case you should meet and understand the needs of sellers with new listings, demonstrate your market knowledge, marketing skills and negotiation skills, research current local market activity and comparable properties to establish a sales price, list the property with relevant listing services, take digital photos of the property, inside and out, to prepare a listing presentation and advertising material, and organize the house properly to be viewed during an open house.
Working with buyers
You should meet, interview, understand and qualify potential buyers, research potential property listing services that fit your clients’ needs, plan property shows for buyers and schedule appointments that fit your client’s schedule, show selected properties to buyers, demonstrate negotiation skills, and make real estate purchase offers.
The App that Can Simplify and Enhance your Career as a Real Estate Agent
If you decide to start a career in real estate or to shape your career as a real estate agent, you should meet “Aidy”, a real estate software application created specifically for real estate agents. Aidy keeps you informed of all your duties as a real estate manager 24 hours a day, 7 days a week. It will help you find the most likely buyers and sellers, promote the properties on social media and allow you to make more profit by helping you sell more properties.
A real estate agent who has Aidy on their mobile or desktop device does not need other client registration software, real estate tracking program, or real estate CRM. Thanks to Aidy – offering a free trial period – real estate consultants spend less time trying to establish quality communication with potential clients.