A real estate agent is a person who has been licensed by the state to engage in transactions involving real estate. However, that is not all a real estate agent should do. Let us look at what it is precisely that they do. What are the responsibilities of a real estate agent? We’ll take a look at the answer and explain the many things a real estate agent is responsible for.
What is a real estate agent?
A real estate agent is an individual licensed by the state to initiate and conclude real estate dealings and transactions. To become a real estate agent, one must go through an accredited real estate school and pass an exam to be certified as a real estate agent. However, they have yet to go solo: it is essential for them to join a real estate brokerage/ firm. Joining a real estate brokerage is essential; it gives real estate agents an umbrella to work under and trains them in the many laws and regulations surrounding real estate.
Now, let us look at the responsibilities of a real estate agent.
What does a Real Estate Agent do?
Contrary to popular belief, no, all that real estate agents do is not sell houses. From administrative responsibilities to connecting buyers and sellers, the list of what real estate agents do is very comprehensive. Let’s look at real estate agents’ responsibilities besides just selling houses.
Administrative duties
The first and foremost are the administrative duties. In other words, what a real estate agent starts their day with. Obviously, returning phone calls, set out the appointments for the day are all part of their duties. But some important ones are also the real estate agent’s job: for example, processing real estate documents, agreements or any records that may be necessary in the future. They are also responsible for creating budgets for their operations and will similarly be very involved in the process of marketing for future prospects, whether its on social media or by using billboards or conventional marketing, this also comes within the ambit of the job of a real estate agent. However, while these are the duties of a real estate agent, many prefer to have an assistant for that, so they can focus on the more exciting tasks.
Lead generation duties
A big part of being a real estate agent is generating leads, and chasing them down. Leads in this case are unlike any other; consider that everybody buys or sells property at some point in their lives, which means that everybody is a potential client for the real estate agent. You never know when your friendly neighbour might need to sell the house or the website owner finally makes it big and needs to purchase their first property. That is all encompassed within the duties of a real estate agent, in building contacts and maintaining them to ensure any relevant lead gets channeled to them. For some, this is the most exciting part of the job, getting to meet new people and making lifelong contacts alongside.
Real estate selling
The obvious part of the job. However, its not just limited to selling houses. It goes beyond that. The process usually entails in it detailed and long meetings with their clients, explaining them the whole process and walking them through what needs to be done and what should they look forward to. Once that has concluded, the real estate agent will then look for a buyer. This includes taking an advert out in the classifieds, taking calls, meeting with potential buyers and filter out to get the potential one. Even then, the process hasn’t ended. In several cases, the real estate agent will have to deal with the other party’s agent, which will then begin the negotiating part.
Negotiations
The main part, the most exciting part for some real estate agents is the process of negotiating. You see, closing in on a property is complex, and while there are agreements and signed disclosures, negotiation is still a big part of the entire process. Everything from bringing down the price to ensuring that their client’s monetary interests are protected comes in the ambit of a real estate agent’s job. Negotiating is the main part of a real estate agent’s responsibility. That is what they are trained for.
Real estate buying
Buying and selling are two very different processes for real estate agents, and arguably, buying is the difficult one, according to many real estate agents. This is because the client will only let the agent know of their preferences, their budget, and any requests they might have. Then, a lengthy process will ensue where the real estate agent will look through all the available properties through classifieds, online listings, and real estate portfolios to narrow it down to what they think might fit best with their client’s requirements. Then, once a property has been finalized, it is the real estate agent’s job to check whether their client’s mortgage has been approved and submit the bid on their client’s behalf. Throughout the process up until the closing, the real estate agent will be all over the case, reviewing details, completing paperwork, and explaining it all to their client to ensure the entire process goes smoothly without a hitch.
Onsite property tours
Another of the more mundane tasks a real estate agent should do is hold onsite property tours for houses or commercial property, which are popularly known as open houses. Many real estate agents also enjoy this particular aspect of the job, as it allows them to meet new people and potential clients. On the flip side, they might be joined by a real estate agent looking to buy a property for their client, so, holding these open houses and conducting onsite property tours constitute an important part of the responsibilities of a real estate agent.
The bottom line
A real estate agent, much like a lawyer, starts with a course, then a test, and when they qualify, are supposed to join a real estate brokerage/ firm. Then, the scope of their duties and responsibilities is endless. Everything from actually selling houses to dealing with much of the background work like paperwork, documentation and ensuring financial feasibility is part of the real estate agent’s job description, and the day in the life of a real estate agent is supposed to be very hectic, much like a lawyer.
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