5 Duties and Responsibilities of Real Estate Agents
There are several reasons to begin a real estate profession. It’s versatile. You’re in charge of your own destiny. It’s possible to do it in practically any place on the planet. But you may be thinking, what exactly does a real estate agent do? What does a real estate agent’s job description entail?
The Cambridge Dictionary defines a real estate agent as a person whose job is to help people sell or rent their homes, land, offices, or structures. While it is a theoretically correct definition of a real estate agent, it falls short of describing what a real estate agent performs on a daily basis. For a real estate agent, each day is different and unique; while this can be an appealing aspect of the profession, it can also present unique challenges or opportunities, depending on the agent’s skill set.
Real estate is a lucrative industry, whether you’re someone who wants to buy a property, sell land or even start your own business as a real estate agent. Thanks to technological tools like virtual real estate viewings, the housing sector has become even more accessible and profitable, especially for real estate agents. Agents meet new people, travel to new areas, and adapt to the changing demands of buyers and sellers, which frequently necessitates last-minute changes.
One can operate as a listing agent to assist a client in selling a property or as a buyer’s agent to assist a client in purchasing a house. Real estate agents are employed all over the world because there has always been and will continue to be a demand for buying and selling houses and property. If you are honest and devoted to your client, you will have a successful business.
While there is no such thing as a normal day in the life of a real estate agent, there are a few things that most agents perform on a regular basis. So, what does a typical day look like in the life of a real estate agent? Let’s take a look!
- Administrative Duties
Agents are responsible for a variety of tasks on a daily basis, ranging from lead generation and marketing to open houses and property closings. Many agents, however, begin their days by catching up on administrative chores, thus they may:
- Address texts, emails and phone calls
- Coordinate appointments, showings, open houses, and meetings
- Update websites and social media profiles
- Research listings to develop comparative market analysis (CMA) reports
- Update client databases
- Develop marketing plans for listings
- Create budgets for monthly, quarterly, and annual operations
- Create and distribute flyers, newsletters, listings, and other promotional materials
- Process real estate documents, agreements, and lease records
Because administrative responsibilities may take up a lot of time, many agents employ an assistant to help them out. This helps the agent to make better use of their time and, as a result, be more productive.
- Lead Generation
There would be no transactions and no commissions if there were no buyers and sellers. The ability of an agent to find clients is critical to his or her success. Every individual an agent meets is a prospective customer since almost everyone sells, buys, or rents property at some time in their life. Meeting with a large number of people, handing out business cards, and keeping track of contact information for an expanding network are all part of a real estate agent’s day. Agents then follow up with occasional phone calls, emails, snail mail, or text messaging to keep their name fresh in the minds of their potential clients following that initial contact.
- Working with Sellers
Afternoons are frequently spent working directly with (or on behalf of) customers, assisting them in navigating what is often a complicated procedure. Real estate brokers, on the other hand, usually represent one side of the transaction, working with either sellers or purchasers. Seller’s agents (also known as listing agents) assist customers in locating ready-to-purchase purchasers for their homes. A seller’s agent could do the following on any given day:
- Negotiate various aspects of the sale
- Vet potential buyers
- Host open houses and virtual site visits
- Stage homes so they show at their best
- Make suggestions for property updates
- Market property listings
- Take digital photographs of properties
- Prepare listing presentations
- Set listing prices
- Meet with potential clients
- Working with Buyers
Agents who work with buyers looking for properties that fit their clients’ needs and budget. Because of the vast number of options available in the local real estate market, working with buyers takes more time. From scouting houses online and in-person, sharing information with clients about the housing market and sending listings to potential buyers to showing properties, submitting bids and negotiating on the buyer’s behalf, setting up home inspections and appraisals and accompanying clients to loan meetings, closings and other activities.
- Meetings and Tours
Real estate agents usually work out of an office with other real estate agents and brokers because they work for designated brokers. Agents can share new listings, update other agents on price changes, and evaluate buyer needs at regular office meetings, all of which can help agents match buyers and sellers.
Real estate agents divide their time between administrative tasks and activities that generate income. Agents can expect to spend time at the office, meet with clients, show homes in person as well as through real estate virtual visits, and negotiate on behalf of clients on any given day.
Even so, most agents have a long and complex list of daily responsibilities and duties that can change at any time. As a result, a normal day in the life of a real estate agent may not exist—an aspect of the job that many agents find appealing.