What do real estate agents do for their clients and what are their responsibilities? They help them complete their property transactions as per law and according to their requirements. An agent’s responsibilities are interacting with clients, being a link between buyers and sellers, and researching and marketing properties.
While the roles of buyers’ agents and sellers’ agents are not the same, there are some common tasks between the two.
Real estate agents provide guidance and assistance to sellers and buyers. Their roles are marketing and purchasing property for the best terms and price. Agents also evaluate clients’ needs and their financial capabilities to know what solutions would match their needs. Finally, they also estimate the true value of the property based on market trends and prices prevailing in a locality.
- Understanding the Basics of a Real Estate Agent's Role
- The Fundamentals of Real Estate Agent Duties
- Distinguishing Between Different Types of Real Estate Agents
- What Does a Real Estate Agent Do?
- The Agent's Role in Understanding Buyer Needs
- From Property Search to Closing: The Buyer's Journey with an Agent
- Diving into the Role of a Buyer's Real Estate Agent
- How Buyer's Agents Simplify the Home Buying Process
- Why Every Homebuyer Should Consider Working with an Agent
- Insights into a Seller's Agent Responsibilities
- Preparing a Home for the Market: The Seller's Agent's Checklist
- From Listing to Selling: How Seller's Agents Drive Results
- Real Estate Agents at a Glance
- The Diverse Skills and Knowledge of Today's Agents
- How Agents Add Value to Real Estate Transactions
Understanding the Basics of A Real Estate Agent’s Role
Real estate agents help buyers find their dream homes and sellers to market them for the best possible listing price. Several other activities are also performed by them. The following answers the question what a real estate agent does.
Experienced agents work is broadly categorized as follows.
- Administrative: The work includes updating property listings, drafting and delivering documents, scheduling appointments and showings, ordering supplies, and handling clients’ calls.
- Research: Agents do research on the real estate market and best practices and trend. They also find properties through open listings, and undertake real estate market analysis.
- Marketing: Manage digital marketing and establish a social media presence, design and distribute promotional material, and run ad campaigns. Other digital marketing methods are building a website, running authoritative blogs, and networking with local businesses and potential buyers and sellers.
Distinguishing Between Different Types of Real Estate Agents
The real estate industry goes beyond what a seller’s agent does or the work of a buyer’s real estate agent. Even though agents go through multiple roles, they all fit under specific headings. Let us go into the finer details on this point.
Buyer’s real estate agent:
A buyer’s real estate agent helps clients to buy a property. They match a buyer’s need to a property that best matches it. Among a buyer’s real estate agent’s work are the following key ones.
- Arrange meetings with potential buyers to understand their precise needs
- Schedule property showings and after finalizing one, coordinate appraisals and inspections
- Negotiate any requests and offers on behalf of the buyer such as repair to the property
- Prepare and review documents and contracts
- Help the buyer through the closing process
Seller’s real estate agent
Next, we shall now come to what a seller’s agent does. A seller’s agent is hired when a property is put up for sale. The agent uses their knowledge of the prevailing local market trends to accurately price the property.
A seller’s agent performs the following main activities.
- Drafting a comparative market research analysis report to accurately establish the listing price
- Identifying the property’s top selling points that are attractive for the neighborhood.
- Take photos and videos of the property thoroughly
- Put the property on the Multiple Listing Service (MLS) and advertise it to draw the attention of prospective buyers.
- Schedule property showings and open house events
- Prepare and review documents such as offers, contracts, and closing statements,
- Communicate with appraisers, lenders, and home inspectors.
Dual real estate agents
In a real estate transaction, a dual agent works for both the buyer and the seller. A dual agency is when both the buyer’s and the seller’s agents work in the same brokerage firm. The dual agent performs all the roles of individual buyer’s and seller’s agents.
In cases where the buyer or seller is favored over the other, a conflict of interest arises. Hence, dual agency is illegal in 8 states in the USA, namely, Alaska, Colorado, Florida, Kansas, Maryland, Texas, Vermont, and Wyoming.
What Does A Real Estate Agent Do
The Agent’s Role in Understanding Buyer Needs
A real estate agent works with the buyer till a home is finalized. The agent will act in your best interests and provide all the information needed about the house and the neighborhood. The buyer’s real estate agent will help avoid potential pitfalls, write and negotiate an offer, and be with the buyer till the deal goes through.
Additionally, the agent will help prepare financing and closing costs. You will then know whether you will be comfortable with the mortgage payments. A pre-approval means that the lender has already verified your income, credit, and employment status. Some seller’s agents insist on pre-approval before starting negotiations. A good buyer’s real estate agent gets the preapproval done first so that you can shop for a home with confidence.
From Property Search to Closing: The Buyer’s Journey with An Agent
Few people have a complete understanding of the real estate market when they want to buy a property.
This is where hiring a buyer’s real estate agent comes in handy. They will handhold you through the entire journey, from searching for a suitable property to closing the transaction and everything in between. Moreover, a series of fiduciary duties is offered by the agent so that your best interests are always protected.
Diving into the Role of A Buyer’s Real Estate Agent
How Buyer’s Agents Simplify the Home Buying Process
You do not have to go around looking for houses to buy. Hire a buyer’s real estate agent to simplify the process.
The buying process starts with finding an affordable property that matches your needs. They then research the listing sites and shortlist a few houses that align with your requirements.
This is where the knowledge of real estate agents about the local market comes in very useful. Once the list of potential properties is with the agents, they handle the contacts and arrange for the showing.
Why Every Homebuyer Should Consider Working with an Agent
Real estate agents bring several benefits to the table and every homebuyer should consider working with one. So, what does a real estate agent do for a buyer?
- Educating about the buying process: The buying process is different for flats, houses, condos, co-ops. A good agent has customized content to explain everything to you in detail.
- Explain the merits and demerits of each property: An agent provides details on each property, both the plus points and the red flags. Any advice given is with your best interests in mind.
- Submit and negotiate the terms on your behalf: After selecting a property, the agent will guide you on the best offer to make. The deal goes through after an agreement is reached.
- Contacts with trusted professionals: Several professionals work together with the buyer’s real estate agent to complete the transaction. They are home inspectors, appraisers, mortgage brokers, and contractors and architects if you need renovations. The real estate agent makes all the arrangements.
When buying a house, you will surely need the services of a buyer’s real estate agent.
Insights into A Seller’s Agent Responsibilities
Preparing a Home for the Market: The Seller’s Agent’s Checklist
A seller must prepare a house in a way that fetches the best price. A seller’s agent will get the best professionals to do the job for you.
Any old house will have red flags that might fetch lower prices. Put a fresh coat of paint, clear gutters and downpipes, fix all lightings, and move clutter from the garages, to get the best price for the property.
After sprucing up your home, contact a seller’s agent and put the property on the market.
From Listing to Selling: How Seller’s Agents Drive Results
Here is the complete process undertaken by a seller’s agent from listing to selling.
- Preparing the sales listing: There are three steps here, interviewing the seller, preparing the property, and promoting the property.
- Fixing a selling price: Pricing the property fairly after reviewing the current market conditions
- Organizing client viewings: The strategy here will either be having open house sessions or arranging for private viewing.
- Negotiating the price with a buyer: After an offer is received from a buyer, your real estate agent will begin the negotiations.
- Qualify the potential buyer: Check whether the potential buyer has pre-approval from a lender.
- Schedule a final approval and close the sale: After a final property inspection and negotiations, draw up the contracts and documents, and take the property off the market.
The real estate agent guides the seller at every point.
Real Estate Agents At A Glance
The Diverse Skills and Knowledge of Today’s Agents
Some of the key skills of real estate agents are problem-solving, conducting negotiations, and having extensive knowledge of the industry and market trends.
What is also necessary for today’s real estate agents is to be tech-savvy. They must market properties on digital and social media platforms, schedule viewings at the click of a mouse. All market indices should be stored in the cloud for quick retrieval. These methods increase efficiencies and customer service manifold.
How Agents Add Value to Real Estate Transactions
What separates the typical agents from the top ones is the value addition that the latter brings with them. Experienced agents accurately project future property price appreciation and know whether the investments made will fetch high returns. Finally, most importantly, clients value agents who are always available for them.