A Realtor.com survey found that for every hour an agent spends in your presence, he/she will spend an average of nine hours out of eyesight working on your behalf. Unlike a lot of professions, where people are paid hourly or are on a salary, real estate agents don’t get paid until the home sale/purchase closes. In the meantime, they are doing multiple tasks behind the scenes for weeks, sometimes even months, to get a home transaction to the settlement table. In today’s complicated real estate environment, there are hundreds of tasks. While each client and each home sale is different, here’s a look into the what, when, where and why in the day of a real estate agent.
Knowledge of the Local Market
Both buyer’s agents and seller’s agents must keep up with the inventory of the homes that are on the market. They must know details of homes that have recently sold, and the latest market statistics and trends, like how long homes are taking to sell, what the average and median prices are, how much sellers are getting in sales price compared to their list price…and muchmore.
Staying on top of the local market takes hours of research, as the inventory and data are changing every day and requires constant review.
Market knowledge also requires that agents personally tour homes, whether through broker’s open houses or by previewing the home personally. Real estate agents must be familiar with nuances in home styles, floor plans, construction details, and much more, to provide information to their buyers and their sellers. Knowledge of the lifestyle and amenities afforded by various neighborhoods and communities is crucial to help buyers find their dream home.
Knowledge of Real Estate Laws and Practices
A Realtor must stay aware and informed on all real estate laws and forms used in the process.
Today’s constantly advancing technologies affect real estate like virtually no other industry. Real estate agents must stay on top of the latest technology tools available to best serve their clients. In an effort to be a trusted adviser to their clients, a proficient Realtors takes hours of continuing education to enhance their business acumen, and their skills.
Communication and Follow-up
Much of a real estate agent’s day is spent communicating. The mobile phone is a constant companion. Text messages, emails, and yes, old fashioned phone calls are an ever-present aspect of business. Communication can come from buyers, sellers, cooperating agents, lenders, title services, inspectors, office personnel, or third party vendors. Follow-up is vital in today’s on-demand world of business. For a real estate agent, the work day never ends at 5 pm nor on Friday afternoon.
Managing the Real Estate Process
Buying and selling real estate is a process. Like an orchestra, it has many moving parts and many human beings playing their parts. The Realtor is the conductor. From the first connection with the home buyer or home seller to the crescendo moment when they hand over the keys, the agent manages numerous aspects of the real estate transaction. There are literally hundreds of tasks that go into ensuring a successful outcome.
A Realtor is a rare breed of business person, motivated by the desire to help people. Buying and selling a home is often the most complicated and expensive purchase of their lifetime and can be among the top stressful life events for people. Additionally, it is often accompanied by stressful life circumstances, like a new relationship, a divorce, new marriage, new baby, downsizing, change in job, relocation, and many other positive and negative life changes. Realtors regularly find themselves in the role of manager, scheduler, concierge, researcher, paper-pusher, negotiator, coordinator, mediator, shrink/marriage counselor, child entertainer, interior decorator, photographer, and all-around problem solver!
To assure the best possible outcome in your real estate goals, take advantage of the expertise of a local qualified Realtor. Make sure you choose a real estate professional that you can use as a trusted adviser.
( Inspired by : Karen Highland with Frederick Real Estate Online )