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What Does A Realtor Do? | 290 Real Estate Agent Duties

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nbsp;REALTORSreg; are known for helping people buy and sell real estate, but much of what a real estate agent actually does happens behind the scenes. A goodnbsp;REALTORreg; will make your transaction flow smoothly through each step of the process, leaving the impression that their job is fairly simple. The fact is – that couldnt be further from the truth.

This article is designed to put the real estate agent role into perspective. Its a brutal job that doesnt get the recognition that it deserves because most people dont understand how complicated and expensive it is.

Being a Real Estate Agent is Exhausting

As you read through some of the tasks on the 290 duties listed in the infographic above, it may seem overwhelming. Thats because it is. Full-timenbsp;REALTORSreg; who excel in their careers are high-energy, time-efficient professionals who know how to handle stress and responsibility well.

There are definitelynbsp;REALTORSreg; out there who cut corners and do not take care of their responsibilities as well, but they shouldnbsp;not define our industry. The real estate industry is loaded with very impressive professionals with whom I am proud to work with.

Its exhausting because real estate agents are constantly absorbing the stress and chaos of the real estate transaction, so that our clients dont feel the pressure. Its one of the main reasons why 87 of REALTORSreg; do not make it past their first year in the business. The work load is much more intense that most people are capable of handling.

Being anbsp;REALTORreg; is Expensive

On top of the large listnbsp;of responsibilities thatnbsp;REALTORSreg; carry, they also have many expenses to account for. When people see anbsp;REALTORSreg; commission check, they may feel like we are getting rich quick. In reality, the average REALTORreg; earns around $46,000, after all expenses and taxes. This is one of the most misunderstood aspects of the real estate agent role.

The typical real estate agent stereotype is usually of someone driving a high-end luxury car, playing on their yacht on the weekends, and occasionally showing up to work to close a big deal and collect a giant paycheck. After being licensed for 9 years, Ive still yet to meet this illusive agent. I think theyre a myth.

Much of the money from a real estate agents commission check goes directly into their business and maintaining their licensing. Less than half of it usually goes into their bank account. Here is a list of some common REALTORreg; fees:nbsp;

Some Common REALTORreg; Expenses:

Broker Fees

MLS Fees

NAR Fees

Eamp;O Business Insurance

Extended Auto Insurance

Self-Empoyment Tax

State Licensing Fees

Advertising Fees

Showing Service Fees

Website Feesnbsp;

Assistants Salaries

Yard Signs



Office Supplies

Business Cards

Property Flyers

Electronic Lockboxes

Continued RE Education

Being anbsp;REALTORreg; Can Drive You Crazy

Many people try to start a career in real estate under the assumption that there is easy money to be made here. In reality, it is a brutal business with loads of competition. The paychecks are not large enough to keep people in the business, a fact that is reflected in the 20 success rate for new REALTORSreg;nbsp;. Those who do survive usually do so because they have a passion for the business, and helping people make their real estate dreams a reality. Its a great business to be in, but its NOT EASY

So, the next time you worknbsp;with anbsp;REALTORreg;, remember that they are human just like you, and they carry a lot of burden and responsibilitynbsp;in their job. We work long hours for months on end fornbsp;clients with no guarantee of a paycheck. When you understand these things aboutnbsp;REALTORSreg; and let them know that you get it, you can be sure it will put a smile on their face.

Why Do People Think REALTORSreg; Have An Easy Job?

If youve never spent much one-on-one time with a real estate agent, you may not understand how different their job is from the average everydaynbsp;job. Anyone who has ever lived with anbsp;REALTORreg; knows this to be true. They work crazy hours, deal with high-stress situations, and have to survive in an over-saturated industry.

In Colorado Springs today, we currently have 4,799 real estate agents registered in our local MLS. Last month, we only sold 1,320 homes for the whole area. There are 2 sides for each transactions, so that means there were potentially 2,640 total sides closed last month. If every agent was given one transaction last month, there would still be 2,159 agents who did not have a transaction for the month.

In 2014, the National Association of REALTORSreg; stated that 87 of new agents do not make it past their first year. This is a staggering statistic, but when you consider the cost of being a real estate agent mixed with the competitive environment and the amount of stress that comes from the job, its really not that surprising.

Its a fun job with many moving parts, but its very competitive and challenging. Its not for everyone, but for those who are successful at being anbsp;REALTORreg;, our hats off to you. Youre an impressive group of people

145 Common Listing Agent Responsibilities:

1. Prepare Listing Presentation for Sellers

2. Research Sellers Property Tax Info

3. Research Properties Zoning Restrictions

4. Research Neighborhood HOA

5. Research Comparable Sold Properties for Sellers

6. Determine Average Days on Market

7. Schedule First Meeting

8. Tour the Property

9. Gather Info From Sellers About Their Home

10. Discuss Sellers Goals

11. Present Listing Presentation

12. Provide Home Seller Prep Checklist

13. Advise on Repairs and/or Upgrades

14. Advise About Landscaping Options

15. Provide Overview of Current Market Conditions

16. Explain Your Personal Value to Sellers

17. Explain Your Companys Value to Sellers

18. Explain the Value of The Neighborhood

19. Create Listing Agreement for Transaction

20. Create Internal File for Transaction

21. Investigate Any Unrecorded Property Easements

22. Discuss Property Inclusions amp; Exclusions

23. Obtain Current Mortgage Loan Info

24. Explain the Value of Schools on Market

25. Explain Marketing Options

26. Research Property Ownership amp; Deed

27. Explain Video Marketing Strategies

28. Explain 3D Tour Marketing

29. Confirm Lot Size on Survey

30. Describe the Buyer Pre-Screening Process

31. Explain Buyer amp; Seller Agency Relationships

32. Order Plat Map from Title Company

33. Discuss Different Types of Buyer Financing

34. Discuss Appraisal Process

35. Verify Home Owners Association Fees

36. Confirm Water Source and Status

37. Verify Natural Gas Availability

38. Calculate Average Utility Usage

39. Gather Transferable Warranties

40. Determine Need for Lead-Based Paint Disclosure

41. Verify Security System Ownership

42. Agree on Repairs to be Made Before Listing

43. Guide Sellers in De-Cluttering

44. Verify Interior Room Sizes

45. Establish Showing Instructions for Buyers

46. Agree on Showing Times with Sellers

47. Attend Continuing Education Classes

48. Obtain Copy of HOA Bylaws

49. Explain In-Door Cameras amp; Showings

50. Explain Home Warranty Options

51. Obtain Extra Keys for Lockbox

52. Verify any Existing Lease Agreements

53. Work with Tenants for Showings

54. Provide Sellers Disclosure Form to Sellers

55. Refer Landscaper to Clean Up Property

56. Set-Up Staging Consultation

57. Determine Best Staging Strategy

58. Set-Up Showing Services

59. Set-Up House Cleaners

60. Set-Up Photo/Video Shoot

61. Meet Photographer at Property

62. Turn On All Lights for Photographer

63. Open All Window Treatments for Photographer

64. Advise Photographer Of Any Neighborhood Shots

65. Schedule Drone Shoot

66. Schedule 3D Tour Shoot

67. Gather All Finished Marketing Material

68. Write Detailed Property Description

69. Enter Property Info in MLS

70. Create Virtual Tour Page

71. Organize Photos in Best Order

72. Have Listing Proofread

73. Create Property Flyer

74. Create Custom Sign Rider

75. Intall Electronic Lockbox

76. Install For Sale Sign

77. Create YouTube Video Link

78. Create Facebook Ad with Video

79. Create Instagram Post with Video

80. Create Unique URL for Property Page

81. Verify Listing Data on Other Websites

82. Help Owners Coordinate Showings

83. Return ALL Calls ASAP – Weekends Included

84. Create Listing Postcards for Neighborhood

85. Send Out ldquo;Just Listedrdquo; Email to Database

86. Gather Feedback After Each Showing

87. Keep track of Showing Activity

88. Advertise All Price Changes

89. Update MLS Listing as Needed

90. Review Market Data Weekly

91. Schedule Weekly Update Calls with Seller

92. Review All Offers with Sellers

93. Prepare ldquo;Net Sheetrdquo; For All Offers

94. Counsel Seller on Offers

95. Obtain Pre-Approval Letter from Buyerrsquo;s Agent

96. Examine amp; Verify Buyerrsquo;s Qualifications

97. Examine amp; Verify Buyerrsquo;s Lender

98. Negotiate All Offers on Sellerrsquo;s Behalf

99. Determine Loan Objection Deadline

100. Determine Closing Date

101. Determine Inspection Objection Deadline

102. Determine Appraisal Deadline

103. Determine Earnest Money Terms

104. Send Contract to Title Company

105. Verify Buyerrsquo;s Agent Has Received Copies

106. Verify Earnest Money Deposited in Escrow Account

107. Change Property Status in MLS

108. Deliver Copies of Contact/Addendum to Seller

109. Keep Track of Copies for Office File

110. Coordinate Inspections with Sellers

111. Review Home Inspection

112. Interpret Inspection Objections to Sellers

113. Discuss Sellerrsquo;s Inspection Resolution

114. Get All Repair Items in Writing

115. Refer Trustworthy Contractors

116. Keep Track of Repair Schedules

117. Schedule Appraisal

118. Meet Appraiser at the Property

119. Provide Sales Data to Appraiser

120. Negotiate Any Unsatisfactory Appraisals

121. Coordinate Closing Times amp; Location

122. Make Sure All Documents Are Fully Signed

123. Verify That Title Company Has Everything Needed

124. Remind Sellers to Turn Off Utilities

125. Make Sure All Parties Are Notified of Closing Time

126. Make Sure Any P.O.A.rsquo;s Are Submitted

127. Solve Any Title Problems Before Closing

128. Receive and Carefully Review Closing Figures

129. Review Closing Figures With Sellers

130. Verify All Agreed Upon Repairs Have Been Made

131. Verify Clear-To-Close

132. Get House Ready for Final Walk-Through of Buyers

133. Resolve Any Last Minute Problems

134. Make Sure Title Commitment Was Received

135. Review Closing Documents

136. Provide Home Warranty Paperwork

137. Provide Buyer With Transferable Warranties

138. Provide All Keys to Buyer

139. Provide Any Garage Door Openers

140. Make Sure Seller Proceeds Are Correct

141. Change Status in MLS to ldquo;Soldrdquo;

142. Upload All Signed Documents to System

143. Close Out Sellerrsquo;s File

144. Check In With Sellers After Closing

145. Request Feedback from Sellers

145 Common Buyer Agent Responsibilities:

1. Prepare Buyers Presentation

2. Present Presentation at Buyer Consult

3. Discuss Buyerrsquo;s Goals

4. Provide Home Buyer Checklist

5. Discuss Different Types of Buyer Financing

6. Explain Closing Costs to Buyers

7. Explain Earnest Money to Buyers

8. Refer Qualified Lender Contacts

9. Explain the Loan Process

10. Obtain Mortgage Loan Pre-Approval

11. Confirm Current Lender

12. Create Internal File for Buyers

13. Create Buyer Agency Agreement

14. Explain Buyer amp; Seller Agency Relationships

15. Provide Overview of Current Market Conditions

16. Explain Your Personal Value to Buyers

17. Explain Your Companys Value to Buyers

18. Provide Local Info On Areas

19. Explain the Value of The Neighborhoods

20. Provide Local Info On Schools

21. Explain the Value of Schools on Market

22. Explain Consumer Logic Versus Emotions

23. Provide List of Homes for Sale

24. Pre-Screen Homes for Buyers

25. Tour Properties With Buyers

26. Explain In-Door Cameras amp; Showings

27. Verify Keys Went Back in the Lockbox

28. Gather Comps on Interested Homes

29. Explain Sellerrsquo;s Staging Strategy

30. Explain Marketing Versus Reality

31. Communicate with Showing Services

32. Walk through Home After Showing

33. Turn Off All Lights After Showing

34. Work with Tenants for Showings

35. Keep Track of All Showings

36. Research Property Tax Info

37. Research Property Ownership amp; Deed

38. Research Propertyrsquo;s Zoning Restrictions

39. Research Neighborhood HOA

40. Research MLS Data

41. Explain Average Days on Market

42. Advise on Property Condition

43. Advise About Property Location

44. Explain Seller Marketing Tactics

45. Explain 3D Tour Marketing

46. Describe the Buyer Pre-Screening Process

47. Video Potential Homes for Buyers

48. Establish Showing Instructions for Buyers

49. Map Out Homes for Showings

50. Explain Problems with Zillow/Trulia

51. Explain How the MLS Works

52. Help Buyers Find Homes

53. Schedule Showings with Sellers

54. Create MLS Sheets for Showings

55. Explain Landscaping Options

56. Maintain Electronic Lockbox App

57. Keep Car Clean for Buyers

58. Bring Water for Buyers

59. Work Around Buyerrsquo;s Schedule

60. Provide Feedback After Each Showing

61. Keep track of Showing Schedules

62. Provide Marketing Data to Buyers

63. Update Buyerrsquo;s of Any Price Changes

64. Setup Automatic Property Updates

65. Review Market Data Weekly

66. Counsel Buyers on Offer Strategies

67. Counsel Buyers on Pricing

68. Examine ldquo;Buying Power

69. Negotiate Seller Concessions

70. Create Offer Contracts

71. Provide Pre-Approval to Listing Agent

72. Negotiate Contracts

73. Explain All Disclosure Forms

74. Negotiate All Terms on Buyersrsquo;s Behalf

75. Determine Earnest Money Terms

76. Deliver Earnest Money On Time

77. Verify All Signatures Completed

78. Schedule Home Inspection with Sellers

79. Attend Home Inspection

80. Verify MLS Data with Listing Agent

81. Identify Any Red Flags

82. Negotiate Closing Date

83. Communicate with Listing Agent

84. Negotiate Inspection Objection Deadline

85. Communicate with Buyerrsquo;s Lender

86. Continually Verify Buyerrsquo;s Funding

87. Explain Earnest Money Process

88. Negotiate Loan Objection Deadline

89. Communicate With Title Company

90. Keep Everyone On Schedule

91. Return ALL Calls ASAP – Weekends Included

92. Verify Interior Room Sizes

93. Examine Lot Size on Survey

94. Investigate Any Unrecorded Easements

95. Review Plat Map from Title Company

96. Discuss Appraisal Process

97. Negotiate Appraisal Deadlines

98. Verify Title Company Received Contract

99. Verify Listing Agent Has Received Copies

100. Deposit Earnest Money in Escrow Account

101. Deliver Copies of Contract/Addendum to Buyers

102. Keep Track of Copies for Office File

103. Make Sure Title Commitment Was Received

104. Verify Home Owners Association Fees

105. Obtain Copy of HOA Bylaws

106. Confirm Water Source and Status

107. Verify Natural Gas Availability

108. Ask For Average Utility Usage

109. Ask For Transferable Warranties

110. Determine Need for Lead-Based Paint Disclosure

111. Verify Security System Ownership

112. Determine Property Inclusions amp; Exclusions

113. Explain Home Warranty Options

114. Verify any Existing Lease Agreements

115. Obtain Sellers Disclosures

116. Schedule Weekly Update Calls with Buyers

117. Update Buyerrsquo;s Lender Weekly

118. Keep Track of Repair Schedules

119. Follow-Up on Appraisal Scheduling

120. Verify Any Appraisal Conditions

121. Verify Buyerrsquo;s Home Owners Insurance

122. Schedule Final Walk Through

123. Negotiate Any Unsatisfactory Appraisals

124. Refer Trustworthy Contractors to Buyers

125. Coordinate Closing Times amp; Location

126. Make Sure All Repairs Have Been Made

127. Verify Title Company Has Everything Needed

128. Solve Any Title Problems Before Closing

129. Verify Power Of Attorney Are Submitted

130. Verify All Parties Are Notified of Closing Time

131. Receive and Carefully Review Closing Figures

132. Review Closing Figures With Buyer

133. Remind Buyers to Schedule Utilities

134. Perform Final Walk-Through With Buyers

135. Resolve Any Last Minute Problems

136. Review Closing Documents

137. Receive Any Home Warranty Paperwork

138. Receive Any Transferable Warranties

139. Verify Buyers Cash due at Closing is Correct

140. Get the Keys to the Buyers

141. Upload All Signed Documents to System

142. Close Out Buyers File

143. Verify Status Was Changed to ldquo;Soldrdquo;

144. Check In With Buyerrsquo;s After Closing

145. Send Feedback Request
What Does A Realtor Do? | 290 Real Estate Agent Duties published first on

Posted by BarbaraBost on 2018-11-13 03:10:32

Tagged: , Uncategorized

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