What do you think of when you picture a day in the life of a real estate agent? If you don’t have a friend or family member in the business, your perception might be based on Hollywood movies or reality TV shows.
While some agents might drive luxury vehicles, schmooze with clients in posh restaurants, and network on high-end golf courses, the majority have work lives that are a little more down to earth.
If you’re considering a career in real estate, we want to make sure you have a realistic idea of what real estate agents actually do on a daily basis.
Key Roles of a Real Estate Agent
Most activities, in real estate, can be categorized into a few key roles. Agents are responsible for:
- Generating Leads
- Nurturing relationships
- Managing real estate transactions
- Managing your business
Wondering what each of those roles entails? Here’s a little more information.
As a self-employed business owner, you are responsible for the management and success of that business. That means you need to figure out how to generate leads and find clients who want to buy and sell real estate.
There are many ways to do that, such as reaching out to the people in your sphere of influence, cold-calling or emailing, contacting homeowners who are selling privately, visiting new construction sites, hosting a website and/or blog, getting involved in your community, and building a presence on social media.
It’s important to communicate regularly with your potential clients. Sometimes, it can take months or even years after the initial connection, for people to make that decision about real estate.
During that time, check in by phone or email occasionally. If they are considering a move, keep on top of evolving needs so you can send them relevant information like listings, newsletters, or articles that are pertinent to their situation. Regular communication will help you remain top of mind.
It’s important to provide excellent customer service and continue nurturing relationships long after the sale, since great connections can lead to repeat and referral business.
Managing Real Estate Transactions
Once clients are ready to list or purchase a home, the real estate pro is responsible for numerous specific duties. These differ, depending on whether you focus on buyers or sellers. This list isn’t exhaustive but includes many day-to-day responsibilities.
Working with Buyers
- Communicate with buyers and understand their needs
- Research to find suitable properties
- Get more information about each property
- Learn the neighborhoods
- Preview homes
- Arrange viewings
- Submit feedback
- Prepare, explain, and submit offers
- Negotiate prices
Working with Sellers
- Get to know sellers and understand their needs
- Complete a real estate market analysis, researching the property and others in the area, to help determine the asking price
- Advise sellers on price
- Advise sellers on how to prepare the home for listing
- Schedule photography and videography for the listing or take photos and video yourself
- Stage the property
- Upload the listing, photos, and video to Realtor.com and other listing services
- Advertise the property
- Communicate with other agents and potential buyers
- Schedule and be present for showings, appraisals, and inspections
- Negotiate offers
- Communicate with appraisers, inspectors, lenders, escrow companies, etc., as the deal progresses
Agents are responsible for ensuring all conditions are met and documents are collected. They need to keep lines of communication open with all the stakeholders in a transaction such as the lender, the title company, municipal office staff, the appraiser, the home inspector, and of course, the client.
You’ll spend lots of time talking on the phone, sending emails, meeting people, taking notes, updating files, and trying to stay organized. Whether you deal exclusively with buyers or sellers, or handle both types of clients, you’ll be invested in keeping them happy before, during, and after the deal closes.
Managing Your Business
When you’re not working directly with clients, you may be networking with other professionals, updating your blog or website, writing a newsletter, or entering expenses into your accounting software.
You’ll also be completing compulsory continuing education courses, participating in training on other topics like marketing, learning about your community, and staying up-to-date on industry and market trends.
Some real estate agents take care of all these tasks themselves. Others capitalize on their strengths and hire assistants so they can focus on the tasks they do best and enjoy the most.
While a real estate career takes commitment and hard work, you can still enjoy the work-life balance that comes with flexibility, variety, and the satisfaction of helping others.
Ready to Build Your Real Estate Business?
At Agent Real Estate Schools, we offer excellent pre-license training. Our unique, 12-week, interactive Group Study program works best for students who prefer in-class participation while more independent learners can work around their schedules with the self-paced, online, Fast-Track option. Did you know we also Broker License Training? If you have questions about license renewal or growing your business as a real estate broker, reach out today. We’re here to help.