It's easy to stand at the outskirts looking in on the residential real-estate industry and claim that you're paid too much. After being a real estate broker full-time for nine yearsnow, I must admit that I've never been more productive. My typical day begins beginning at seven a.m. picking up email and voice mail, formatting electronic property brochuresand editing virtual tours and scheduling print ads for the coming weekends and public houses. When I am working, the visible part of my working day includes meetings, showing appointments in the staging of a new property answering phone calls, faxing documents, creating copy for a new listing, planning a multi-day property tour with incoming buyer from a different location, as well as all the other tasks that a sole proprietor is accountable for. It is finished around 9 p.m. making an appointment to display an open house, receiving an offer to counter-offer a purchase contract and offering consolation to a buyer who needs to back out from a deal because his girlfriend (who's income is necessary for the mortgage) has broken up with her. It's all day throughout the year, all the time.
To ensure full transparency, here's an overview of what listing and buyer agents do. This list comes from my ebook "Starting and Succeeding in Real Estate" Thomson 2003.
The duties performed during the sale of a home.
Agent time and marketing expense for the listing appointment.
Marketing material expense and time needed to prepare CMA (Comparative Market Analysis).
Actual time spent on the listing to review CMA.
Market knowledge is essential to prepare CMA.
Actual time for meeting with seller's representative to sign an agreement for listing and the associated documents.
Make a marketable listing. Cost and time to create brochures for properties, order a yard sign, photograph the property, virtual tour, inputting your information in the Multiple Listing Service, and marketing to other agents and members of the public.
Time to prepare and hold brokers ' open house(s).
Time to plan and conduct a an open public house(s).
Calls to make appointments via phone.
The time is spent driving between properties and showing the property at every appointment.
Call property sellers with showing feedback.
Receiveand return phone calls about property from the public as well as agents.
Advertisement ads can be written, and ads are placed in local/regional newspapers.
Accept the contract as well as any related documents related to property, look over and give to sellers.
Present acceptance/counteroffer to sellers
Offer negotiation assistance to property owners.
Courier contract for modifications and final signatures.
Courier payees earnest cash.
If condo, procure and deliver condo declarations, by-lawsand rules and application details.
Prepare a broker worksheet for the transaction.
Change the status of the property in Multiple listing sites.
Make sure you attend the property inspection(s).
Talk about inspection issues.
Contact and forward the contract to attorneys and escrow agents and mortgage lender.
Communicate contract status to sellers and buyers agents.
Place under contract signer rider on the yard sign to sell.
Set up and attend showing appointments to allow buyers to measure or allow contractors, their friends, and family to view property.
Create and attend the mortgage lenders appraiser's visit to property.
Ongoing assorted phone calls/e-mail to transaction participants.
Prepare brokerage documents (closing statement, etc.) to close.
Set up and take part in the last walk through prior to closing.
Time spent during and to departure from location.
Be sure to attend the closing.
In preparation of and submitting the final closed documents to the real estate brokerage.
Expense and time for client present and thank-you.
For a seller: arrange for movers, inspection repairs and snow/yard maintenance. Also and cleaning up after the move, closing off utilities, winterizing pipes, etc.
It is the responsibility of the buyer to complete the purchase of a property.
Marketing and agent time to be able to contact buyers by phone or email requests to meet with them.
Floor duty in the office every week, and monthly.
Attend office sales meetings, weekly, or monthly.
Participate in sales/award meetings.
Learn more about continuing education and professional development courses.
Time to get the buyers' kit for the meeting.
The actual time spent in the office for first time with potential buyers.
Meeting with potential buyers to meet with mortgage lender.
Setting appointments to look at properties.
Prospecting for properties to sell.
Setting up appointments to look at potential properties with buyers.
With buyers as they look at potential homes.
Attending brokers open houses to check out new inventories of homes available for sale.
Write contract, disclosures etc. on the prospective property of the buyer to purchase.
Deliver and present contract to the agent for the seller and the sellers.
Talk about the contract's terms to agreement.
Consult buyers during negotiations.
Courier contract is sent to buyers for approval on changes as agreed upon in negotiations.
If condo, procure and deliver condominium declarations, bylaws rules and application information.
Prepare brokerage worksheet for transaction.
Contact and forward contract to attorneys, escrow broker along with mortgage lender.
Conduct property inspections.
Talk about concerns.
Inform buyers of the status of the contract lawyers, buyers and escrow agents.
Accompany buyers on property showings to assess, meet contractors or show property to your family and friends.
Regular calls and e-mails to transaction participants.
The necessary brokerage documents must be prepared for closing.
Set up and attend one final walkthrough before closing.
Stay until closing.
Thank-you gifts for clients who purchase from them and send it out.
Assist buyers with movers, repairs etc.
Follow-up after closing with buyers.
If you are looking for an agent for real estate and you're looking for a good one, don't search far. There are many decent agents available and honestly not too many bad ones. However if you are looking to find one that is far more than just outstanding you must know the right way and where to look for them.
One thing that a real estate agent can do that is different away from normal practice is regular open houses. Many agents view them to be too difficult and tend to say negative things about them , such as, "You never sell the house you are opening. You can only use it to prospect for new buyers." This isn't the case. If a property's value is right and an agent is dedicated to hosting an open house at least other week, they could very easily secure an offer for the property within three months. This kind of positive attitude is what you want on your side.
Another way of knowing that the real estate broker is committed to their field is to look at how acknowledged they are on the internet. Does the agent have a website for real estate? How user friendly is it? A real estate professional who plans to be around for a long time and assist their customers often have a website built. If Click to find out more you work with that agent, you are able to benefit from all the options on their site and make your buying or selling process much easier.
There is nothing that is comparable to the dedication and effort that comes with an agent who will knock on doors. Some view them as a nuisance. Consider how much they have to work to know a particular area they specialize in. When they visit your home and give you a mini calendar, or an office number on it so why not employ that agent to complete the next transaction? They've made a huge effort to get you there in the first place–they would almost positively invest the same amount of effort into making your buying experience enjoyable and offering you a positive overall experience in your real estate transaction.