The Many Hats A Real Estate Agent Must Wear
On the surface, the role of a real estate agent would appear to just be a sale person that would simply sell a home. But this is not the entire picture or even a glimpse at what the job entails. If you are thinking of a career in real estate you may want to continue reading to get a perspective of what the job involves.
This is probably the top reason people hire a real estate agent, to market their home. Being the best marketer will go a long way to increase your reputation in your area. To be one of the best you must invest in every listing, no matter the property price. Professional real estate photos, video, flyers and print listings are critical in marketing your listings.
Marketing also requires an understanding of unique opportunities that often occur. These may include a new listing that you may already have a potential buyer in mind. Networking with other agents to find buyers homes or sell homes immediately, sometimes the same day the listing goes on the market.
You won’t really need to pass a BAR exam, but you better know as much about real estate law as a real estate attorney. Most people have no clue the amount of legal knowledge that is required to simply obtain your real estate license. Honestly, the amount of information required to get your license is minimal and you really need to learn even more to keep yourself from getting in trouble and getting sued. Yes, real estate law suites are very common and improper disclosures or documentation errors can cost hundreds of thousands of dollars.
If you work with foreign clients there is additional legal knowledge that you will need to know when working with foreign nationals. In many areas of the country, there are a large number of foreign nationals that purchase a property. Some of the more popular areas are Florida, California, Washington, and Oregon. Many local real estate agents are not familiar with working with foreign buyers. If you were to learn the laws and specialize in these foreign clients you can be quite successful in that niche.
Let’s face it, selling or buying a home is stressful no matter the reason. It is a huge investment whether buying or selling and many people get stressed when it comes to finances. The reasons for selling or buying are many and some of those reasons can already be stressful like financial reasons, relocation, divorce, death in the family or something else.
The toughest times for buyers are when offers are rejected and for sellers when numerous offers fall through. Unfortunately, these things happen more often then we would like but it is a part of the business that you must be prepared for. It can really be a roller coaster ride for your clients and you will need to be their rock.
4. JACK OF ALL TRADES
While you may not necessarily need to be a jack of all trades you better know someone in all trades, literally. You will need to know a good lender, home inspector, plumber, electrician, general contractor, roofer, landscaper, carpet cleaner, window cleaner, photographer, lawyer, and more. You will need to find good service provides for all of these and build a relationship with them. You will need them when your selling clients need to get homes to pass a home inspection or meet FHA or VA loan requirements. In some, cases they will be needed to get the home prepared for listing the property. You will need to build a good reputation with these businesses because a lot of time you will need to request expedited serves to meet your deadlines.
You are the one who will be negotiating the deal for your buyer or seller. You will need to know the current market value and what the home is actually worth. You will want to get the best deal possible for your client and you will need great negotiating skills to persuade the other agent to convince their seller that this is the best deal.
In addition to price, there are often other contingencies that get included in the sale like repairs, money towards closing, time of closing and a whole lot more. You will need to help your client navigate things that they may have never even heard of before. This can be challenging for new agents because they will often not understand things themselves.
The mortgage and lending rules are always changing and you need to keep up with all these changes. This will help you communicate upcoming changes in the market that will affect lending and pricing. in the end, you want to do what is best for the customer and you can’t do that if you don’t know how the financial market is looking. This is where a good lender comes in, they can keep you updated on current lending practices and help your clients get the best deal on financing.
Of course, if you have a buyer with cash this all becomes irrelevant but it is not often that you get this type of buyer.
JACK OF ALL TRADES YET MASTER OF ONLY A FEW
The 2 areas where that you must master are negotiating and marketing. These are the areas that are 100% on your shoulders and will make or break an agent. The other areas are vital but can be delegated to other professionals while you are new. Once you have completed a few transactions you should start to know the other areas and the best agents will eventually master most if not all of these areas.