What Does a Real Estate Agent Do?
Lea Uradu, J.D. is a Maryland State Registered Tax Preparer, State Certified Notary Public, Certified VITA Tax Preparer, IRS Annual Filing Season Program Participant, and Tax Writer.
Working as a real estate agent commonly means each day is different. Agents meet new people, see new places, and respond to the changing needs of buyers and sellers. There are several tasks that most agents do regularly. Here’s what a day in the life of a real estate agent might look like.
Real Estate Agent vs. Realtor
Real estate https://kissbrides.com/es/blog/irlandes-citas-sitios-y-aplicaciones/ agents help people buy, sell, and rent homes, land, and other properties. There’s no national real estate license, so agents must meet their state’s licensing requirements. While the requirements vary by state, all aspiring agents must take a pre-licensing course from an accredited real estate school, pass their state exam, activate their license, and join a real estate brokerage.
Agents must work for and under the umbrella of a licensed broker, who ensures that all of the agents in the office comply with real estate laws and regulations. Some agents eventually become brokers, which involves additional educational and experience requirements. Brokers typically have more responsibilities, can work independently, and hire agents to work for them.
Many people use the terms, realtor, real estate agent, and broker interchangeably, but the terms differ. Agents and brokers hold different licenses, and only brokers can work independently. Agents and brokers can use the title Realtor only if they are members of the National Association of Realtors (NAR). The biggest distinction between a Realtor and an agent or broker is that Realtors are members of the NAR and subscribe to the NAR’s strict Code of Ethics.
New rules for the National Association of Realtors, expected to take effect in , may lower commissions for home buyers and sellers. If a federal court approves the changes, the standard 6% commission ends and sellers no longer have to propose compensation to prospective buyers and their agents. NAR will also require brokers to enter into written agreements with their buyers to help consumers understand what services will be provided, and at what cost.
Daily Duties
- Respond to texts, emails, and phone calls
- Process real estate documents, agreements, and lease records
- Coordinate appointments, showings, open houses, and meetings
- Create and distribute flyers, newsletters, listings, and other promotional materials
- Create budgets for monthly, quarterly, and annual operations
- Develop marketing plans for listings
Lead Generation
Without buyers and sellers, there would be no transactions-and no commissions. Finding clients is central to an agent’s success. One way to build contacts is through a real estate sphere of influence (SOI) strategy, which focuses on generating leads through the people whom the agent already knows. That can include family, friends, neighbors, classmates, business associates, and social contacts.
Most people sell, buy, or rent property at some point. A real estate agent’s day often includes meeting with people, giving out business cards, and keeping track of contact information for a growing network. After that first contact is made, agents follow up with periodic phone calls, emails, regular mail, or text messages to keep their names fresh in the minds of their potential clients.
Working With Sellers
Buying a home is a big investment and selling a home is an investment opportunity. Real estate agents ensure there are no surprises after closing. Real estate agents typically represent one side of the transaction: working with either sellers or buyers. Seller’s agents or listing agents help clients find ready and willing buyers for their properties with tasks that include:
Working With Buyers
Agents who work with buyers find properties that match their client’s requirements and price range. On a typical day, a buyer’s agent might:
What Education Is Required to Be a Real Estate Agent?
Real estate agents are licensed in the state where they do business and earn continuing education credits to maintain active license status. Most agents also pursue real estate certifications and designations to improve their credentials and marketability.
Do Real Estate Agents Work in an Office?
Because real estate agents work for designated brokers, they typically operate out of an office with other real estate agents and brokers. Regular office meetings allow agents to share new listings, update other agents on price changes, and discuss buyers’ and sellers’ needs. Some agents participate in MLS tours to view new listings each week or each month.
Are Real Estate Agents Considered Self-Employed?
Licensed real estate agents are considered self-employed for all Federal tax purposes, including income and employment taxes if most payments for their services as real estate agents are directly related to sales or other output, rather than to the number of hours worked.
The Bottom Line
Real estate agents balance their time between administrative duties and income-producing activities. In general, agents spend time at the office, meet with clients, show homes, and negotiate on behalf of clients. Most agents have a long and varied list of daily duties and responsibilities that can change with little or no notice. As a result, there may be no such thing as a typical day in the life of a real estate agent-an aspect of the job that many agents find attractive.