It's very easy to be on the outside looking down on the residential real-estate industry and claim that you're paid too much. After working as an estate broker full-time for 9 years, I can say I've not been more productive. My typical day starts around 7 a.m. answering emails or voice messages, formatting electronic brochures for properties, editing virtual tours, and arranging print advertisements for the coming weekends and public houses. During business hours the outwardly visible part of my workday is filled with meetings, showing appointments, staging a new listing by returning phone calls, sending documents to fax, creating copy for a new listing, planning a multi-day tour for prospective purchasers, and the other duties a sole proprietor is responsible for. The work day is over around 9 p.m. Confirming an appointment to show the property, getting an offer to counter-offer a purchase contract and offering consolation to a buyer who is forced to withdraw from a deal because his partner (who's income is required for the mortgage) had a breakup with her. It's all day, 365 days a year.
In the interest of full disclosure , here is a list of the tasks that buyer and listing agents do. The list is from my second workbook "Starting and Succeeding in Real Estate" Thomson 2003.
Performs duties in the sale of a property.
Agent time and marketing expenses to get listing appointment.
Cost of marketing materials and time needed to write CMA (Comparative Market Analysis).
Time spent list appointment for review of CMA.
Market knowledge for preparing CMA.
Actual time for meeting with the seller to sign the an agreement to list and the related documents.
Prepare your listing for the market. Time and cost to prepare brochures for properties, order a yard sign, snap photos of property Virtual tour, entering into Multiple Listing Service, and marketing to other agents and members of the public.
Time to plan and organize brokers ' open house(s).
The time is now to organize and hold a the public open house(s).
The phone calls are used to set up appointments.
The time is spent driving to and from property in order to show the property for every appointment.
Call the sellers of your property to get feedback.
Reception of calls; return calls regarding property and property related issues from both public and agents.
Advertise ads, place ads in local/regional newspapers.
Contract and other related documents regarding the property, go over and present to sellers.
Present acceptance/counteroffer to sellers
Consult property sellers during negotiations.
Courier contract to make changes Final signatures.
Courier earning money deposits.
If condo is purchased, and delivered condo declarations, by-laws, rules and application information.
Prepare brokerage worksheet for transaction.
Change the status of property on Multi listing listings.
Attend property inspection(s).
Discuss inspection issues.
Contact and forward contract to attorneys, an escrow agent as well as mortgage loan lender.
Inform agent for the seller and buyer.
Place the under contract sign on rider of for sale yard signs.
Create and attend showing times for buyers to measure or invite contractors, friends and relatives visit your property.
Schedule and attend appraisals by mortgage lenders at the the property.
Ongoing assorted phone calls/e-mail to transaction participants.
Prepare brokerage documents (closing statement, etc.) to close.
Set up and attend last walk through prior to closing.
Time spent during and to from the closing location.
Go to the end of the day.
Final closing documents to the real estate brokerage.
Charges and time required for client gift and thank-you.
For a seller: arrange for relocation, inspections and snow/yard maintenance. Also cleanup after move-out, shut off of utilities, winterizing of pipes, etc.
The duties performed during the purchase of a property.
Marketing and agent time to receive buyers call or emails to set up a meeting with them.
Floor duty at the office each week, or monthly.
Attend office sales meetings, regularly, and every month.
Participate in sales/award meetings.
Continue to attend continuing education courses and professional development courses.
Time to get the buyers' kit to be used at the meeting.
Actual time spent meeting in office for the very first time with prospective buyers.
Meeting with potential buyers to meet with mortgage lenders.
Setting appointments to look at properties.
Looking at potential homes for potential buyers.
Setting up appointments to look at possible properties with prospective buyers.
With buyers as they look at potential properties.
Attending open houses for brokers to view new inventories of homes that are available for sale.
Write contract, disclosures etc. on the property that buyer is planning to purchase.
Hand over and present the contract to the agent for the seller and the sellers.
Discuss the terms of the contract in the agreement.
Negotiate with buyers by advising them.
Courier contract to buyers for sign off on changes as agreed upon in negotiation.
If condo procure and deliver condo declarationsof condo, by-laws rules and application information.
Set up a brokerage spreadsheet for the transaction.
Contact and forward the contract to attorneys, escrow agent or mortgage banker.
Participate in property inspections.
Negotiate concerns.
Confirm the status of the contract to buyers, attorneys and escrow agents.
Begin by accompanying buyers to property viewings for a measurement, meet contractors, or show the property to your family and friends.
Numerous calls and emails are sent to participants in transactions.
Documents for the brokerage that are required for closing.
Set up and participate in the one final walkthrough before closing.
Go to the end of the day.
Gift for the client who purchased the purchase and send it out.
Assist buyers with movers, repairs and other needs.
Post closing follow up with buyers.
If you are looking for an agent in real estate and you're looking for a good one, don't explore for long. There are plenty of pretty good agents out there and in reality, not too many bad ones. However if you are looking for a professional who is better than average You must be aware of how to find them and where you can look for them.
One thing a real estate agent does that differs from the norm is regular open houses. Certain agents believe that they be too hard work and are prone to make negative remarks about them, like, "You never sell the house you are opening. You can only use it to prospect for new buyers." That is simply not true. If a home's value is at a fair price and an agent has been active in holding an open house at least other week, they could effortlessly get an offer on the house within 3 months. That kind of positive thinking is what you need on your side.
Another way to know how a real estate agent is dedicated to their professions is to determine how established they are. Are they on a real estate website? How user-friendly is it? A real estate professional who plans to stay around for a long period of time and provide assistance to their clients usually develop a website. When you use that agent, it is possible to make use of the options on their site which will make your buying and selling process more efficient.
There is nothing that can possibly compare to the passion that comes with an agent who attends door-to-door. Some people see them as an inconvenience. Consider how much they work to know the area they specialize in. If they come to your house and hand you tiny calendars or pen with their office number on it Why not choose that agent when doing your next transaction? They've obviously spent so much effort to find you in the first instance. They'd probably make the same effort into making Look at more info the buying experience one that is pleasant, and offering you a positive overall experience with the real estate transaction.