What Are the Services Provided by Real Estate Agents
When you are looking to buy or sell a home, you will likely need the help of a real estate agent. Real estate agents provide a variety of services to their clients, which can make the process of buying or selling a home much easier. This blog post will discuss the services that real estate agents provide to their clients. We will also provide some tips on finding the right real estate agent for your needs. So, in case you are interested in learning more about real estate agents and what they can do for you, keep reading!
What Is A Real Estate Agent?
Agents are licensed to help people sell, buy, or rent their homes, as well as other properties. Agents must comply with their state’s licensing requirements. They organize real estate transactions. The commission, a percentage of the property’s sale price, usually compensates real estate agents. This means that their income depends on whether they can close a deal. In nearly every state, a realty agent must either work for or be affiliated with a realty broker (an individual or brokerage firm) who has more experience and is licensed to a higher level.
Although the requirements for agents vary from one state to another, all applicants must complete a pre-licensing program at an accredited school and pass their state exam. Only then can they join a realty brokerage.
Real estate agents must work under the supervision of a licensed broker, who ensures that all agents comply with real estate laws.
Real estate agents eventually become brokers. This requires additional education and experience. Real estate agents can be independent and work with brokers, but they have more responsibilities.
What Is A Realtor?
Although many people interchangeably use the terms broker, agent, and real estate agent, the terms are different. Brokers and agents have different licenses. Only brokers can work independently. Agents and brokers both can use the title Realtor, but they must be active members of the National Association of Realtors to do so. The most crucial distinction between a realtor and an agent/broker is that Realtors belong to the NAR and adhere to the strict Code of Ethics.
Services Offered By Real Estate Agents
Real estate agents are there to assist clients in the complex process of selling or buying a home. They act primarily as mediators between buyers and sellers. A licensed agent can also provide many other services.
Staging is often required to sell a property quickly and for a higher price. Staging can help make your property more appealing visually and visually. Prospective buyers will feel at home and imagine living there and entertaining their friends and family. Some real estate agents may offer these services for no charge, while others may require an additional fee. Sometimes, the agent will even stage the property. They will often hire professional property stagers if it is impossible to do it themselves.
Selling Real Estate
It is crucial to hire an experienced agent when selling a property. This is especially important for first-time sellers. Open houses are an excellent way for agents to increase interest in properties and allow potential buyers to visit them. Open houses are most popular on weekends. After an open house, experienced agents will get feedback using the broker open houses questionnaire. Sometimes the feedback can reveal issues or prices that you didn’t know about. This feedback can be passed on to the seller more accurately if documented in a questionnaire than communicating with the buyer’s agent.
Buying Real Estate
Real estate agents are skilled in helping clients find the perfect home. Particularly for first-time buyers, buying property can be complicated. Making small mistakes can lead to costly consequences. You should hire an agent familiar with the local area to help you find the right neighborhood for you if you’re moving from another city. Agents are skilled in negotiation and can help you find the right property at the best price. Typically, the seller pays the buyer’s commission, so there is no reason not to use an agent.
Agents are often hired by real estate investors who want to build a home. Agents can help them find lots for sale. Agents can help you identify properties suitable for demolition and allow you to start again with new construction. They are realistic and help you set a time frame for your project.
Investment Properties & Rental Properties
Many real estate agents also help the rental property owners. They can help you buy an investment property that you can rent out. The estate agents can point you in the right direction. It is crucial to managing a property after it has been purchased. The agent can provide the contact information and help you coordinate maintenance.
The Administrative Duties
Agents have many responsibilities and duties other than just helping the owners buy and sell the house. It may include lead generation and marketing, open houses, and closings. Many agents spend their mornings catching up on administrative tasks.
- Response to emails, texts, and phone calls.
- Process all the real estate documents, agreements, lease records, and other documentation.
- Schedule appointments, shows, open houses, meetings, and coordination
- Create flyers, newsletters, and listings and distribute them.
- Create budgets to support monthly, quarterly and annual operations
- Plan marketing strategies for listing listings
- Update client databases
- Develop CMA reports research listings.
- Keep the clients’ social media profiles and websites up to date.
Agents often hire an assistant to help them with administrative tasks. Agents can use their time more efficiently and be more productive.
There would be no sales without buyers and sellers. Agents’ success is dependent on finding clients.
A real estate sphere-of-influence (SOI) strategy is a way to make contacts. It focuses on building leads by referring people the agent knows. This could include friends, family, neighbors, classmates, and business associates.
The majority of people who sell, buy or rent property will do so at some point in their life. This means that every person an agent meets could be a potential client. Agents often meet with many people and give out business cards. They also keep track of contacts to help build a network. Agents follow up after making the initial contact with potential clients by following up with phone calls, emails, or text messages.
Work With The Seller
Many afternoons are spent with clients or on their behalf. They help them navigate what can be quite complex.
Buying a house is a significant investment for any client. It is a critical financial decision. A home sale is a significant investment opportunity. It is important to have no surprises after closing.
Real estate agents are usually only one side of a real estate transaction. They work with buyers and sellers. Seller’s agents, also known as listing agents, help clients find properties. A seller’s agent may be available at any time and help out with the followings:
- Meet potential clients
- Set listing prices
- Make listing presentations
- Digital photographs of properties
- Listing a property for sale (including entering them in the multiple listing [MLS]).
- Submit suggestions for property improvements
- Stage homes
- Host open houses
- Potential buyers should be vetted
- You can negotiate various aspects of the sale
Work With Buyers
Other than helping buyers in finding the right property for them, the agent might work with the following:
- Browse the local MLS to locate suitable properties
- Online and in-person Scout houses
- Collect information about the area and the housing market and share it with clients
- Send the listings to potential buyers
- Show around properties
- Check for clients’ preapproval for a mortgage
- Send bids and negotiate for the buyer
- Get home inspections and appraisals
- Help clients navigate contracts, agreements, or other documents
- Assist clients at inspections, loan meetings, closings, or other activities that require their presence.
Working with buyers is often more challenging because of the number of choices in the local realty market.
Meetings & Tours
Real estate agents are designated agents and work in an office with brokers and real estate agents. Agents can meet regularly to discuss buyers’ needs, share new listings, and update each other on price changes.
Agents can view MLS listings every week or month by participating in MLS tours. They can narrow their search by participating in MLS tours. They usually see the properties firsthand and can share details with buyers.
Agents who work with sellers may also benefit from an MLS Tour. After examining the competition, it may be easier to establish a fair listing price.
Educational Qualification, Certifications & Designations Need To Become A Real Estate Agent
Realtors must be licensed in their state of business. They are also required to continue to receive continuing education credits to keep their license active.
Many agents also seek real-estate certifications to improve their marketability. While a license, certification, or designation is not part of an agent’s day, it can be part of their overall plan to increase skills, proficiency, and marketability.
How To Find A Real Estate Agent That Fits Your Needs
One has to be careful when finding a real estate agent. Many people have had unhappy experiences with agents who did not work in their best interest. A potential buyer should feel comfortable with the agent representing them and that they will be trustworthy to keep secrets, follow instructions, and focus on their needs.
- Before hiring a realtor, talk to a lender.
- Ask around, and check for good reviews.
- Narrow down your search for potential candidates.
- Interview at most three real estate agents.
- Ask for references and have them checked.
- Follow your instincts.
- Have a look at your contract.
Homebuyers may hire a realtor to help them search their home before ever speaking with a mortgage lender. To learn what you can afford, it’s wise to talk to a lender.
You will need a preapproval letter to get sellers to accept your offer in competitive markets. Preapproval for a mortgage allows you to borrow the maximum amount and highlights any issues that need attention early on in the process. It will help you focus on homes within your price range and show potential sellers (and Realtors) that you are serious buyers.
- Refer To Your Network For More Information
Ask your friends and family to recommend a professional real estate agent they have had positive experiences with. You want someone who has experience with clients similar to yours. For example, the needs of first-time buyers are different from those of homeowners looking to downsize or repeat buyers.
It will help if you are looking for a Realtor with a capital R. This means they are the members of the National Association of Realtors (NAR) and have agreed to adhere to the group’s code of conduct. A certification is a document that certifies that a Realtor has completed training in a specific real estate area. Some designations include:
- CRS: Additional training in residential real estate management.
- ABR: Additional training was conducted in representing buyers in transactions
- Seniors Real Estate Specialist: Completed training designed to help buyers and sellers over 50
It is essential to understand the differences between buyers’ and sellers’ agents. A buyer’s agent represents the homebuyer in a residential real estate transaction. A seller’s agent, or listing agent, is responsible for the selling side of the transaction. This includes marketing and pricing the property and negotiating terms and conditions.
A dual agent is a practice where one real estate agent acts as both an agent and a buyer. This is usually when the seller and buyer use the same agent brokerage. This arrangement can be risky and could lead to problems. Dual agency is not allowed in all states.
An agent might be a referral agent. This means that they provide leads to other agents in exchange for a fee.
- Find Potential Candidates
Begin by looking at the online presence of an agent. You can check the agent’s website and their active social media accounts. You can also check their online reviews. One or two negative reviews are not a problem, but anything more than that could indicate a problem.
To find out if the agent you are considering is licensed, or has been subject to disciplinary action, make sure to contact your state’s regulator of real estate. To find out if there have been any complaints against the candidates you are interviewing, visit your local Better Business Bureau website.
It will help if you look for an agent at least six months before you plan to start looking for a house. Make a list of must-haves and wish lists about what you want in a home.
- Interview At Least Three Agents
Interviews are a great way to feel the agent’s personality and experience. You want a realtor knowledgeable about the area and can meet your needs.
Someone who is genuinely savvy is what you want. See how professional and polished their proposal is. The more they put into a presentation, the more they will put into it when they work for you.
Interviews also allow you to know the agent’s preferred communication method and availability. You’ll find an agent who is happy to visit your homes after hours if you prefer texting to communicate with you.
- Ask For References & Have Them Checked.
Ask agents about homes they have listed and sold within the last year. Ask them in case they would hire the agent again for their next real estate transaction. Also, ask them to give contact information for any recent clients. Ask these clients about their experiences and the support they received throughout the entire process, including the negotiations.
- Follow Your Gut
As important as their knowledge and experience are, their ability to help you navigate the process smoothly. Trust your agent and feel at ease with them if things get bumpy on the way to closing.
“It’s like dating – sometimes it comes down to chemistry. If everything is fine, but you don’t feel like the person, then don’t take them on. Many other agents might better suit your personality and will gladly help you.
- Go Through Your Contract Carefully
The contract should contain all terms you have already agreed to, including the commission rate. However, it can be negotiable. Half of the sale price goes to the seller’s real estate agent and the other half to the buyer’s. The average commission rate is just below 6 percent, according to HomeLight.
The contract’s length is another critical factor. A contract should be no longer than six months. According to NAR, selling a home in a competitive market can take less than 30 business days. If you have a longer than 30 days contract and your home has not sold within a reasonable time, you should be able to switch agents. If you are a buyer and have not found the home you desire within a few months, you should keep your options open.
If you are in the market for a new home or considering selling your home, it is essential to understand what real estate agents provide. Amy Alwell REALTOR® – Real Estate Agent Kentucky has extensive knowledge of the Florence and Kentucky markets and can help you through every step of the buying or selling process. Contact us today at (513) 314-6908 for more information on how she can assist you!