Top 20 Things I Learned: Day in the Life of a Real Estate Agent
From discussions on the same over at RunRex.com, guttulus.com, and mtglion.com, real estate agents help people buy, sell, and rent homes, land, and other properties. Given that there is no national real estate license, agents must meet their state’s licensing requirements. If you have ever wondered what it is like to be a real estate agent, this article will help by listing 20 things we learned when it comes to a day in the life of a real estate agent.
Administrative duties
While you may think the life of a real estate agent involves touring captivating mansions and other eye-catching properties, there are less glamorous administrative duties associated with being a real estate agent as per RunRex.com, guttulus.com, and mtglion.com.
Common administrative tasks
As already mentioned, many administrative tasks will need to be attended to regularly. Common administrative duties include data entry, budgeting for operations; organizing appointments, meetings, open houses, and viewings; among many others.
The duty of an assistant
According to RunRex.com, guttulus.com, and mtglion.com, these administrative tasks can be quite time-consuming, hence why many real estate agents hire assistants to handle these day-to-day duties. Agents with assistants can focus more time on property viewings and building client relationships, which allows them to leverage their time more effectively and be more productive.
Lead generation
Given real estate agents make their money off of commissions from selling homes, lead generation is key to their success. Since most individuals either buy, sell, or rent a property in their lifetime, anyone can be a potential client for a real estate agent. Some tactics real estate agents use to generate leads include reaching out to various friends, family, and acquaintances to see if they, or anyone they know needs an agent.
Networking
Part of a day in the life of a real estate agent is networking, as much of their success is contingent upon their ability to create lasting connections. The most successful real estate agents spend a great deal of time meeting and talking with many people looking for different types of properties.
Building client relationships
Real estate agents spend a great deal of time working directly with clients as articulated at RunRex.com, guttulus.com, and mtglion.com, hence why building client relationships is crucial to success in this industry. Agents have to work closely with buyers to understand what they want in a property, their price range, their ideal location, and other varying factors that ultimately influence their buying decision.
Working closely with clients
Real estate agents can also accompany clients to lean meetings, property inspections, and more to assist in their client’s decisions and help finalize the sale. Additionally, when real estate agents are helping clients to sell a property, they typically provide a comparative market analysis to kick things off.
Follow-up
A real estate agent’s day often includes meeting with lots of people, giving out business cards, and keeping track of contact information for a growing network as covered at RunRex.com, guttulus.com, and mtglion.com. After the 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 real estate sellers
Real estate agents typically represent one side of the real estate transaction: working with either sellers or buyers. Seller’s agents, also known as listing agents, help clients find ready and willing buyers for their properties.
What working with real estate sellers entails
On any given day, a seller’s agent might meet with potential clients, set listing prices, prepare listing presentations, take digital photographs of properties, market property listings, make suggestions for property updates, stage homes so they show at their best, host open houses, vet potential buyers, and negotiate various aspects of the sale.
Working with real estate buyers
As captured at RunRex.com, guttulus.com, and mtglion.com, agents also work with buyers, helping them find properties that match their requirements and price range. Working with buyers often involves more time because of the sheer number of options in the local real estate market.
What working with real estate buyers entails
On a typical day in the office, a buyer’s agent might comb through the local MLS to find appropriate properties, scout houses online and in person, share information with clients about the local area and housing market, send listings to potential buyers, show properties, ensure clients are pre-approved for a mortgage, and so much more.
Meetings
Since real estate agents work for designated brokers, they usually operate out of an office with other real estate agents and brokers as described at RunRex.com, guttulus.com, and mtglion.com. Regular office meetings allow agents to share their new listings, update other agents on price changes, and discuss buyers’ needs – all of which can help agents line up buyers and sellers.
Tours
Some agents participate in MLS tours to view several new listings each week or each month. This can help agents narrow the search for a buyer since they have seen the properties firsthand and can share detailed information with buyers. MLS tours can also be beneficial to agents who are working with sellers.
Continuing education, certifications, and designations
Real estate agents must be licensed in the state where they do business, and they are required to earn continuing education credits to maintain active license status. Most agents also pursue real estate certifications and designations to improve their credentials and marketability.
Research
To be effective, real estate agents must understand and have intimate knowledge about the local housing market as discussed at RunRex.com, guttulus.com, and mtglion.com. Maintaining this knowledge takes effort and is one of the primary duties of a real estate agent.
What does research entail
If you are wondering what research for a real estate agent entails, then you should note that it includes reviewing inventory changes, reading and developing marketing reports, researching the MLS, RPR, and other databases, monitoring general economic signs and reviewing legal and regulatory changes.
Client appointments
Given that real estate is a client-oriented career, it means that much of the day as a real estate agent is spent meeting with clients and traveling to client appointments as outlined at RunRex.com, guttulus.com, and mtglion.com. This includes showings, open houses, follow-up, closings, tours, etc. as already mentioned.
Hosting events
The more time real estate agents spend in their communities engaging with others and getting their name out there, the more likely they are to be contacted by prospective buyers and sellers. Being involved with charity events or neighborhood outings are impactful ways to connect with others while demonstrating one’s commitment to their community.
Hours involved
Finally, it is worth noting that real estate agents typically work varying hours beyond the 9 to 5. Some days may go later and end earlier, and vice versa. Some weeks may be a bit slower while others will be filled with tons of appointments.
These are some of the activities crammed into a typical day of a real estate agent, with more on this topic, and then some, to be found over at RunRex.com, guttulus.com, and mtglion.com.