In any real estate transaction, a real estate agent is the one who typically acts as a mediator responsible for introducing potential buyers and sellers to each other and assisting both parties in conducting smooth handover of the property.
They are licensed individuals working independently or representing a registered and licensed brokerage firm. Since they are in touch regularly with different buyers and sellers, real estate agents have a better understanding of the market and available properties than untrained individuals do.
In some cases, the agent also provides financial guidance and help in approaching banks or other financial institutions for mortgage loans. They also look after the paperwork in a real estate deal. At Cher, we’re providing straightforward, hassle-free options for the house-hunting process. Whether you’re a real estate agent looking for tips on how to be a helpful resource or a prospective house buyer looking for an agent, here’s what you need to know.
Key responsibilities for a real estate agent
A real estate agent is responsible for researching, identifying and qualifying a property - be it residential, commercial, or even empty land. When it’s available on the market for selling, renting, leasing or purchasing, real estate agents help their clients find the best deal possible deal.
If working individually, the agent is responsible for all of these components. However, if they are associated with a well-established agency, they might have separate teams working on different aspects of the deal.
A team of field operators is dedicated solely to surveying available properties. They are responsible for dealing with the sellers and inspecting the property to understand the prerequisites from the seller’s side. They also take care of any repairs or adjustments in the property to make it ready for client visits and further discuss the possibility of negotiations, if any, in the asked price.
Another team works closely in the market that looks after everything from generating a lead from buyers to arranging a property visit and then, finally closing the deal. They are also responsible for appropriate marketing of the property, like print advertisements, billboards, and special campaigns. In some cases, they also negotiate on the buyer’s behalf to attain the best possible deal.
An agent associated with an agency also looks after the paperwork. This might include the rent agreement, lease, buyer’s agreement, seller’s disclosure, and property deed. Since they are market insiders, they also assist in providing best loan rates from the available options of banks and other financial institutions. The backend team provides logistical support for the easy processing and execution of a deal.
Looking for a real estate agent? Looking for a client? Get matched with Cher.
Why do you need a real estate agent?
Dealing with homes is by and large the same as dealing with a high-price piece of clothing or jewelry. Be it the buyer or the seller, both are looking for the best possible deals and value for their money. The only difference is the price range and investment level. Since one may change clothes more often, the decision to buy or sell a house is a bit trickier and requires more thought. The monetary value means you have much to gain, but the risks are higher.
Individuals who are planning to buy a new home while renting or selling the one they currently inhabit are always naturally skeptical of the deal in hand. For good reason, they seek assurance from someone more knowledgeable and reliable. Since most people aren’t dealing with many houses in terms of purchase or rental in their lifetime, they look to an expert who’s in a position to do more comprehensive research.
An ideal agent
The decision-making process for an individual while buying or renting a new home is partially dependent on the rapport they have developed with the real estate agent.
So, when a real estate agent approaches someone for buying or selling the property, they’re also selling their own services. Some agents have specialization in dealing with only one side of a bargain while others have experience with the buy-side and the sell-side.
In addition to having good knowledge of the field, below are some qualities that a good real estate agent must possess.
Setting up a meeting and not showing up on time is the worst start to any real estate deal. A real estate agent’s timeliness shows their level of seriousness and dedication towards the person as well as the property. Anyone who is a part of this industry should have good time management skills with a realistic sense of how long each meeting will take. Deals are high stakes, and the last thing you need is punctuality ruining a 7 figure sale. If you have a real estate agent who’s always missing meetings, it may be time to look for another.
It’s a daily routine for a real estate agent to deal with people who are buying or selling properties, but for a first-time buyer or a seller, it tends to be a bit more of an emotional affair. If you’re a real estate agent, try to engage the other person and share some details regarding the property or the market that makes your pitch more realistic and credible. If you’re a buyer, try to find a real estate agent who seems willing to interact with you on a personal level.
Good communication is all about being concise, friendly, and convincing. This isn’t just true while sharing the details of the property, but in general as well.
Attention to detail
Irrespective of the party you’re dealing with, it’s always advisable to take notes of important, tiny details and resolve any client concerns as quickly and effectively as possible. This usually means having the right degree of transparency and being able to make quick judgment calls.
In a profession that thrives on credibility and goodwill, integrity and honesty remain crucial for fostering positive relationships with clients. Until a customer is able to develop a sense of security with the agent, they won’t be willing to take the deal ahead and will remain hesitative throughout the process.
Be it a niche market or general housing market, a real estate agent is expected to have a good grasp of the industry and understanding the market movement even as it changes rapidly. They must be in a position to advise the customer whether or not to invest in the property, plus when they should get out of the market and sell their property.
Irrespective of the experience and knowledge of the market, it is practically impossible for any agent to have 100% knowledge of the sector. Hence, it’s almost a requirement to maintain amicable terms with the competition and other players in the market who can help providing suitable insight as and when necessary.
Your agent might not have access to the best deals, but a good agent’s network can get you anywhere.
Get started on finding your first home with Cher.
A good real estate agent strikes the right balance between being approachable and having the necessary knowledge of the housing market. They’ll be able to help a client find a great deal on a home that’s perfect for their personality and budget. Now that you know about what makes a real estate agent, it’s time to get started finding your house. With Cher, clients and agents can match online and work together to find the perfect deal. Find out more about us here.