What does a real estate agent do?

Real estate agents perform administrative, research and marketing duties. Consider including these administrative duties in your real estate agent job description:

• Answer phone calls and emails
• Schedule appointments and showings
• Update property listings
• Draft and deliver documents
• Order supplies, such as yard signs and tape measures
• Manage client records, such as pre-qualification letters or property references
• Support daily office operations
• Handle contract management, including creating, executing, and tracking contracts, disclosures and amendments
• Organize and attend client meetings to discuss property needs, such as home size or location, and transaction progress

The real estate market changes regularly, so real estate agents typically conduct research to help their clients make better decisions. For example, an agent may analyze a market to determine the median sale price, average number of days on the market and other statistics. A real estate agent may also read industry publications or attend community meetings to stay up to date on current trends and best practices.

Real estate agents also make decisions related to the marketing mix, which includes the pricing and promotional strategies used to attract buyers. Common marketing duties include:

• Create and distribute promotional material, including brochures, flyers and digital content
• Manage online listings
• Post available properties on social networks
• Network with potential clients
• Run advertising campaigns

Skills of a real estate agent

A real estate agent typically has a combination of knowledge, skills and abilities that can be gained through work experience, formal education or on-the-job training. These competencies include:

• Communication skills: Real Estate Agents communicate regularly with buyers, sellers, brokers, home inspectors and appraisers. Strong communication skills can help an agent maintain positive relationships.
• Adaptability: Market conditions can change rapidly, causing buyers to change their minds or sellers to rethink their pricing strategies. Agents adapt quickly to these changes, which can help clients complete their transactions as scheduled.
• Problem-solving skills: Agents often work with clients who have limited budgets or want unusual property features. An agent uses their problem-solving skills to meet each client’s needs.
• Negotiation: Whether they’re representing the buyer or the seller, a real estate agent relies on their negotiation skills to complete each transaction successfully.

Types of real estate agents

While many real estate agents fulfill multiple roles throughout their careers, they tend to specialize in one type of client or property. Job duties can vary significantly depending on the type of real estate agent and whether they handle residential or commercial property.

Seller’s agent

A real estate agent who helps owners sell property is known as a seller’s agent or listing agent.

With the seller’s best interests in mind, the listing agent uses their market knowledge to accurately determine the property’s sale price, list it and promote it to potential buyers.

In working with sellers, a real estate agent may perform the following key roles and duties:

• Prepare a comparative market research analysis to establish a realistic asking price
• Identify which assets are a property’s top selling points for that neighborhood
• Determine the best way to spend money on improvements
• Stage the property to make it appealing to buyers
• Photograph the property inside and out
• List the property on the local Multiple Listing Service (MLS)
• Advertise and market properties to gain the attention of prospective buyers
• Supervise and schedule property showings and open houses
• Draft and prepare documents, such as offers, purchase agreements, contracts and closing statements

Buyer’s agent

Because real estate agents understand local market conditions, they can use their expertise to match buyers with properties suited to their needs. A real estate agent who works with buyers is sometimes called a buyer’s agent.

Here are some of the key roles and responsibilities of a real estate agent when working with buyers:

• Coordinate and oversee open houses
• Interview buyers to understand what they’re searching for in a new property
• Schedule property showings
• Coordinate appraisals and inspections
• Negotiate property repair requests and offers on behalf of the buyer
• Draft and review documents and contracts
• Guide the buyer through the closing process
• Analyze comparable properties to help buyers determine appropriate bids
• Educate clients on mortgage options, terms and the overall buying process

Continuing education and professional development

Many real estate agents participate in continuing education to help them stay ahead of market trends and learn new skills. They may voluntarily attend seminars, workshops and online courses to enhance their knowledge and become more marketable. Investing in professional development can help an agent build a successful real estate career.

Hiring a real estate agent

You might benefit from hiring a real estate agent in the following situations:

• You own a real estate company and need an additional agent to help you increase transaction volume.
• You want to buy or rent a commercial property and need an experienced real estate agent to help you find the right listing.
• You want to sell a piece of commercial property owned by your business.
• Your company offers property inspections, home appraisals or other services related to the real estate industry.

Once you identify potential candidates, consider using behavioral interview questions to assess their knowledge and skills. Behavioral interviewing uses a candidate’s past behavior to help you understand how they might perform in the future. You might also consult a list of real estate agent interview questions before meeting with candidates.

Benefits of hiring independent real estate professionals

If you’re a Real Estate Broker, you may have to hire an agent at some point. Real estate agents typically work as independent contractors, which allows them to earn commissions on any residential or commercial real estate transaction they complete. Hiring contractors can benefit a real estate broker in the following ways:

• Reduced costs: If an agent works on commission only, you don’t have to provide a regular salary or benefits. You only have to pay commission for a successful real estate transaction. Additionally, you save money on office supplies, utilities and other business expenses.
• Flexibility: When you have a full-time employee, they get paid the same amount no matter how busy they are. If you hire an independent contractor to work for your real estate business, you can ask them to work more hours when it’s busy and fewer hours when it’s slow.
• Access to specialty knowledge: If a client has a property with unusual features, it can be helpful to hire a real estate agent with experience handling similar listings. Hiring a contractor allows you to access specialty knowledge without creating another full-time position.

It’s helpful to hire real estate agents with strong market knowledge, as this expertise helps them navigate the complexities of operating in a dynamic real estate market.