A Real Estate Agent duties begin with assisting clients in buying or selling homes. Wouldn’t it be a nice, easy job if that was all that was involved in earning a commission? Everyone would want to become a real estate agent, but the truth of the matter is, this is just touching the surface of the tasks of a real estate agent. Much more goes on behind the scenes, resulting in a smooth and enjoyable transaction for the client. A good Realtor makes it appear simple, but there
The below list illustrates the responsibilities and duties of a good realtor in no particular order.
The real estate agent job duties list indicates that being a real estate agent is a lot of work, requiring long days and a driven personality. Furthermore, Real Estate is not a guaranteed business. Successful realtors adapt good time management skills plus handle the stress of the business well.
Once you find the perfect home, the real estate agents tasks do not stop there. The role of a real estate agent continues until the property closes. Below are the responsibilities of a buyer’s agent during the contract to close
- Provide guidance to the buyer(s) during the entire contract to close process.
- Keep an eye on contract deadlines.
- Ensure the escrow deposit is submitted to the title company or attorney.
- Provide a verification of escrow to the seller’s agent, confirming the escrow deposit was made.
- Ensure the home inspection is scheduled and performed prior to the contract deadline.
- Attend the inspection.
- Address inspection repairs, then confirm inspection repairs are addressed.
- Confirm loan application is started by the buyer.
- Weekly calls to the lender to ensure loan commitment.
- Email contract to lender and title company.
- Ensure buyer submits HOA application per contract deadline.
- Meet appraiser.
- Negotiate low appraisal.
- Confirm buyer purchased home owner’s insurance.
- Verify clear title.
- Confirm buyer transferred utilities into their name.
- Schedule and perform walkthrough.
- Review the settlement statement.
- Attend closing.
What Does a Realtor Make in Commission?
Many feel that there is money to be made as a Realtor, and some enter the business thinking it is easy money. It is not. It is quite the opposite, which is why the success rate for new realtors is low. If you are passionate about real estate, then your chances of success are much higher.
So, what does a realtor actually make for a commission? In the Sarasota, FL area the industry standard is 6% commission. Of that, there is a real estate agent commission split of 3% that goes to the co-broke. Out of the remaining 3%, the commission is then split between the agent’s broker and the Realtor, according to their agreement. Furthermore, there are multiple expenses that an agent must cover in his or her business, so the final profit, which becomes the real estate salesperson salary, is less than one would think.
The Expenses of a Real Estate Agent
Selling your home is an important event, so you want to choose a qualified sales agent to help. When researching real estate agents, you will notice that they have similar fees. Choosing an agent based on a lower commission may not always be the scenario that benefits you most. Below is a list of expenses that come along with the business so, hiring an agent at a reduced commission rate may affect the amount of marketing, and hence, the exposure that is needed to get your property sold.
Is a Real Estate Agents Salary Guaranteed?
Assisting clients with contract negotiations, inspections, and the overall closing process is a large part of a Realtors duties. On rare occasions, a transaction might hit a speed bump, and the contract is canceled. On the contrary, a real estate agent may work with a client for an extended period of time, yet it never leads to a sale. The commission on these scenarios is $0. Like with any business, you are going to win some, and you are going to lose some.
Need Help Buying or Selling a Home?
Fill out the form and let us know what we can help with.