Do You Have What It Takes to Be a Real Estate Agent?
Being a real estate professional can be a very rewarding career for the person who has the ability to interact with people on a combined personable and professional level. Real estate although it is the business of selling is actually a people business. As a real estate agent you will be dealing with people as they negotiate a very stressful period in their life.
Buying a home is for most people the largest investment that they will make in their lifetime. Likewise selling a home is a huge financial transaction for the average person. As their Realtor you will be entrusted with the everyday navigation of this large transaction and you will be required to negotiate and act as a mediator if there snags along the way.
Real estate as a business is divided into two sectors. There are agents who specialize in listing homes for sale and there are agents who work with buyers in their quest to find and purchase a home.
Listing Agent: Listing agents will arrange meetings with potential home sellers to help them price their home properly and propose a marketing strategy to ensure a quick sale for the highest possible price. They will give tip on staging and will list the home in the local MLS listing service if they are selected by the owner to market and sell the home. Typically the listing agent will perform a CMA (comparative market analysis) on the home which is a form of mini appraisal which compares the home with other similar homes for sale in the area and homes that have sold recently.
It is the job of the listing agent to field calls from agents representing potential buyers of the home to facilitate showings and to perform open houses. All marketing will be paid for by the listing agent or his/her brokerage. The selling commission is usually in the 4% to 6% range and this commission is usually split 50/50 between the listing office and the selling office.
Buyers Agent: A buyers agent will find homes that suit the needs of their client and arrange viewings. If and when a buyer finds a home that suits their needs the buyers agent will help the buyer fill out the offer and all the related contingencies and present these to the listing agent to forward to the homeowner.
If the offer is accepted the buyer agent will guide and manage the sale through the P&S (purchase and sales agreement) stage to the inspections through the closing. In most cases the buyers will liaise with the mortgage broker to ensure that financing comes through on time.
It is very important for buyers agents to note the time and date of the financing contingency section of the purchase and sales agreement. If the financing is not committed by this date it is imperative that the seller is notified and that an extension is agreed. If an extension is not in place and financing falls through the buyer will lose their deposit and could look for compensation from the agent or the brokerage.
From the perspective of a buyers agent the mortgage/financing contingency in the purchase and sales agreement is the most important date in the sales schedule. Ignore this at your peril.
Personality traits of a successful real estate agent: A successful real estate agent will be a proactive professional with good attention to detail. He/she will possess the patience of a saint and have an outgoing personality.
While it is an absolute essential that the Realtor be personable it is also essential that they are willing to be firm in their interactions with other real estate professionals, mortgage brokers and attorneys.
