A real estate agent oversees the sale or purchase of a property from start to finish in order to represent the best interest of the client. The article below will provide information regarding the real estate agent job description, daily activities, schedule, training and qualifications, and salary.
Real estate agents assist clients in the purchase, sale, or lease of properties. They provide extensive marketing for sellers, comparable price analyses, price negotiations, and advice based on the personal and financial needs of their clients. Real estate agents generate and follow up on sales leads and seek referrals to generate business. They are independent contractors.
Job Overview: What Does A Real Estate Agent Do?
Real estate agents are paid on a commission basis, with an average annual income of $45,000. They can work full or part-time, ranging from 20 to 60+ hours per week. Agents spend their working hours touring homes, meeting with clients, and interacting with co-workers. They make phone calls to follow up on leads and keep their clients informed of the sales process.
Agents search for homes to meet buyers’ needs and provide listing information to clients. They also tour homes in order to be informed of available inventory. Then, they provide in-depth market analyses to their clients.
Real Estate Agent Job Duties
- Generate leads for seller and buyer business.
- Schedule showings and then follow up with other agents to provide feedback for sellers.
- Perform Competitive Market Analyses for clients.
- Market listings on behalf of sellers.
- Inform sellers of disclosure policies.
- Provide tips to sellers for staging their property for sale.
- Show suitable homes to buyers.
- Hold open houses on behalf of sellers.
- Present all purchase offers to sellers.
- Help buyers identify different types of mortgage loans to find one that best suits their needs.
- Negotiate prices on behalf of clients.
- Review inspection results and take necessary action.
- Work closely with title companies to ensure smooth transfer.
- Attend all closings.
Real Estate Agent Job Essential Skills
Communication Skills. A real estate agent must have excellent communication skills in order to effectively interact with buyers and sellers.
Marketing Skills. Effective marketing skills are needed in order to market listings to buyers and agents.
Responsiveness. A good real estate agent is responsive, answering all client questions and concerns in a timely manner.
Ability to Multitask. A real estate agent must have the ability to multitask, as they are typically working with numerous clients at once.
Flexibility. Real estate agents must be flexible, as they are independent contractors and every situation will be unique.
Becoming a Real Estate Agent
Although education requirements vary by state, typically, 60 or more hours of education are required by the real estate agent job description. The candidate must also be at least 18 years of age. Upon completion of education, the candidate must pass a state and national exam. A background check is usually required as well.
Then, the candidate must join a brokerage and have their license activated, as well as pay membership and MLS fees. They should also consider becoming a realtor by joining the National Association of Realtors.
Qualifications and Training
To become a real estate agent, check your state’s requirements. A pre-licensing course is required. This is typically 60-135 hours of education, taken in a classroom setting or online. Here, you will learn about real estate law and principles.
Upon successful completion, take your state and national exams. The exams usually consist of math and multiple choice questions. It is not unusual for candidates to have to take the exam more than once, as there is an average 50% failure rate.
Many real estate schools offer exam prep classes. Once you pass your exam, you can apply for licensure from your state, and join a brokerage. If you wish, you can join the National Association of Realtors. This will provide you with benefits such as access to additional market data, management services, and a discount on continuing education courses.
Continuing education is required, usually every two years for license renewal. A background check is typically required as well. On-the-job training is usually provided at the chosen brokerage for new real estate agents. Most brokerages will provide ongoing guidance for those new to the business.
Obtaining a position as a real estate agent is relatively easy. Most brokerages hire brand new agents with no experience, as they provide the necessary training.
Real estate agents must keep in mind that the majority of brokerages pay agents on a commission basis. Many candidates seek employment before they pass the exam. Most, if not all experience is acquired on the job.
Many brokerages hold daily or weekly training sessions for new agents, and provide them with role-playing experiences in order to train them. You may also be given the opportunity to work alongside a seasoned agent in order to learn techniques and gain experience.
Real estate is not a typical 9 to 5 job. Real estate agents are independent contractors, so they usually set the majority of their own schedule through appointments. Depending on their own availability and the needs of clients, an agent may have to work early morning or late night hours. Most agents also work many hours on the weekends.
Extra hours are quite common as an independent contractor, since working hours are not capped at 40 per week. Real estate agents can work full or part-time, so they can work as little or as much as they wish. Most full-time agents work approximately 50 hours per week, while most part-time agents work approximately 20 hours per week.
Job Outlook & Advancement Opportunities
Real estate is extremely competitive. Agents must generate most of their own business, and the salary is not guaranteed. An agent can succeed through their own efforts. The industry is not sound, and income may vary with market conditions.
The real estate agent median yearly salary is of $46,285. Top agents can earn $150,000 or more. More experience can lead to a higher salary through referrals and repeat business. Since education is minimal and inexpensive, it is worth it to invest in this profession. An agent can advance quickly to a top producing agent or a broker.
A real estate agent is an exciting career that can be extremely lucrative. The real estate agent job description is flexible, so it allows one to create their own schedule. The job is very dynamic and interactive. Gaining employment is not hard, although the real estate market can be unstable at times.