What Does A Realtor Do?
Posted by Christie Gray on Wednesday, July 1st, 2015 at 11:22am.
Think being a Realtor is easy? Think again! If you don't have a close friend or family member who is a Realtor, you may be under the impression that Realtors coast along, working 10 hour weeks in their PJs, collecting massive commission checks. Don't get me wrong--I love being a Realtor, but as with most careers, this one isn't a walk in the park (er...peaceful, lush, with mature trees backyard?)
To help consumers understand the work involved that comes before getting paid, I've broken down what a Realtor "does" into three categories: Time Commitment, Financial Commitment, and Emotional Commitment.
Being a Realtor is a 24/7 job. There are many balls to keep in the air in order to provide top-notch service for each and every client. We check our phone and email often, because we know we need to make ourselves available to support our clients. All of this time commitment comes without the guarantee of a paycheck. Realtors do not receive a cent until their deal closes Escrow. So, a great deal of time may be spent on deals that do not actually come to fruition. Imagine going to work every day with no guarantee of a paycheck! Welcome to the life of a Realtor.
Typical Realtor Time Commitments:
Responding To Emails |
Returning Phone Calls |
Order Home Warranty |
Attending Property Inspections |
Advising Buyer on Request for Repairs |
Schedule Closing |
Creating Marketing Material |
Stay in Touch with Transaction Coordinator |
Active on Social Media |
Writing Content for Blog |
Have Buyers Ordered Home Insurance? |
Pricing Strategy Sessions |
Speaking with Client's Loan Officer |
Stay Up To Date on Laws |
Update Listing Info in MLS |
Creating CMA for Seller |
Ensure Title Company Has All Docs |
Review Prelim Title Report |
Preview Homes |
Open Escrow |
Update Website |
Have Request Repairs Been Completed? |
Submit Docs to Broker for Signatures |
Advise Buyers on Strategic Offer Price |
Transfer Keys |
Create Virtual Home Walk-Throughs |
Schedule Photography for Listings |
Home Tours with Buyers |
Interpret Inspection Report |
Answer The Phone |
Explain Neighborhoods |
Make Sure Loan Funds |
Verify Completion of Repairs |
Realtor Continuing Education |
Get Earnest Money to Escrow |
Coordinate Appraisal |
Writing Offers |
Schedule Showings |
Get Disclosures Signed |
Negotiating Counter Offers |
Educating Clients on Market |
Learn New Real Estate Technology |
Attending Loan Doc Signing |
Creating Market Infographics |
Check On Past Clients |
Holding Open Houses |
Signing Listing Agreements |
Obtain New Business |
Being a Realtor is an expensive job! We work as Independent Contractors in most cases, which means all of our business expenses are our own responsibility. Some brokerages provide some financial support, such as providing open house signs, legal training, or printing services, but the trade-off is usually that they take a larger portion of the Realtor's commission. Realtors must track their expenditures carefully to ensure that all money spent directly benefits their clients and their business.
Typical Realtor Financial Commitments:
Broker Fees |
Advertising for Website |
Business Coaching |
MLS Fees |
Domain Name Fees |
Virtual Tour Service |
E&O Fees |
Video Embedding Tool |
Photographers |
Realtor Board Dues |
Continuing Education Courses |
Electronic Lockboxes |
Car Expenses |
Business Cards |
Lockbox Keycard |
Enhanced Cell Phone Plan |
Office Supplies |
Printing |
Brokerage Tech Fees |
Open House Signs |
Client Thank You Gifts |
Realtor Board Dues |
Open House Signs |
Website Development |
Enhanced Auto Insurance |
Assistant Salary |
Web Hosting |
Realtors have a large emotional commitment to their clients. Buying or selling real estate can be a trying, emotional process. Realtors act as strategic advisers, but must also take into account the emotional well-being of their clients. For example, if there is a delay with the loan funding and buyers are stressed out, you can bet that the Realtor will be right there with them, supporting and explaining what's going on. In many cases, buying or selling real estate is a very exciting time. There are times, however, when people are forced to relocate for a job, must sell their home due to divorce, or must sell to avoid foreclosure. The Realtor must fully understand every client's unique situation to support them in the best way and provide the service that they need at that point in their life.
The Bottom Line?
Realtors put in a great deal of work to earn their commission check. The hourly, financial, and emotional commitments are large, and it has been estimated that 75% of agents throw in the towel within their first year as a Realtor. However, there are many fantastic Realtors working to assist buyers and sellers in their community. In my opinion, the work is interesting, creative, and rewarding, and I wouldn't trade it for any other career. Make your Realtor's day by showing them that you understand and appreciate their hard work!
Related Pages:
What to Expect From a Realtor
Why Use a Realtor?
How to Get the Most Money When You Sell