We are all familiar with the role of realtors, but do we really know what the functions of a real estate agent are? We will tell you! According to Wikipedia a real estate broker, real estate agent or realtor is a person who represents sellers or buyers of real estate or real property. The work of a real estate agent are worth more than buying or selling of houses. Visit properties, agree on the conditions of sale, draw up contracts, study the market situation. Below we summarize the functions that a real estate agent has in their day to day.
The activities of the broker
Brokers are important service providers. It is not for nothing that the profession of the broker is one of the oldest commercial activities. Brokers were already known in antiquity: trading brokers and credit brokers. Since real estate is no longer in the hands of the less privileged classes and nowadays anyone can buy real estate, the picture has changed in such a way that the “broker” is commonly equated with a real estate agent.
The tasks of real estate agents are varied. They are generally underestimated, according to the motto: “I can do it myself just as well”. Many people who tried themselves as brokers in this way quickly discovered that they had taken the wrong approach.
Why not sell or buy yourself?
If you want to sell or buy a new house, you can try to find interested parties and offers on your own initiative. However, he will quickly find that there are limits to his own commitment. Often you only have to deal with curious people who lack serious interest in the object. That costs time and causes some disappointment.
Serious prospects, on the other hand, ask the property provider with questions and want to know things that the owner can often hardly know. Interested parties expect a certain level of competence and are quickly suspicious if their questions are dismissive, incomplete or not answered at all. All of these problems can easily be avoided if a competent real estate agent is involved in the sale or purchase of the property. According to Forbes.com If you’re selling an investment property, a review of financials and full underwriting should be completed by your agent. Due to his training and experience in this business field, he knows what is important and can clear up a lot in advance. His competence enables the right strategy. Only this leads to the goal without any problems.
The job description of the real estate agent
Today, real estate agents no longer limit themselves to mere verification and brokerage activities. Rather, they also offer additional advice and support services relating to real estate. The job description includes professional activity in all areas of the real estate business. This includes the verification and brokerage of real estate of all types, but also the management of objects, brokerage of financing or even property developers or construction supervision tasks. Since not everyone can know everything and is competent in everything, brokers specialize in certain fields of activity. The restriction to what someone can do best and what he is specially trained for creates trust in the competence, seriousness, and reliability of the broker from the perspective of potentially interested parties. Even those who, as real estate agents, focus on the sale of objects, offer a range of services that are indispensable in connection with the sale and purchase of objects.
Real estate agent skills
Real estate doesn’t just sell like that. Sellers and prospective buyers expect a real estate agent to have a good and, if possible, very good knowledge of real estate prices. Anyone setting moon prices for a property should not be surprised if the offer fizzles out into nothing. Properties are “burned” in this way. Your reputation will be destroyed. Good brokers are characterized by the fact that they do not promise anything that is not right, but also by the fact that they call things by their names and offer the property in such a way that a sale can actually be realized. A common law there is in fact no real estate, all facts and rights are based on official evidence. A good realtor does thorough research and creates an informative and visually appealing synopsis of the property. Even a perhaps less attractive property can be “spruced up” in this way, of course without promising things that do not correspond to reality. Good brokers are always available to answer questions from their clients and provide regular information on the status of their sales activities. They accompany the client until the purchase contract has been notarized.
Overview of the functions of the real estate agent
- Valuation of the property, determination of the market value according to the real value, income value or comparative value method, determination of a realistic sales price.
- Procurement of all documents that are relevant for the valuation of the property (floor plans, construction plans, land register extract, cadastral plan, proof of insurance, energy certificate).
- Clean up of the land register (e.g. deletion of no longer respective amounts at mortgage; registration of the heir as the new owner).
- Assessment of the property on-site, preparation of floor plans, meaningful photos of the property inside and outside.
- Determining the right target group: Who is a potential buyer?
- Development of a marketing strategy: How should the property be offered (newspaper advertisement, addressing existing customers, sales sign on the property).
- Regular reporting by the real estate agent on sales activities.
- Qualification and pre-selection of potential buyers.
- Organization, coordination, and implementation of viewing appointments on the property.
- Examination of whether the prospective buyer is solvent or creditworthy with regard to the property.
- Sales negotiations with prospective buyers, with the aim to prepare the purchase contract content and a notary to agree.
- Agreement with the notary’s office on the modalities of the notarization of the purchase contract.
- Presence of the real estate agent in the notary appointment.
- Support in the processing of the purchase contract (timely payment of the purchase price, transfer of benefits and obligations).
- Handover of the property after the notarization of the purchase contract.
- Support of the seller even after the conclusion of the purchase contract.
These are the functions that real estate agent performs in their day to day life.