Real Estate Agent Responsibilities
There are many real estate agent responsibilities we assume when working with their real estate clients and customers.
Below are some general, but very important, responsibilities real estate agent’s assume once they become licensed.
I would say that the biggest responsibility that real estate agents have is to be 100% forthright and honest.
People see through BS and when caught in a lie only hurts your credibility and character for that matter.
No need to fake it. If you do not know certain answers, say that. But follow up stating that you will find out that information. And then… Do it.
People respect honesty even if they do not hire you.
Depending on your client relationship, you are responsible to ensure all information remains confidential. Unless otherwise notified.
Meaning, if you are representing a seller who has to sell their home due to job loss and they are extremely motivated, then you do not disclose this information to any party without explicit permission from the seller.
You have an obligation to keep all relative information such as why someone is buying or selling.
Listening / Understanding
Real estate agents must take on the responsibility of listening intently on the needs of their client.
It is imperative to understand the needs and desires of their clients to ensure they can deliver exactly what they need.
Without this, you will tend to provide the client with terrible services. People know when you are not listening. You have two ears and one mouth.
Delivering What The Client Needs
It is your responsibility to deliver exactly what the client needs.
For example. If someone is looking for a single family pool home in a certain area. Show them exactly what they ask for.
Now, this doesn’t necessarily mean that you cannot get creative and show them something you think (based on what they said) that they would like.
I have done this many times “thinking outside the box.” Sometimes this works and sometimes it doesn’t. But if you do, be sure you explain why you brought them to such property for example.
You have a duty to disclose all information pertaining to a real estate deal. If you are working with a buyer, then you have a duty to disclose any known defects of a property.
Same is true in working with a seller. You must have the seller on the same page for disclosing defects to prospective buyers.
If you lack disclosure you could end up in a large legal battle that just wasn’t worth it.
This is especially true for new agents. You must have market knowledge to ensure you are getting your client the best deal whether buying or selling.
For example. If you were working with a buyer and they wanted a specific property in an area but you knew it was grossly overpriced. And a very comparable property was available nearby at $30k less, you must have this market knowledge to get the buyer the best deal.
Same goes true with a seller. If you do not have all of your supporting comparables to price a property correctly, you are not abiding by your responsibilities as a real estate agent.
So do your homework.
I think communication is one of the most undervalued aspects of real estate sales.
It is the real estate agent’s responsibility to stay in touch with existing as well as past clients.
Existing clients need to be updated at least once a week. Past clients as least once as month as they will become a huge referral business to you.
Strong communication will equate to happier clients which equates to more referrals thus more closings.
For all of your listings, we always practice follow up Fridays… Update on market stats, showings, feedbacks and discussions of price reductions.
Frequent updates make price reductions much easier.
Real estate agent are responsible to ensure they have the right resources to protect their clients.
For example. MLS (Multiple Listing Service) is primarily for residential real estate agents.
But let’s say someone reached out to you to sell a 10,000 sq ft warehouse… Do you think MLS would be sufficient enough to provide active and sold comps to price it properly?
Probably not. You most likely will need premium access to LoopNet, etc.
So be sure you have all the right resources based on the type of client you are assisting.
Refer Industry Experts
Referring industry experts is your responsibility regardless if they are local or not. These are home inspectors, survey companies, real estate attorneys, termite companies, mold companies, title companies and the list goes on.
We highly suggest referring at least 3 companies in each of their field to reduce your liability.
If you are lacking a good list, ask other agents in your office or your real estate broker.
Be A Great Negotiator
Another undervalued responsibility real estate agents assume is that of being a great negotiator.
Unfortunately, many real estate agents allow their own emotions into the negotiation.
Negotiating can be very intimidating for many as well. Two very important aspects to becoming a great negotiator is asking a lot of questions and know when to be quiet.
Go get training. Watch YouTube videos. Read Books or this article on Negotiation Tips.
And lastly… Do not take on a real estate client if you cannot give 100%. It is your responsibility to go to work for your client. And you must be able to dedicate the time to them.
If you are unable to do so, then start thinking on how to create a team.
If you cannot, then just do not obligate yourself. Refer them to someone who can take care of the client and collect a referral commission instead.
This especially goes true with real estate agents who are part time. Just think… Would you hire a part time real estate agent to sell your home?