The simple answer is to act on their clients behalf to buy and sell real estate. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. Real estate agents help you prepare the best deal, and avoid delays or costly mistakes. Plus, agents are licensed by the state and must act as fiduciaries for their clients, which puts their client’s interests above their own.
For sellers, duties and activities of the agent include:
- Determine property’s value in the current market for a listing price
- Advise the seller in readying the property for listing and showings
- Enter property into the MLS (MRIS) database
- Market property to other agents and brokerage members of the MLS
- Market property in print, and other media channels
- Supervise and/or schedule showings of the home
- Report to the seller any interest and some feedback from buyers
- When a buyer makes an offer, help the seller in negotiations to try and get the price they want and a signed purchase agreement.
- Coordinate the process from contract through the closing, including inspections, documents and other items necessary to close.
For buyers, duties and activities of the agent include:
- Help locate and view property that meet specific requirements.
- Help with securing a mortgage.
- Advise them on the area, market conditions, and if a property is priced right or not.
- Work to craft the initial offer in a purchase agreement.
- Work through negotiations and counter offers with seller(s)
- After a purchase contract is executed, coordinate the transaction process
- Coordinate/schedule appraisals, inspections, and other activities related to the transaction.
- Deliver and explain all documents, title insurance, deeds, etc.
- Work with them through the closing and getting keys.
The sexy answer is that a Realtor® helps people build assets. Real Estate is one of the biggest assets anyone owns, and over the long-term, typically appreciates at a rate at least equal to inflation. It gives everyone a place to lay their head at night and grow the most important asset – a family.