REALTORS® are known for helping people buy and sell real estate, but much of what a REALTOR® actually does to earn their commission happens behind the scenes.
A good REALTOR® will make your real estate transaction flow smoothly through each step of the process, leaving the impression that their job is fairly simple. The fact is – that couldn’t be further from the truth. Anyone who has ever lived with a REALTOR® knows how difficult their job is. If you’ve never spent much one-on-one time with a REALTOR®, you may not understand how different their job is from the average everyday job.
For this reason, I created a simple infographic covering a few of the day-to-day items that REALTORS® are responsible for. A day in the life of a good REALTOR® is extremely complicated.
Via Andrew Fortune
Being a REALTOR® is Exhausting!
As you read through some of the tasks on the infographic above, it may seem overwhelming. That’s because it is. Full-time REALTORS® who excel in their careers are high-energy, time-efficient professionals who know how to handle stress and responsibility well. There are definitely REALTORS® out there who cut corners and do not take care of their responsibilities as well, but they should not define our industry. The real estate industry is loaded with very impressive professionals with whom I am proud to work with.
Below I have compiled a list of common REALTOR® responsibilities, including those in the infographic above.
Common REALTOR® Responsibilities:
- Schedule Showings
- Schedule Listing Appointments
- Maintain Required Continuing Education
- Deliver Earnest Money On Time
- Coordinate Property Inspections
- Keep Up With Mortgage Company Progress
- Verify Buyer’s New Homeowner’s Insurance
- Coordinate Home Warranty Company
- Negotiate Counteroffers
- Schedule Closings
- Attend Closings
- Get All Disclosures Delivered & Signed
- Keep The Transaction On Track
- Provide Educational Materials to Consumers
- Keep Your Blog Active
- Maintain Active Social Media Profiles
- Answer the Phone ALL DAY & NIGHT
- Return Missed Phone Calls
- Return Emails ASAP
- Follow Up With Website Inquiries
- Keep Up With Changing Laws
- Run Comparables for Buyers & Sellers
- Determine Accurate Pricing
- Help Stage & Present Properties
- Meet the Appraiser at Property
- Meet the Inspector(s) at Property
- Show Hundreds-Thousands of Homes Each Year
- Get Signed Contract to Title Company
- Negotiate Repairs
- Keep Clients Updated With Each Step
- Provide Comps for the Appraiser
- Coordinate Closing
- Review HUD-1 for Errors
- Make Sure There is a Clear Title
- Explain the Contract to Clients
- Provide Advice on Offer Price
- Explain The Current Real Estate Market
- Explain Pros & Cons of Each Neighborhood
- Verify Completion of Repairs
- Make Sure The Loan Funds
- Schedule & Attend the Walkthrough
- Dispute Low Appraisals
- Verify Delivery of Title Commitment
- Remind Clients to Schedule Utilities
- Manage Your Online Reputation
- Compete with 1,000’s of REALTORS® for Business
- Deal With Vendors
- Keep MLS Listing Data Current
- Attend Real Estate Conferences
- Network with Local Home Builders
- Coordinate Open Houses
- Check Up On Past Clients
- Still Have a Life After You’re Done!
Being a REALTOR® is Expensive!
On top of the large list of responsibilities that REALTORS® carry, they also have many expenses to account for. When people see a REALTORS® commission check, they may feel like we are getting rich quick. In reality, the average REALTOR® makes around $50,000, after all expenses and taxes. Much of the money from our commission check goes to maintaining our business and licensing fees. Less than half of it usually goes into our bank account. Here is a list of some common REALTOR® fees:
Some Common REALTOR® Expenses:
- Broker Fees
- MLS Fees
- NAR Fees
- E&O Business Insurance
- Extended Auto Insurance
- Self-Empoyment Tax
- State Licensing Fees
- Advertising Fees
- Showing Service Fees
- Website Fees
- Assistants salaries
- Yard Signs
- Office Supplies
- Business Cards
- Property Flyers
- Electronic Lockboxes
- Continued RE Education
Need more reasons to use a REALTOR®? Don’t miss this: So What Exactly Do REALTORS® Do, Anyway?
Being a REALTOR® Can Drive You Crazy!
Youtube / Via norsende
Many people try to start a career in real estate under the assumption that there is easy money to be made here. In reality, it is a brutal business with loads of competition. The paychecks are not large enough to keep people in the business, a fact that is reflected in the 20% success rate for new REALTORS® . Those who do survive usually do so because they have a passion for the business, and helping people make their real estate dreams a reality. It’s a great business to be in, but it’s NOT EASY!
So, the next time you work with a REALTOR®, remember that they are human just like you, and they carry a lot of burden and responsibility in their job. We work long hours for months on end for clients with no guarantee of a paycheck. When you understand these things about REALTORS® and let them know that you get it, you can be sure it will put a smile on their face. :)
In case you’re thinking about becoming licensed, read this: An Open Letter To Anyone Considering Becoming A Real Estate Agent