Real estate agent

Real estate agents administer the sales or letting process of residential, commercial properties or land on behalf of their clients. They investigate the property’s condition and assess its value in order to offer the best price to their clients. They negotiate, compose a sales contract or a rental contract and liaise with third parties in order to realize the stated objectives during transactions. They undertake research to determine the legality of a property sale before it is sold and make sure the transaction is not subject to any disputes or restrictions.

The duties of a real estate agent include, but are not limited to:

• Generating client leads to buy, sell, and rent a property.
• Counseling clients on market conditions, prices, and mortgages.
• Developing a competitive market price by comparing properties.
• Creating lists for real estate sale properties, with information location, features, square footage, etc.
• Showing properties to potential buyers and renters.
• Presenting purchase offers to sellers.
• Facilitating negotiations between buyers and sellers.
• Reviewing purchase contracts to ensure terms are met.
• Promoting properties with ads, listings, and open houses.
• Preparing loyalty contracts, purchase agreements, rental agreements, deeds, and other documents for each real estate transaction.
• Maintaining your real estate license and knowledge.

Real estate agents work in an office environment, but they also spend a great deal of time traveling to properties that are for sale or lease. They also meet with clients, potential buyers, and other real estate agents. Some real estate agents work for a broker, and some are self-employed.

Real estate agents usually work a forty-hour week, but they may work more hours to show properties to clients or to attend evening or weekend open houses. They may also work more hours during the spring and summer, when the demand for housing is higher.

The following job titles also refer to real estate agent:

real estate rental agent
commercial real estate salespersons
real estate rental agents
real estage agent mediator
realtors
residential real estate agent
title examiners
realtor
commercial real estate agents
real estate sales representative
real estate brokers
estate managers
real estate salesperson
real estate broker
property agents
letting agents
commercial real estate salesperson
estate agent
apartment rental agent
property rental agent
real estate sales agents
real estate salespersons
real estate dealer
associate real estate broker
real estate sales agent
apartment rental agents
commercial building rental agents
lettings agent
estate agents
commercial real estate agent
title examiner
real estate dealers
property rental agents
commercial building rental agent
lettings agents
real estage agent mediators
property agent
letting agent
associate real estate brokers
residential real estate agents
real estate sales representatives

Real estate agents typically need a high school diploma. Many agents also choose to pursue a two-year associate’s degree in real estate or a related field. These programs provide agents with the knowledge and skills they need to succeed in the industry.

Real estate must also hold a license issued by local authorities.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Real estate agent is a Skill level 3 occupation.

These occupations, although different, require a lot of knowledge and skills similar to real estate agent.

title closer
letting agent
real estate investor
property appraiser
real estate surveyor

These occupations require some skills and knowledge of real estate agent. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of real estate agent with a significant experience and/or extensive training.

property developer
financial planner
relationship banking manager
bankruptcy trustee
investment adviser

This knowledge should be acquired through learning to fulfill the role of real estate agent.

• Customer service: Processes and principles related to the customer, client, service user and to personal services; these may include procedures to evaluate customer’s or service user’s satisfaction.
• Contract law: The field of legal principles that govern written agreements between parties concerning the exchange of goods or services, including contractual obligations and termination.
• Office administration: The paperwork processes related to the administrative areas of an office environment. The activities or processes may include financial planning, record keeping and billing and managing the general logistics of an organisation.
• Real estate market: The trends concerning the buying, selling, or renting of property, including the land, buildings, and natural resources encompassed within the property; the categories of residential properties and properties for business purposes which such properties are traded in.
• Mortgage loans: The financial system of acquiring money by property owners or prospective property owners, in which the loan is secured on the property itself so that the property can be repossessed by the lender in the absence of payments due by the borrower.
• Property law: The law and legislation that regulates all the different ways to handle property, such as the types of property, how to handle property disputes and property contract rules.

These skills are necessary for the role of real estate agent.

• Maintain relationship with customers: Build a lasting and meaningful relationship with customers in order to ensure satisfaction and fidelity by providing accurate and friendly advice and support, by delivering quality products and services and by supplying after-sales information and service.
• Advise on property value: Provide advise to those that own a property, professionals in real estate, or prospective clients in real estate on the current monetary value of a property, the potential of development in order to increase the value, and other relevant information concerning the value of the in the future developments of the real estate market.
• Identify customer’s needs: Use appropriate questions and active listening in order to identify customer expectations, desires and requirements according to product and services.
• Inform on renting agreements: Inform landlords or tenants of a property on the duties and rights of the landlord and tenant, such as the landlord’s responsibility for the upkeep of the property and the eviction rights in the event of a breach of contract, and the tenant’s responsibility to pay rent in a timely manner and avoid negligence.
• Prospect new customers: Initiate activities in order to attract new and interesting customers. Ask for recommendations and references, find places where potential customers can be located.
• Obtain financial information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
• Liaise with property owners: Establish good working relations with the owner, signal problems and renovation needs, and advise on the choice of tenants.
• Provide information on properties: Provide information on the positive and negative aspects of a property and the practicalities concerning any financial transactions or insurance procedures; such as location, composition of the property, renovation or repair needs, the cost of the property and the costs related to insurance.
• Manage contracts: Negotiate the terms, conditions, costs and other specifications of a contract while making sure they comply with legal requirements and are legally enforceable. Oversee the execution of the contract, agree on and document any changes in line with any legal limitations.
• Value properties: Examine and evaluate land and buildings in order to make valuations about their price.
• Compare property values: Obtain information on the value of properties comparable to a property which is in need of valuation in order to make more accurate appraisals and assessments, or to set or negotiate the price at which the property can be sold or leased.
• Perform property market research: Research properties in order to assess their usefulness for real estate activities, using various methods such as media research and visitation of properties, and identify the potential profitability in the development and trading of the property.
• Compose real estate contract: Create a contract between two parties for the purchase, sale or rental of real estate. Make sure the real estate contract and the specifications comply with the legal requirements and are legally enforceable.
• Maintain financial records: Keep track of and finalise all formal documents representing the financial transactions of a business or project.

This knowledge is sometimes, but not always, required for the role of real estate agent. However, mastering this knowledge allows you to have more opportunities for career development.

• Energy performance of buildings: Factors that contribute to lower energy consumption of buildings. Building and renovation techniques used to achieve this. Legislation and procedures regarding energy performance of buildings.
• Building codes: The set of guidelines that determine the minimum standards for buildings and other constructions in order to protect public health and safety.
• Building construction principles: The component elements and principles of building construction such as types of wall construction and foundations, defects in walls and roofs and ways to address such defects.
• Accounting techniques: The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.
• Advertising techniques: The communication strategies intended to persuade or encourage an audience, and the different media which are used to achieve this goal.
• Modern portfolio theory: The theory of finance that attempts to either maximise the profit of an investment equivalent to the risk taken or to reduce the risk for the expected profit of an investment by judiciously choosing the right combination of financial products.
• Concurrent estate: The concept in property law which stipulates the rights and duties of two parties co-owning a property, and the various ways in which co-tenancy is possible.
• Types of insurance: The various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.

These skills and competences are sometimes, but not always, required for the role of real estate agent. However, mastering these skills and competences allows you to have more opportunities for career development.

• Collect property financial information: Collect information concerning the previous transactions involving the property, such as the prices at which the property had been previously sold and the costs that went into renovations and repairs, in order to obtain a clear image of the property’s value.
• Prepare sales checks: Provide customers with official documents that prove their purchase and payment.
• Analyse loans: Examine and analyse the loans provided to organisations and individuals through different forms of credit such as overdraft protection, export packing credit, term loan, and purchase of commercial bills.
• Protect client interests: Protect the interests and needs of a client by taking necessary actions, and researching all possibilities, to ensure that the client obtains their favoured outcome.
• Liaise with local authorities: Maintain the liaison and exchange of information with regional or local authorities.
• Analyse insurance needs: Gather information about the insurance needs of a client, and give information and advice about all possible insurance options.
• Assist in loan applications: Assist clients with filling out and managing their applications for loans by providing them with practical assistance, such as provision of relevant documentation and instruction on the process, and other advice such as any arguments they could bring forward to the lending organisation in order to secure the loan.
• Attend trade fairs: Attend exhibitions organised to enable companies in a specific sector to demonstrate their latest products and services, study the activities of their competitors, and observe recent market trends.
• Estimate profitability: Take various factors into account to calculate the cost and potential revenues or savings gained from a product in order to evaluate the profit that could be generated by the new acquisition or by a new project.
• Create a financial plan: Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
• Advise on investment: Assess the customer’s economic goals and advise on the possible financial investments or capital investments to promote wealth creation or safeguarding.
• Perform contract compliance audits: Execute a thorough contract compliance audit, ensuring that goods or services are being delivered in a correct and timely fashion, checking for clerical errors or missed credits and discounts and starting procedures for cash recovery.
• Examine mortgage loan documents: Examine documents from mortgage borrowers or from financial institutions, such as banks or credit unions, relating to a loan secured on a property in order to examine the payment history of the loan, the financial state of the bank or borrower, and other relevant information in order to assess the further course of action.
• Negotiate with property owners: Negotiate with owners of properties who wish to rent or sell them in order to obtain the most beneficial agreement for the potential renter or buyer.
• Examine credit ratings: Investigate and look for information on the creditworthiness of companies and corporations, provided by credit rating agencies in order to determine the likelihood of default by the debtor.
• Liaise with advertising agencies: Communicate and cooperate with advertising agencies in transmitting the goals and specifications of the marketing plan. Liaise to develop an advertising and promotional campaign that represent the aim of the marketing plan.
• Prepare inventory of properties: List all the items present in a property building which is leased or rented, in order to have a contractual agreement between the owner and the tenant.
• Handle tenant changeover: Discuss administrative matters with the previous and future tenants and inspect the rented accommodation (rooms, apartments, houses) to make sure that the renovation and maintenance agreement has been respected.
• Examine the conditions of buildings: Monitor and assess the conditions of buildings in order to detect faults, structural problems, and damages. Assess general building cleanliness for grounds maintenance and real estate purposes.
• Review closing procedures: Review the documentation and gather information on the closing process of assets trading, the step in which the ownership is officially transferred from one party to another, in order to verify whether all the procedures were compliant with legislation and that all contractual agreements were followed.
• Process payments: Accept payments such as cash, credit cards and debit cards. Handle reimbursement in case of returns or administer vouchers and marketing instruments such as bonus cards or membership cards. Pay attention to safety and the protection of personal data.
• Consult credit score: Analyse the credit files of an individual, such as credit reports which outlines a person’s credit history, in order to assess their creditworthiness and all the risks that would be involved in granting a person a loan.
• Plan buildings maintenance work: Schedule maintenance activities of property, systems and services to be deployed in public or private buildings, according to the priorities and needs of the client.
• Write inspection reports: Write the results and conclusions of the inspection in a clear and intelligible way. Log the inspection’s processes such as contact, outcome, and steps taken.
• Monitor title procedures: Monitor the bundle of rights of a property and investigate all the parties involved in the current procedure, such as the transfer of a deed in the transfer of ownership of a property or the provision of all the documents serving as evidence of title, to ensure that all documentation and procedures occur according to legislation and contractual agreements.
• Organise property viewing: Organise events in which prospective buyers or tenants of a property can visit the property in order to assess whether it is suitable to their needs and to obtain information, and organise plans to liaise with the prospective customers in order to secure a contract.
• Manage contract disputes: Monitor issues that arise between the parties involved in a contract and provide solutions in order to avoid lawsuits.
• Organise a damage assessment: Organise a damage assessment by indicating an expert to identify and examine the damage, give information and instructions to experts and follow up on the experts, and write a damage report.

3334 – Real estate agents and property managers

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References

1. Real estate agent – ESCO
2. Real Estate Brokers and Sales Agents : Occupational Outlook Handbook – U.S. Bureau of Labor Statistics
3. Real Estate Agent Job Description – Betterteam
4. Real Estate Agent Job Description: Salary, Duties, & More – ClimbtheLadder
5. Featured image: Photo by Alena Darmel from Pexels