A Day In The Life Of A Realtor
Tags: REALTOR, REAL ESTATE AGENT, SELLING A HOME, HOUSE HUNTING, MOVING, FRIST TIME BUYER, HOMES FOR SALE, TORONTO REAL ESTATE, VAUGHAN REAL ESTATE, VAUGHAN HOMES, Vellore Village, Maple
Life as a Realtor entails juggling many balls all at once and there is definitely no such thing as a typical day for a real estate agent. Still many of us do try to structure our days with the flexibility that some days that schedule needs to be adjusted based on what the priority is that particular day.
There is a perception that all realtors do is show homes and list homes but in reality, being a realtor requires many more skills than most people realize.
It is true that real estate agents are licensed to sell and buy properties and their primary job is to assist clients (buyers and sellers) through a real estate transaction. But we are also self-employed and hence need to manage our business and our own schedules. To be successful in Realtors need to be disciplined. The reality is that most realtors work long hours and that also means working evenings and weekends and hence for the most part being available to service our clients 24/7.
There are a number of activities that realtors need to do on a regular basis which include such things as administrative activities, research, client appointments, marketing and lead generation activities, and of course ongoing career development and education.
Buying or selling a home is a legal transaction that entails a lot of paperwork and documentation. Many of these administrative activities do not generate income but they are required to maintain the business and ensure we protect our client’s interests. Below is a brief list of some of these activities:
- • Drawing up contracts such as listing agreements and agreements of purchase and sale
- • Drafting leases
- • Document submission and filing which entails a number of documents that most clients aren’t aware of to ensure that we are meeting compliance requirements and protecting client interests
- • Creating and updating listings on MLS
- • Compiling records
- • Data entry – maintaining a CRM (Client Relationship Management database) to ensure that we do not overlook any steps and keep our clients posted on every single transaction
- • Scheduling client appointments and home showing appointments
- • Ordering supplies: office, signage, marketing supplies, etc.
- • Client business mailings
- • Budgeting and finances – ensuring bills are paid on a timely basis, submitting HST and ongoing tax remittances
- • Respond to inquiries on listings from our third-party suppliers (buyer client inquiries, seller client inquiries, potential buyer and seller inquiries, printers, stagers, photographers, website providers, inspectors, lawyers)
Marketing and Lead Generation
Realtors make money by selling their services during a real estate transaction and payment for these services is normally in the form of commission. So in order to have a steady flow of revenue Realtors must have a steady flow of clients to buy and sell a house. The development of these client relationships falls into 2 buskets: marketing and lead generation. Most real estate agents spend an excessive amount of time on marketing and lead generation activities which include the following:
- • Producing marketing material such as traditional marketing material: postcards mailers, newsletters, listing brochures
- • The digital age is also resulting in the need to market via numerous social media channels such as Facebook, Instagram, Google Business, YouTube, and a branded website. So we spend a great deal of time developing and publishing content to these social media platforms and running ads on many of these platforms.
- • We also spend time following up on marketing calls
- • Writing blog content that educates clients and potential clients
- • Build and maintain a CRM – which ensures that we do not drop the ball with our clients or potential clients
- • Website and application development
- • Ongoing network
To be an effective real estate agent means that we must understand and have intimate local housing market knowledge. Maintaining and staying current on local market conditions and trends is another area that Realtors spend quite a bit of time on and includes:
- • Review and understanding local market inventory changes and understand the impact on the housing market
- • Review and developing real estate market reports to keep clients posted on trends in the market place
- • Monitor and stay abreast of economic signs and trends
- • Stay abreast of legal and regulatory changes taking place in the market place
Real estate is a client service-oriented career. We also spend much of our day meeting with clients and going to client appointments and these include:
- • Showing homes
- • Open houses hosting
- • Following up with clients and buyer agent showings to gather feedback on listings
- • Support clients with closings which may include: being present for inspections, sending contract documentation to lawyers, and addressing any concerns that may arise as a result of the closing
- • Doing house tours to understand the competition
Career Development and Ongoing Education
In order for a real estate agent to continue to be licensed to sell real estate, we have ongoing education requirements. But most real estate agents continue to educate themselves beyond the basic educational requirements as there are many skills required to ensure that we provide our clients with the best possible service and knowledge.