What Does a Real Estate Agent Really Do?

If you were to watch an episode of Million Dollar Listing or any of the many other real estate shows you might think you have an idea of what a real estate agent actually does on a day-to-day basis: they spend their days looking at gorgeous properties while driving around town in a fancy car and cashing large commission checks.

As with many things in life, what you see on TV is seldom an accurate representation of reality. Unless you have recently bought or sold a home, you likely have very little idea about everything that real estate professionals do to serve their clients. So, let’s take a look at just a few of the things an agent must do to be a successful local expert:

Market Knowledge – You’ve probably been at a party or an event, found yourself talking to a real estate agent, and asked them, “How’s the market?” Being able to answer this question accurately, clearly, and with relevant market data is something every agent is expected to do. They have to stay up-to-date with market activity, statistics, trends in pricing, and how one segment of the market differs from another. Our clients rely on us to advise them on pricing and it’s our responsibility to deliver.

Contracts – The DC Metro real estate market differs from many other parts of the country, and in our region, your agent is responsible for drafting and negotiating contracts on behalf of clients. These are legally binding documents so your agent is always working to understand every word of the contract, some of which can be up to 70 pages!

Marketing and Advertising – In addition to marketing properties, successful agents put together a comprehensive communication and outreach plan to stay in touch with clients and network with other agents. That can involve client events, mailings, market reports, and much more.

Business Development – Agents are the CEOs of their own start-up companies and they must have the right strategies in place to be successful. Much like marketing and advertising, most agents will have a business development plan in place to generate more leads and grow their business.

Social Media Manager – Real estate agents are just like most other businesses in that having a presence on social media and keeping up with ever-evolving trends is imperative.

Financing – Because agents work closely with loan officers throughout the buying process, they must have a strong understanding of myriad financing and loan programs to accurately advise their clients.

Multiple Jurisdictions – Whether your agent is working in Virginia, Maryland, Washington, DC, West Virginia, or any other state, they must know the difference between them as it pertains to things like tax rates, building restrictions, and much more.

Costs – It’s an absolute requirement that your agent knows the costs their clients will incur during the purchase or sale of their home. These include things like transfer and recordation taxes, settlement fees, lending fees, home inspection costs, and many more.

Community Knowledge – A good agent stays continually informed on what’s happening in the communities where they work, including development projects, transportation initiatives, changes to local schools, businesses that might be coming to or leaving the area, and any number of factors that could impact property value.

Continuing Education – Agents are constantly learning. In addition to continuing education required by every jurisdiction to maintain a license, agents attend national, state, and local seminars and conferences, participate in weekly or monthly brokerage business meetings, and serve on association committees to gain the knowledge that helps them better serve their clients. That’s in addition to the daily industry news they keep up.

These are a few of the many areas where a good real estate agent is a market expert, but this does not include other things an agent does daily like being a therapist, couples counselor, furniture mover, house cleaner, landscaper, babysitter, florist, stager, window washer, trash hauler and so much more.

We love what we do and we work hard to represent our clients’ best interests but it’s not always as glamorous as it’s portrayed on TV.