What Does a Real Estate Agent Actually Do?

What does a real estate agent do? This is a massive question with many answers. Real estate agents walk clients through the entire home buying process. They are part educator and part advocate for you and your family. 

Let’s dive into the many tasks of a real estate agent. And if you want to go deeper, make sure to check out our Homebuyer Education course. 

Showing Clients their Future Dream Homes

This is the part we all know. After your initial appointment with your agent, they will start to show you homes. It seems simple. You just hop in the car and take a look, right? But there is a lot of research required for the real estate agent. 

The agent is getting to know your must-haves and deal-breakers. Then, they spend hours looking for homes that meet your requirements. An agent will contact individuals about homes that have not hit the market yet. They scour the MLS, database of homes for sale, and coordinate showings. When you have questions, they connect with the seller’s agent to get you answers.

Recommending Trustworthy Mortgage Lenders

Bad loans and lenders can haunt you for years. Thankfully, real estate agents often have valuable insider information. They’ve worked with multiple lenders and know about their reputations. While you don't need a realtor to find a mortgage lender, they are a very knowledgeable resource! 

Guiding You Through the Offer Process

When you buy a home, the offer stage is one of the most critical parts. How much should you offer? Should you waive an inspection? Do you make an offer now? All of these are questions your agent will help you answer. 

They will guide you through the process and recommend what to offer and wave. They will know how many bids a property has and about what the market price of the house should be. Your agent will also write the offer for you and help you fully understand what you are offering. 

Coordinating Inspections and Managing Negotiations

It is commonly recommended that you get an inspection done on any home you buy. An inspection allows you to get a clear picture of your future home's condition. A real estate agent will help you find and coordinate with a trustworthy inspector. After the inspection, you’ll receive a detailed report on the house. Your agent will translate that report into terms you can understand. Even better, your agent will then negotiate with the home seller to either get things fixed or reduce your costs.

Negotiating with Seller After Appraisal

Most lenders require that you get your future home appraised before you close. A licensed appraiser will come into the home and give an unbiased, professional assessment of the home's value. They will use lots of different data points to generate a report. An appraisal report will include an in-person evaluation, sale price of similar properties, market trends, and more. 

If the house is appraised as less valuable than your offer, your agent will help you negotiate. Lenders won’t lend you more money than the house is worth. So, your agent may get the seller to lower the price or split the difference with you.

Communicating with All Parties Involved

We have already learned that buying a house involves way more than just you and the seller. Your real estate agent will be responsible for communicating with everyone involved. Parties involved include the seller (or seller's agent), the lender, inspectors, appraisers, the title office, and more. Having a real estate agent saves you lots of headaches and ensures that every step of the home buying process is overseen by a trained professional. 

Walking You Through the Final Steps

The last two steps in the home buying process are a final walkthrough and closing. The final walkthrough is a chance for you and your agent to physically inspect the property yourselves. Your agent checks that nothing has changed since the home inspection was completed except the agreed upon improvements. 

At closing, you’ll sign the final papers to take ownership of the house. Your agent and the broker will answer any questions you have about the paperwork before you sign...

All in all, a good real estate agent is one of the most critical parts of the home buying process. Having one can make all the difference, especially for first-time homebuyers. If you’re looking to buy a home, we encourage you to learn more through our Homebuyer Education course. We’ll help you understand the ins and outs of the process and teach you how to prepare well!