What are the responsibilities of a real estate realtor?

Responsibilities of a real estate agent

A realtor is an intermediary between the seller and the buyer.
At the legislative level, a specialist conducting real estate transactions has an official title - a real estate agent. A realtor's income consists of commission payments that he receives when conducting a transaction from the parties involved in it. Accordingly, making a profit depends solely on the professionalism of the realtor himself.

Accurate and timely fulfillment of duties will lead to success

Responsibilities of a real estate agent include:

Execution of client orders for the purchase, sale or rental of real estate.
Searching and processing information about real estate objects that take part in the transaction, the requirements of potential clients.
Conducting an analysis of the real estate market, the relationship between the level of demand and the level of supply.
Registration and review of incoming proposals.
For special cases, it is possible to conclude an exclusive agreement.
Establishing business contacts with prospective clients.
Demonstration of real estate properties for sale or rent to buyers and tenants.
Processing requests from buyers, searching for options that meet the search conditions.
Coordination of contractual terms and further registration of real estate transactions.
Conducting consultations for clients on the collection of necessary documents and execution of transactions.
Notifying customers about up-to-date information regarding suitable offers.
Organization of the conclusion of contracts necessary to conclude a transaction.
If necessary, perform an auxiliary function in the preparation and security of documents.
Representing the client's interests during the conclusion of a transaction.
Ensuring the safety of transaction documents.
Preparation of reports on work performed.
In addition to the basic responsibilities listed, we can highlight the actions necessary to sell an apartment.
Responsibilities of a realtor when selling real estate
Creation and updating of a database of real estate objects with photographs and their full descriptions.
Conducting an advertising campaign.
Obtaining the necessary extracts and certificates.
Searching for buyers, negotiating with them and demonstrating the property.

Read on topic: We advise you to enrich your knowledge base with the most useful information! Each of you should know about useful skills for a realtor

The above points complement the responsibilities of a realtor when selling an apartment. a realtor has certain rights. He must have access to the apartment, an agreement and a certain remuneration upon completion of the transaction. The responsibilities of a real estate agent when selling a home are duplicated.

Also, a realtor provides services for the purchase of real estate.

The responsibilities of a real estate agent when purchasing an apartment include:

Search for an apartment that meets the client's requirements.
Organizing a demonstration of the selected apartment.
Informing about situations that may affect the decision to purchase (third party rights to an apartment, etc.).
Providing assistance in registering the transfer of rights to Rosreestr, other responsibilities are duplicated from those listed above.

If you are just starting out in this area, a number of tips will help you.

Realtor rights

The agent has the right not to advise clients on issues that are not within the scope of his competence and the list of services under the contract. He is not responsible for this, but it is his direct responsibility to inform and advise on real estate objects that appear within the framework of the transaction.
Errors, shortcomings in the activities of government services and institutions, or any illegal actions of government bodies are not the realtor’s area of responsibility. But the experience and knowledge of a specialist can tell you how to avoid such situations.

As a representative of the client, the realtor cannot independently set or change the price set by the client or advertise his property (unless the client consents or the obligations are specified in the service agreement).

Instructions for a beginner realtor

Leave your previous job. Mastering a new profession will take almost all of your time. By devoting a couple of hours a day to studying theory, it is impossible to understand all the specifics of this work. Practice is an integral part of immersion in the profession of a realtor, and combining it with the main job is almost impossible.
Find an agency. In the beginning, it is better to choose a quality organization, working in which you can gain new knowledge and skills. Also, agencies have their own databases, to which you will have access. Later you can move on to independent work.
Develop yourself. Communicate with people who have achieved some success in this area, study the laws (various codes, the Mortgage Law, the Law on Registration of Rights to Real Estate and others).
Look for clients. Working with a person directly is always more profitable than through intermediaries.
Remember the rules. When applying for a job at a real estate agency, you need to understand that they have their own rules, which may differ from everyone else.

Who pays the realtor?

The realtor's commission is paid by those who turn to him for help. An exception is the purchase of an apartment in new buildings, when the client does not have to pay for the agent’s services (in this case, the commission is usually paid by the developer).

The size of the commission is agreed upon in advance and is a fixed amount or a certain percentage of the transaction amount. The commission is paid after the transaction is fully completed: receiving money in the case of selling an apartment and receiving registered ownership in the case of a purchase.

Example 2 (unethical behavior of a realtor):

A real estate agent posted an advertisement for the sale of his client's apartment. A potential buyer has been found for the apartment, who found the apartment on his own and does not plan to seek the help of a realtor to accompany the transaction.

The realtor, wanting to earn extra money from the buyer , under the pretext of representing, among other things, his interests in the transaction, asks him for a commission .

The buyer refuses to pay the agent's fee. Then the realtor refuses to sell the apartment to him and continues to look for another buyer who will agree to pay additionally for his services.

Thus, the agent, contrary to the interests of his client , from whom he receives remuneration, refuses a real buyer for the apartment. With such actions, the realtor harms himself.

Having learned about this behavior of his agent, the client will refuse further cooperation and will not recommend this “specialist”.

Instructions for realtor

The work of a realtor consists of three stages: searching for a client, negotiating and searching for options, and organizing a transaction. Let's take a closer look at them.

You can search for a client in different ways: via the Internet, using favorable reviews of past clients about you, and other methods.
Negotiations and search for options. First, you need to adequately assess the value of the property, but present the apartment as expensive as possible (high-quality photos, emphasis on the positive aspects). However, there is no need to hide the negative aspects of the apartment; when they come to light, you can ruin your reputation as a realtor. Make high-quality advertising, try to convey to potential buyers why they need to buy a certain property right now, and from you. Be confident and friendly with clients, be positive and try to make the potential buyer fall in love with the apartment. You can offer “bonuses” that your competitors don’t have. But do not forget that your main task is to find the most favorable option for the client. And not something that “needs to be sold.”
Organization of the transaction. Prepare all the necessary documents and organize everything according to the laws of the Russian Federation.

Why do you need a realtor?

Long gone are the days when you could find information about apartments for sale only on front doors (St. Petersburg - entrances), at public transport stops, rare information stands, or by contacting a large real estate agency that has a professional database of such advertisements.

At the same time, despite the large number of currently available Internet resources (sites) with real estate advertisements, not every person is able to quickly find interesting objects in them and get a complete picture of them.

Not everyone knows what title documents for an apartment should look like, or how to check the property for the absence of encumbrances, debts and other unpleasant or even dangerous aspects for completing a transaction.

How to choose and buy an apartment quickly and safely?

Ask for help in selecting and purchasing an apartment right now.

By entrusting a professional realtor with support of any real estate transaction, both parties to the process (seller and buyer) can consider themselves completely protected from fraud. The transaction will take place within the law and will take place in a comfortable, relaxed atmosphere.

How can a realtor help?

He will find a client by competently creating and placing advertisements on the best information resources. Conducts necessary negotiations and displays of real estate to interested potential buyers.
An experienced realtor who knows the real estate market will suggest the optimal price for the property being sold.
Will ensure verification of title documents, collection of various information necessary for drawing up an agreement, and resolve controversial issues.
She will accompany the transaction from searching for options to receiving documents for the purchased property (or money for the sold apartment).

Do you want to earn even more income from real estate?

Try our system and you will immediately feel how your free time and earnings increase, and there are fewer and fewer dissatisfied clients!
Get access

In this manual, the work of a realtor is discussed in the case of buying and selling an apartment.

The instructions for a realtor for renting will include the same points, it will be almost identical, except that the responsibilities of a real estate realtor when renting an apartment will not include the purchase and sale process, and also, when renting, a different list of documents is required.

Working with rental properties has its positive and negative sides. The income from such transactions is lower, but there are more offers related to rentals, transactions are concluded faster, the responsibilities of a real estate agent for rentals will be less extensive (for example, most likely, you will not have to photograph the apartment, etc.). Also, you can get regular customers (many change apartments several times a year).

So, we looked at the responsibilities of a real estate realtor, requirements and some features of this profession. It is very important to approach the work of a realtor with full responsibility and act in accordance with the laws of the Russian Federation.

How much does a realtor earn?

A realtor's earnings consist primarily of commissions from each completed transaction. Their size ranges on average from 3-5% (for purchase and sale transactions) to 20-30% (for rental transactions). If a realtor works for a real estate agency, then he may be paid a small salary (usually the minimum), and the rest of his earnings is an agreed upon share of the commission the agency receives. This share can reach 50% of the transaction amount (depending on the country, region, time, etc.).

For example, a realtor working for an agency organizes a real estate purchase and sale transaction worth 5 million rubles. The buyer pays the agency a commission of 5% of the transaction amount - 250,000 rubles. The realtor accompanying the transaction receives a personal income from this operation of 50% - 125,000 rubles.

Where does the work of a realtor begin?

What are the responsibilities of a realtor in a real estate agency?

Where to start working as a realtor? There is no educational institution where you can master the profession of “realtor”. More often than not, more experienced colleagues pass on their skills. But, it should be noted, they do this with reluctance.

Some real estate agencies organize special courses, seminars, lectures that allow a beginner to get comfortable. But the knowledge gained through practice is priceless.

Therefore, you just need to get a job at a real estate agency and start gaining experience.

What are the secrets of a good realtor? Very useful in the work of a real estate agent:

Ability to communicate with different people. Every day a realtor needs to communicate with clients. Each person has his own character, mood, problems, etc. An important task of an agent is to find an approach to any potential client, regardless of his social status and human qualities.
Ability to skillfully negotiate. Here, written and oral competent speech, a talent for persuasion, experience in unobtrusive sales, and the ability to object correctly will come in handy. One of the main rules of a realtor is to make it clear to the client that the proposed option is the best on the market.
Willingness to support. People subtly feel when a person treats his activities with love and patience. Everyone who wishes to purchase or rent property does so for a reason. And if the client sees understanding and a desire to help in the agent’s eyes, the likelihood that the transaction will take place increases significantly.
Enterprise. A realtor must be active and purposeful, quickly find “his” client and a suitable housing option. The proverb is very appropriate: “Water does not flow under a lying stone.” You need to offer the buyer such conditions that he cannot refuse. And if in doubt, always have the option “in reserve”.
Driver's license and car. The work involves constant travel. Sometimes you need to show an apartment in different parts of the city. Personal transport will help save time, your health and the client’s.

You just need to get to work. To get started, you can get a job at a real estate agency. Over time, a client base will be built up, and things will go like clockwork.
Then become an independent specialist in the field of intermediary services. Well, in the future you should think about opening your own business.

Pros and cons of working as a realtor

Just like any type of professional activity, the work of a realtor has its advantages and disadvantages, which you need to familiarize yourself with before embarking on direct activities.

The benefits of working as a realtor are as follows:

Independence. If you work as a realtor, then your income depends entirely on you. You decide for yourself in which city or even country to work, how much time you need to devote to work, namely communicating with clients, working with documents and carrying out transactions. However, it must be remembered that in order to achieve success, as in any other activity, a real estate agent must not be lazy and do his job efficiently and conscientiously.
Possibility of part-time work. This advantage will be appreciated by senior students of higher educational institutions who find it difficult to combine work and study. The work of a realtor is great for combining, since you choose the amount of time you want to devote to your work.
There are no age restrictions. People of any age, starting from eighteen years old, can engage in real estate activities.

The disadvantages of working as a realtor are as follows:

Unstable income. We have all heard one famous aphorism: “Nothing corrupts a person more than a small but stable salary.” At first, the lack of a stable salary can be scary, however, since earnings directly depend on your dedication to work and the time devoted to it, this disadvantage can easily turn into a significant advantage.
Always be on top. Since this work involves constant communication with people and concluding various transactions, in any situation you need to put aside your bad mood. Nevertheless, this circumstance is not too much of a disadvantage, but rather a big advantage, since it develops the habit of being in a good mood no matter what.

It should be noted that we are all different people and, due to individual characteristics, each person will find additional advantages and disadvantages in working as a realtor. Some may find it boring, difficult and uninteresting, but others may find it exciting and incredibly comfortable.

Self-study, where to start?

In the profession of a realtor, self-education is an important matter, so you need to devote a sufficient amount of time to it. Self-study involves independent study of literature and other information sources related to the real estate industry.

It is necessary to start self-education with literature written by successful people and well-known realtors in the real estate industry. Self-study also includes attending special seminars and forums related to this topic, where you can always learn something new and interesting.

The acquired knowledge must be tested and consolidated in practice so that the efforts are not made in vain.

Working in an agency is a step to success

It is most preferable to start working as a realtor in a real estate agency, since at the beginning of the journey a novice specialist will need some advice and recommendations that can be obtained from his work colleagues.

Also, working in an agency requires official employment, a full social package and other aspects that are so necessary in modern life. Many successful realtors, who today have independent practices, began their path to success as ordinary employees of a real estate agency.

In order to be successful in an agency environment where you have peers, you need to be your best self, be persistent, and do your job well.

Qualified real estate appraisal

The job of a realtor is not only to formalize transactions, but, if necessary, to evaluate a particular property. Therefore, before performing this work, you need to find out how the assessment is carried out, or better yet, visually observe how qualified specialists carry out the assessment. In the future, after gaining experience, you will be able to easily and quickly assess the real market value of real estate.

Risks in working as a realtor

This profession, despite all its many advantages, is associated with certain risks.

Instability of the real estate market. Since the real estate market directly depends on the economic situation in the country, it is possible that the percentage of transactions related to real estate will decrease, which is why the income of realtors will also fall.
Since the realtor is an intermediary in concluding transactions, all responsibility for the process of completing the transaction and the necessary documents, as well as financial responsibility, falls entirely on the shoulders of the realtor.

The ability to communicate is a step towards a successful transaction

A successful realtor must be able to find a common language with clients of any complexity, therefore, in this profession, the quality and ability to communicate must be developed in oneself in all possible ways. Some aspiring realtors attend special acting courses that help in communication, others practice at home on their family and friends.

An important skill when working as a realtor is to understand the psychology of human relationships, to find the line when it is necessary to be persistent and when you can give in. Statistics show that the greatest number of successful transactions are concluded by those realtors who have well-developed skills in communicating with people.

Ability to win over clients

If you know how to communicate correctly with people, you will certainly be able to win over the most unapproachable client, because, as we wrote above, your income directly depends on this.

In order to do this, a realtor must at least have the following qualities:

Good appearance;
Well-delivered speech;
Broad outlook;
Knowledge of psychology.

Transition from an agency to your own business

If you feel that further career growth in working as a realtor in an agency is not expected and you are experiencing some restrictions in your activities, then in this case it’s time to start a business. You can open your own real estate agency based on your existing experience or be a private realtor on your own.