What does your Edmonton Real Estate Agent Really Do?
In the life of a real estate agent, there is much more than showing homes, meeting with potential buyers and sellers and receiving a commission. There is plenty that happens behind the scenes. Being a REALTOR® is extremely time-consuming.
If you have ever tried to buy or sell a house on your own, you may have an idea of how hard real estate agents work. Imagine if you were selling more than one house at a time. A good Edmonton real estate agent will make the process of buying or selling a home flow smoothly, leaving the impression that their job is fairly simple. The fact is, this is not at all what really happens. If you have spent social time with a REALTOR®, you may understand how difficult their job actually is.
There are definitely REALTORS® out there who cut corners, do not take care of their clients well, and they should not define or be in our industry. The real estate industry is also loaded with competent professionals with whom I am proud to work with.
Below is a list of common activities REALTORS® perform on a daily basis:
Schedule Property Showings
Scheduling showings require contacting the listing agent who will inform their seller they have a showing in order for the seller to vacate the premises prior to the availability of the buyer and the buyers real estate agent. It also gives the showing agent an opportunity to find out any relevant information related to the property. All showings must be time blocked which most agents have down to an art form, so we are not early or running behind with our buyers.
Schedule and Prep For Listing Appointments
Once a listing appoint has been scheduled, REALTORS® work behind the scene gathering all pertinent information about the property including the property history, information about the community, current real estate statistics, establish the absorption rate, acquire the title of the property which will show applicable encumbrances such as easements, liens, or covenants, and confirm the registered owners, and comprise a comparative market analysis. The agent will pre-fill paperwork, double-checking everything is correct in order to save time while on the listing appointment. The agent will gather all necessary real estate tools such as yard signs, the CMA and key boxes.
A REALTOR® usually attends the property inspections with or in place of the agents' buyer, unless agreed upon by the seller. A property inspection normally takes a few hours. In the event there are any concerns with the inspection, it can take several hours to days to come to an agreement which both the buyer and the seller are comfortable with prior to removing and contingencies are conditions.
Delivery of Deposits
Once an offer has been agreed upon, time is crucial in the deliverance of the deposit. A late deposit can result in the agreement becoming voided and the buyer losing their dream home.
REALTORS® are held by a high code of conduct and ethics and no matter how much you may disagree with the opposing REALTORS®, negotiations must be dealt with in a professional manner while working in the best interest of the client. There is much more to offer and counter-offer negotiations than just the price of a property. Negotiations also include terms, possession, conditions and sometimes contingencies. Parties involved in the negotiations can also include lawyers, mom and dad, someone with power of attorney on behalf of a client or the "handyman special" uncle.
REALTORS® have trail and trails of paperwork. Each change on an agreement, amendment or addendum must be documented and kept for at least six years. Agents must ensure everyone involved in the transaction has a copy of each document change including the buyer, the seller, both real estate agents, the financial institution, both real estate offices, both lawyers representing the buyer and seller.
Follow-Ups & Inquiries
A good real estate agent will follow up email, texts and missed calls within a timely manner. REALTORS® can easily receive dozens of emails every day and it is so important not to get sidetracked with the unnecessary emails which can gobble up an agents valuable time.
Closings require toe follow-ups with lawyers to ensure they have all the necessary documents including any recent amendments, walk-through with builders and buyers prior to the closing date and making arrangements for keys once the title has been transferred. And of course,e re-arranging the real estate agents schedule to accommodate the meeting time with the buyer.
Other Related Services
Meet up with other real estate affiliates which help listed properties sell such as a professional photographer, mandatory measuring company employees, home stagers, putting up signage, open houses, or helping a client get their property ready to be shown. Other meetings may including attending financial institutions with a client if needed, property inspections, verify completion of repairs, and other closing related meetings.
After scheduling showings, a real estate agent needs to accommodate the time set aside to show their buyer the homes without them feeling rushed. This may be one or two properties or may consist of a complete day or a few days such as an HHT.
Attend Listing Appointments
A professional REALTORS® attends all listing appointments as though it is a job interview because that is exactly what it is. The seller is interviewing the real estate agent and the agent is interviewing the seller. Prior to the listing appointment, an agent should be prepared for any questions or concerns a seller may have as well as have all necessary tools needed, should a seller be in a position to list the property. Each listing appointments should take an hour or two - sometimes more depending on how much information is presented to the seller or how many concerns they may have.
Keeping Clients Updated
This can include and newly listed homes which may be a hot commodity and must be shown immediately to sitting down at the computer for a few hours to perform a new market analysis and research back office syndication sites to forward to clients.
More phone calls
On any given day, a good real estate agent will be on the phone to other agents looking for property specific feedback on their listings, updating clients, addressing any on-going concerns, dealing with offers, mortgage brokers, real property report companies, condominium management companies, dispute low property appraisals and other real estate activities.
Maintain Required Continuing Education
Yes. Edmonton real estate agents are still required to maintain and continue education which is mandated by the real estate council of Alberta. The cost of maintaining a real estate licence and updating an agents education criteria is the responsibility of each REALTOR® and not the real estate brokerage.
Marketing and Property Syndication
If you are lucky enough to find a real estate agent in Edmonton who is an e-pro and is familiar with search engine optimization, they will spend several hours syndicating your home through various search engines and websites to ensure your property reaches the first page of google.
Attend Real Estate Conferences
There are dozens of real estate conferences annually and attending these help your REALTOR® stay up to date on the latest technology, real estate systems, and tools to help them with time management and gaining an advantage over their peers.
Maintain Active Social Media Profiles
Although social media and blogging play a key factor in the life of a real estate agent, if the only thing you see on an agents site is personal posts - you might wonder if they are actively doing any real estate. Many agents will hire this out to maintain an internet presence.
Networking with Edmonton Home Builders
There are several different home builders in Edmonton and this is a great way for real estate agents to keep up-to-date with home demand trends, especially in our current real estate market. Recently many of Edmonton home builders have implemented garden suites which offer new home buyers a great way to pay off their mortgage quicker.
Stay in Touch with Past Clients
If your REALTOR® stays in touch with you on a regular basis, you have a great real estate agent. With so many things to do, it is hard to find time to stay in touch with all of our clients!
Several people take education and start a career in real estate under the assumption that it is easy money. In reality, real estate agents are in a brutal time consuming, competitive business. The net commissions are not enough to keep people in the business, in fact, most people get out of real estate because they cannot afford to be in it. REALTORS® who survive to do so because they have a passion for the real estate business, and enjoy helping people make their real estate dreams a reality. It’s a great business to be in, but it’s NOT EASY!
How to Hire a Great Edmonton REALTOR® when Selling
Be cautious with any REALTORS® who charge upfront fes! Most Real Estate Companies DO NOT charge up-front fees. All expense will be paid by your REALTORS® from their own pocket. Once your home is SOLD, the REALTOR® will receive the remuneration you have agreed upon in your listing agreement. In the event your home does not sell during the term of the agreement - unless otherwise written - there is NO CHARGE.
There are almost 4000 licensed REALTORS® to choose from to help you sell your Edmonton home. When a municipality is a hot market, anyone can sell a property, but great real estate agents are able to sell in any market.& In a soft market or "buyers market", it is crucial to choose a REALTOR® who knows how to sell houses or you can become an expired statistic. Currently (2018) in Edmonton about 40% of homes are selling.
There are a few questions to ask a listing real estate agent prior to having them in your home, which will eliminate inexperienced agents and save you time and money. When REALTORS® are on a "Listing Appointment", the intention of the agent is to get you to sign the agreement to put your home on the market. After an agent has completed their marketing plan, strong agents will ask for the business. A weaker agent will not.
The three biggest mistakes sellers make when selecting an agent is basing their decision solely on commission, price and the ability to market your home.
Lowest real estate commissions:
Agents in Edmonton have business expenses, which can run into the thousands every month. Part of these expenses is the cost to market your home. If an agent is listing your home for a lesser commission, don't expect them to pay money they don't have to market your property. A good agent will not ask for any money upfront. Why would you pay someone for a job which has not been done? There is always a reason why a broker or real estate agent would discount a real estate fee. Ask yourself why. Is the agent desperate for business or unqualified? Do you want to work with a desperate agent?
Highest Asking Price:
In the real estate industry, there is a term, called "Buying the Listing". This means, an agent has told you, your home is worth more than it really is, just to get you to sign the listing agreement. Expect to reduce or price once or twice during the agreement or worse, be added to the Expired list (Homes which do not sell). REALTORS® already have an idea of what your home is worth, even before stepping into your home. Beware of an agent who is trying to buy the listing.
Ability to Market Properties:
Today, almost every buyer and seller start the home buying and selling process online. You may want to use "Mom and Dads REALTOR®, but are they tech-savvy? There is so much more to marketing a home than putting it on Realtor.ca. Anyone with a real estate license in Alberta can do this, you don't even need to live in Edmonton. Finding a qualified buyer who is ready, willing and able to purchase your home is more valuable to you than generating leads.
If your home is not exposed on the internet, by a tech-savvy Agent, buyers will not find it. Online advertising and property websites are now a basic requirement in modern home buying and selling. REALTOR®’s success also depends on how well they can market homes. Google the agents' website, prior to inviting them into your home. Find out how many listings the agent is carrying. If the Real Estate Agent only has one or two listings, they may be part-time, maybe more comfortable working with buyers or may not know how to market your home. An agent who is carrying too many listings can be overwhelmed and you may end up becoming a number instead of a client. A good rule of thumb is, hire an agent who carries 10 - 20 listings at a time, this is usually an indication of an above-average real estate agent.
The bare minimum marketing you should expect from your agent is:
- Professional yard signage.
- Lockbox with electronic monitoring
- Follow-up reports on buyer showings with feedback to the seller
- Staging advice to make your home more attractive to potential buyers.
- Digital targeted marketing.
- MLS exposure with a minimum of 30 professional photographs
- Virtual tour.
- Distribution to major websites.
- Updated CMAs after 30 days including the recent sales
- The ability to track online buyers
During the listing appointment, there are a few things that need to be noted.
How long was the agent in your home: Eliminate agents who view your home and arrive at a "listing price" within a short period of time. Although their price may be accurate, they haven't taken the time to show you how they arrived at the price or what they do and how they get homes sold. A good listing agent will show you comparable sales, pending sales, actives, educate you on the current market and show you their marketing plan. If the agent has no statistics, home sales are located in a different community or are not prepared, could be a red flag.
A great Edmonton Real Estate Agent will have spent time prior to meeting you, completing research on your home. They will have all the necessary information to price your home accurately. (highest possible asking price to attract reasonable offers) The agent will be prepared for anything including objections or concerns you may have. They will take the time to complete an accurate CMA, community absorption rate, thoroughly go over their marketing plan and address any unforeseen concerns they may have prior to asking for the listing. This is a valuable asset to the hiring experience.
Were all of your concerns addressed: Pay close attention as the REALTORS® goes through their marketing plan. Many of your concerns will already be addressed by a good agent. Pay attention to what is said. If it is mostly about how many homes they personally sold and how quickly, expect them to suggest a lower selling price below the true market value. These agents want to get your home sold as quickly as possible and move on. If the agent has not addressed most of your concerns. This can be a red flag.
Hire a professional: A huge misconception is every agent deals with the same type of buyers and sellers. In fact, there are agents who only list and agents who only deal with buyers. Not all agents work all price ranges. In Edmonton, there are real estate agents who specialize in mobile parks. They know how important it is to have the "criminal check" completed prior to writing an offer. An agent who specializes in luxury homes should have the extra knowledge required for selling a home under a company name, know the differences between the brands and grades of hardwood. If you are relocating, a relocation specialist is the best. They have contacts with other relocation REALTORS® who they have already done business with and can recommend a great agent for you at your destination which will make for a smoother move.
Go with your instinct: Selling a home is a major decision. You need to like, trust and feel comfortable with the REALTOR® you choose. Personality and character traits are also extremely important but don't show on paper. Buying and selling homes in a soft market, can take time and choose the right agent will be a positive experience. Choosing the wrong agent can lead to months of frustration and an unsold house.
Contact us today for your FREE HOME EVALUATION
Choose Wisely - Choose REMAX!
It does not matter which company you choose to represent you on the purchase of your new home. A brand new inexperienced REALTOR® in Edmonton gets paid the same as a veteran REALTOR® with twenty years of experience, expertise and knowledge. This is at no cost to a buyer!
Below is helpful information when purchasing your new home. If you have any question, feel free to contact us! We love to help buyers and sellers! Sign up today to save time house hunting online. We can send it to you automatically.
You can choose to buy a home without a real estate agent, dealing directly with listing agents, or for sale by owners. There are several reasons to work with a licensed REALTOR® in the province of Alberta including.
- The representative real estate agent Fiduciary Duties
- A buyer does not pay commissions. Edmonton Real Estate Agent fees are normally paid for through the sellers' lawyer when under an exclusive Buyers Brokerage Agreement
- Real estate agents will ensure you are getting fair market value and not overpaying through several REALTOR® tools including a "Buyers Comparative Market Analysis"
- Property Titles are pulled to ensure the legitimacy of owners and to determine if dower is applicable, there are no special assessments, lis pendens, creditors, liens and other concerns which could complicate or delay closings.
- Address any concerns or issues with your real property report including any setbacks, easements, restrictions, and compliance with the city.
- Depending on a real estate agent experience and their designations will be a factor in the service you receive which should be outlined in your first meeting. Feel free to ask your real estate agent plenty of questions.
- Your REALTOR® can set you up on an auto-prospecting system which will enable you to view new homes within your personal search criteria within an hour of the property hitting the market.
- Read More on "How to purchase a home"
Make your expectations known: If you expect your real estate agent to pick you up at your front door and drive you home after showing homes, tell them. Many will provide this service. If not, they will ask you to meet at the office. Let your agent know how you want to communicate. Do you prefer phone calls, emails, text messages or all of the above? Remember once you are under a buyers agreement, it is our job to provide you with our best service and help you find your best home.