Most people assume that realtors spend their entire time touring beautiful mansions, majestic villas and other captivating properties. But the truth is, realtors also have to undertake other less fancy tasks associated with running a real estate business.
While touring, showcasing and appraising different properties is, without a doubt, a part of a realtor’s job, their workday also entails handling other less glamorous tasks like administrative duties. Some of the typical administrative duties that realtors handle include:
- Responding to emails, texts, phone calls and other inquiries
- Data entry
- Updating client databases
- Budgeting for operations
- Organizing meetings, viewings, appointments and open houses
- Ordering office supplies
- Developing marketing plans for the business
- Filing real estate documents such as lease records, as well as buyer agreements and seller agreements
- Updating websites and social media channels
As you can see, realtors have quite plenty of administrative duties to handle in a day. And as you may expect, all these tasks can be time-consuming. For such reasons, most realtors hire office assistants to help with these tasks. The realtor will then be left with adequate time to focus on the core areas of the business.
Realtors usually earn their money through commissions generated from selling homes. Therefore, lead generation is vital to the growth of their businesses. To this end, a realtor’s workday may also entail some lead generation.
Lead generation is especially important to new realtors since those who have been around for a while may already have a robust client base.
Some of the methods that realtors use to generate prospective leads include getting in touch with friends, family, or colleagues and enquire whether there’s anyone they know who may need a realtor.
Lead generation may also include contact cold leads, which entails making phone calls or sending emails to individuals you’ve never met but feel may be potential clients.
Working with Sellers
After spending the morning hours reaching out to prospective clients, most realtors will then spend their afternoons working with their clients.
The realtor’s job is to help sellers navigate the complexities involved in selling a home. As you may probably know, selling a home is a huge milestone. And the seller wants the transaction done right the first time.
And this is where the realtor will come in. In such transactions, the realtor will help the seller to find the right buyer for the property.
On a day when a realtor is handling such tasks, they will set the property’s listing prices, take property videos and photos, prepare listing presentations, stage the property, host open houses, meet with potential clients, negotiate the sale with the buyer.
And in case the right offer comes, the realtor will go ahead and prepare the necessary paperwork for the transaction. Also, the realtor will ensure that all the paperwork is filed on time.
Furthermore, the realtor will field any questions either the seller or the buyer may have regarding the transaction.
Working with Buyers
A realtor may also spend their afternoons working with buyers. On such a day, the realtor will visit various online listing sites and research homes for sale based on the buyer’s criteria.
Besides doing online research, the realtor also has to scout houses in person to confirm whether they are as advertised.
Working with buyers will also entail things like sharing information about the client’s requirements with other realtors, sending listings to the buyer, taking the buyer to view properties and submitting bids on behalf of the buyer.
Also, the realtor will handle duties like negotiating on behalf of the buyer, setting up home inspections and appraisals, guiding clients through contract agreements, and ensuring buyers are pre-approved for mortgages.
Meeting and Tours
Conducting property tours and meetings is also something that realtors do almost every day.
But in this case, the realtor will not be conducting the meetings or tours with clients. Instead, they will be meeting with other real estate agents, brokers and other interested parties to discuss issues like price changes, new listings, upcoming markets, as well as potential buyers.
Attending such meetings and tours will help the realtor to stay updated on the current market trends, identify new listings for their clients, survey the competition and adjust their prices accordingly.
As the day ends, the realtor may spend the evening hours marketing and promoting the business. As you may probably know, the majority of prospective clients for realtors come via word of mouth and the internet.
So, it’s important for realtors to have a strong online presence to ensure they can attract as many potential clients as possible. Some of the methods that realtors use to market their businesses include social media marketing and blogging.
A strong social media presence, combined with a well-optimized website, can help the realtor to showcase their work, generate leads, answer questions, and interact
Also, realtors can use such platforms to request previous clients to write positive reviews about the reality.
Honing Skills and Expertise
The best real estate agents understand the importance of continual improvement. And as much as continuing education is a requirement to maintain a license, the best realtors spend a few minutes every day learning more about their markets.
Also, real estate agents may spend a part of their day researching properties, researching new techniques and tools, as well as enhancing their overall skill-set.
While spending time honing skills and expertise may not be part of a realtor’s typical day, it will go a long way in giving the realtor a competitive edge in the market.
Other Realtor Tasks
The above duties provide a snapshot of a realtor’s typical workday. However, it doesn’t always mean that every realtor will follow a similar schedule. The duties will vary from one person to the other and from day to day. Some of the other tasks a realtor can handle in a workday include:
Attending Networking Events
Every month, there are several networking events for realtors and other professionals in the real estate industry.
And most realtors enjoy attending such events whenever time allows. Such events give realtors an opportunity to network with like-minded individuals, learn more about their industry, upcoming changes, trends and potential markets.
Such events will help a realtor to shape their real estate business according to how the market is.
It’s worth mentioning that attending such events is voluntary. So, a realtor may choose to attend them or not, depending on how flexible their schedule is.
As earlier mentioned, most realtor clients are earned through referrals. Therefore, if a realtor is active in their community, their name will get out there and this will considerably increase their referrals.
With this understanding, some realtors also spare some of their time to attend or host community events like charity runs, or neighborhood outings, among others.
Besides helping to boost the realtor’s image, such events also provide realtors with an opportunity to give out their business cards.
However, giving back to the community should be the primary purpose of attending or hosting such events. Passing out business cards should simply be an added bonus.
Similar to other fields, the real estate industry is always growing and evolving. Hence, realtors who are constantly doing market research and staying on top of industry trends are in a better position to meet their clients’ goals and objectives.
And the best realtors understand this concept. Therefore, they will spend a few minutes every day researching industry trends, new house concepts, changes in rental prices, and how the market is evolving.
With such insights, such realtors will prove to be a valuable resource to their clients. And they will always have return clients.
No Typical Day
There’s nothing like a typical working day for realtors. Each day will come with different tasks and present unique challenges, making it a refreshing and interesting career choice. So, whether you are looking to change your career or you are a high-school graduate exploring courses to study in college, becoming a realtor will be a decent choice.