The most common challenge of new agents is entering the real estate market without knowing what to expect.
For you to be the best agent that you can be, you need to be clear on your role and expectations as an agent.
Your fiduciary duties, as discussed in the licensing course, provides a great outline of what it expected from you as an agent. Upholding your fiduciary duties is not only your legal obligation, but will also lead you to long-term success and will help you establish a reputation as a creditable agent.
Confidentiality
The real estate business is built on relationships and relationships are built on trust.
Unless required to be disclosed by law, you must keep information shared to you by your client confidential.
Obedience
Remember, you work on behalf of your client.
Unless it is illegal or violate terms of a signed agreement, you must do what your client wants- even if you disagree.
There will be times that you provide clients with your professional advice, and they still would like to go another route. In that case, as long as you have made them aware of their options, then you have done your job. You must still do what your client would like.
Loyalty
It's always your clients' best interest over your own self-interest.
Recently, there was a law change that prohibits listings to advertise commission. This was a result of agents steering buyers to purchase homes that offered a higher commission and refusing to submit offers if the agent did not increase the offered commission.
Not only is this unethical but it is also illegal.
It is important to remember that you clients depend on your to help them make one of the biggest decisions that they will have to make. A decision that will directly impact their future and potentially generations to come.
Reasonable Care and Diligence
Clients are relaying on you to guide and protect their real estate investment.
It is crucial that you do your due diligence and exercise reasonable care by using your knowledge and skills to provide your clients with the best experience possible.
Real estate is often times the largest investment that your clients will make, we need to make sure that we leverage all of our knowledge and skills to help them secure their future.
Disclosure
You are required to disclose all relevant information that can impact your fiduciary duties and your client's interest.
In order for your client to make the best decision for their future, they need all the facts.
It is your job to work in your client's best interest and it's the law to disclosures all material facts to your client in a transaction. You are also responsible for making sure that you client completes all of the required disclosure forms in a transaction.
Now let's discuss what they don't teach you in the real estate course
You're called a real estate salesperson, but you're not really a "sale's person"
A majority of your prospective clients will already have an intention to either buy or sell a property. And most of the time a buyer will fall in love with a home and a seller will be enticed by a good offer, in those cases the property will sell itself.
So what is the real job of a real estate agent?
As a real estate agent you will spend a majority of your time act as a consultant, a coordinator, a negotiator, and a marketer.
As the professional, your client will look to you for guidance and clarity.
Whether you are working with first-time buyers or experienced investors, your client will want to know your professional opinion and look to you for guidance throughout out a real estate transaction. It is important to make sure that you are knowledgeable the market, you pay attention to details especially in contract and agreements, and that you effectively communicate with your client so that they can feel confident throughout their process.
In a real estate transaction, you'll essentially act as a coordinator on behalf of your client.
You will conduct and lead the home search, prepare listings, communicate with other agents, attorney's and occasionally mortgage lenders on behalf of your client.
Your job will be to keep your client informed throughout the process, prepare and coordinate paperwork, and ultimately make sure that what ever needs to be done to close the deal gets done.
You'll do your best to help your client's get the best deal possible.
In some transactions you may need to negotiating terms, price, or repairs and in others you may not need to negotiate anything.
It is important to know your market and the details of your agreements so that you can negotiate the best deal possible for your clients.
You'll need to market yourself to attract potential clients and market properties to attract buyers.
As an agent, you are going to spend a good amount of your time marketing. Marketing is key to becoming a successful as a real estate agent and to thrive in the industry.
The right marketing tactics will help you attract potential clients, generate awareness about properties increasing the chances of selling a property quickly and at a desirable price by effectively reaching the right audience, and will help you build trust and creditability as a new agent.