What Does A Realtor Do For Buyers and Sellers?

Everyone knows Realtors are the backbone of the real estate market, helping sellers sell, buyers buy, and renters rent. But what exactly is it that a Realtor does for his/her clients, and what duties is a Realtor responsible for that allow him/her to justify charging that 6.00% commission on every deal?

What A Realtor Does For Buyers

When a Realtor is working on behalf of a buyer, a Realtor basically works for free for his/her buyer, since the buyer does not pay the commission. A Realtor works with you to find your ideal home, searching a local multiple listing service (basically a database of all properties that all Realtors have access to). At the same time that the Realtor is assisting the buyer find a home, the Realtor is also assisting in trying to get the buyer a mortgage, often working closely with a mortgage broker or lending institution; It is ultimately the buyer’s decision on whom to use to get a mortgage, but it is often the Realtor who reminds and makes sure the buyer is performing due diligence on acquiring financing.

A Realtor is then responsible for submitting the negotiating and submitting your offer on a place the buyer desires. A good Realtor will assist the buyer in determining a good offer by showing the buyer comparable properties that have and haven’t sold in the neighborhood, so the buyer has an idea of what the home is worth. It is also common for a Realtor to offer the buyer negotiation suggestions in terms of strategy, likelihood of the offer going through, and plans of action of the offer is not accepted. If any counter offers occur, a Realtor is responsible for explaining the new terms and conditions of the contract, and any other changes that may affect the deal.

Assuming the offer is accepted, the Realtor is then responsible for overseeing the completion of the deal by ensuring all deadlines in the contract are met, such as completing the home inspection, home appraisal, home survey, etc., and also making sure that the financing is in order so that at the time of closing the deal, everything will be ready so ownership can be transferred over to the buyer.

What A Realtor Does For Sellers

A Realtor working for a seller is responsible for many things, and is paid the commission by the seller from the proceeds of the sale. One of the main duties of a seller’s Realtor is to market the property. A good seller’s Realtor will ensure quality photographs of the home are taken in the cleanliest state, with the proper lighting to project a high level of professionalism for anyone who looks at pictures of the home (if you are using a Realtor who doesn’t even take pictures/doesn’t know how to upload them to the internet, get rid of them!).

Further, the seller’s Realtor will do market research to properly educate the seller about the seller’s true home worth and what it can realistically sell for in a given market by showing comparable homes that have sold recently in the local area; Some distrustful Realtors like to ensure they get into a contract to list a seller’s home by exaggerating what the seller’s house is worth, telling them exactly what they want to hear, only to end up giving them a reality check later on after they are in binding listing agreement to sell the home with the manipulative Realtor.

The seller’s Realtor will negotiate on behalf of the seller, getting the highest possible selling point for the property. The Realtor will explain the difference between offers that have been submitted, the pros and cons of each offer (if they vary on terms and conditions other than price), stating which would be most beneficial to the client. The seller’s Realtor will also act in an guiding manner, checking up to make sure the buyer and buyer’s Realtor are meeting the deadlines specified in the contract to complete the deal on the closing date.