Ever Wonder What a Realtor Does After Helping You Find Your Home?
What a Realtor does after you find your home seems to be confusing to many. After posting the question (pointed towards Realtors) asking if they showed property to those who did not yet have a preapproval letter ((though I knew what the answer would be 😉 I received a comment on the post stating that we work for a client for 2-3 weeks then we “make a commission”. If involved in any facet of Real-Estate, you know this is not the case.
Let me be the first to say, I love my job. Most days, it doesn’t “seem” like work. I find the challenges exciting and love being able to meet different people as no two people, transactions, or homes are ever the same. However, it’s not always FUN or a piece of cake…in fact, quite the opposite most of the time. Sure, there is a lot of money to be made, but there’s also a lot of money to be lost. Any person who’s looked at a Realtor’s commission check seldom thinks about the taxes, marketing dollar and advertising (since we are self-employed and pay for this ourselves) that gets taken right off of the top (not to mention the office fees, MLS and board fees and dues). Every sign and keybox that you see is a personal cost. Even the keybox that lets you IN to the home is an annual cost. Being a Realtor does have some challenges that if it’s truly NOT one’s passion…well, those are the ones who we see out of the business in a year or two.
After the “fun part” of looking at homes is over (with a buyer), there’s much work to be done. Some might say that this is where our “work” really starts (though some would even state that it’s the marketing and advertising that was put together before we even met our valuable client). Once the offer is submitted, a bit of psychology goes in to play and it’s time to negotiate for our buyer. We also act as a “project manager” during this time, leading our clients through the transaction process to the closing date.
The typical closing is 30 days. True, there are some instances where you have a cash buyer and the closing is a little sooner than 30 days…sometimes only a few days but if you’re like most of us, cash-transactions only happen a handful of times in a given period. One might think that we’re kicking back, waiting patiently for the closing-date but that’s simply not the case. From the point that the offer is accepted, we are once again, acting as a project manager and guiding our clients. We are collecting (or coordinating) the deposits of earnest money and options fees, collecting receipts, scheduling inspections, negotiating repairs, coordinating information with the title company and your lender, making sure the home appraises and if not, going back once again and negotiating with the other party, making sure all of the blanks in the contract are negotiated and upheld by all (which if not, this is another story, another day), making sure the HOA (if there is one) allows what they want to do, making sure they know what to do and bring to closing, and a large part of simply answering questions ((sometimes daily)), and responding to our clients needs, concerns up until the closing day. (Remember, we are doing this while working with multiple other clients (since we are self-employed, we typically do not just walk into our offices and clients readily walk through the door and want us to help them; this part actually does take quite a bit of effort for them to know we exist ((as well as to prove to them what sets US apart from the competition-this is a very competitive business)), marketing for new clients, advertising and marketing our listings, etc). All in all, we are making sure our client is happy and protected and is getting the best deal possible for what they want. (This does not mean we are “taking advantage” of the other party; we simply do not represent the other party–we represent “our” client).
If you’ve ever wondered what your Realtor does after the offer is accepted, I hope this blog post has shed some light on your questions. There are good and bad people in every business and hopefully you’ve had a great experience with your own Realtor. What we do is not rocket-science…but if you don’t know what you (as a buyer or seller) are doing, it could have great consequences for yourself as well as your Realtor. (Again, this is your Realtor’s responsibility to guide you). Not only legal ramifications (law-suites for things such as non-performance), forfeiture of money (who wants that??) and so many other things can happen if you don’t tread the transaction-path carefully.
ANYONE can buy or sell a home on their own–but do you really “want” to?
Amy S Arey, Realtor | Halo Group Realty | Watters Creek-Allen