The model for real estate transactions hasn’t changed in decades. Your parents and grandparents have all done it the same way. It's tedious, time-consuming, and expensive.
However, the role of real estate agents has changed significantly over the years, as technology and market conditions have evolved.
What a Real Estate Broker Used to Do
In the old days, the real estate business was simple. You would have a seller's agent who would list the property and throw it on the MLS. A buyer's agent would see that, bring buy a prospective buyer, and the rest would be history. There was no great nuance to the buying and selling process.
The real estate transaction was so straightforward, you could hire pretty much anyone with a real estate license to handle your business. And that's what people did. A friend or a family member was often entrusted with the largely administrative duties of a listing agent.
But that line of thinking is outdated. If you hand your listing to an unqualified agent today, you're positioning yourself to miss out on top dollar and potential buyers, big time.
What A Good Real Estate Agent Does Today
An agent's job today is more than a purchase agreements pusher. A great selling agent is expected to be an expert advisor, to know all the options, to understand everything that is going on in the local real estate market and to guide owners through selling their home -- and rightfully so!
The potential downside of selling your home the wrong way is huge; a mistake could cost tens of thousands or even hundreds of thousands of dollars.
Some of the ways in which the role of an agent has changed include:
- Increased use of technology: In the past, agents relied primarily on traditional marketing methods, such as advertising in local publications and hosting open houses. Today, technology plays a much larger role in real estate market analysis and agents use a wide range of online tools and platforms for marketing properties and generating leads with potential clients.
- Greater specialization: In the past, agents were often generalists who handled a wide range of properties and transactions. Today, many agents specialize in specific types of properties or markets, such as luxury homes, leasing properties, commercial properties, or first-time home buyers.
- Increased regulatory oversight: In the past, the real estate industry was relatively unregulated, but today there are many laws and regulations governing the industry. As a result, a great real estate agent must be licensed and adhere to strict ethical standards, from the first meetings through property closings.
- Greater emphasis on customer service: In the past, real estate agents were primarily focused on closing deals and generating commissions. Today, there is a greater emphasis on providing excellent customer service, as agents must work to build trust and establish long-term relationships with clients. An agent must maintain a robust network of other real estate agents, title and escrow companies, and other experts.
Final Thoughts
Overall, the role of real estate professionals has evolved over the years, and agents today must be adaptable and knowledgeable about a wide range of issues, including technology, market trends, and regulatory requirements. Agents must be experts in their local real estate markets and able to advise clients through the entirety of transactions.
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