Homebuyers typically don't have in-depth knowledge about the real estate markets where they wish to buy homes. They need agents to guide them through neighborhoods and find homes that best suit their needs. Some agents specialize in working with buyers. They help their buyer-clients navigate all aspects of the home buying process, from finding homes to choosing the best mortgage companies. Here's a sampling of the tasks buyer agents undertake on a daily basis.
Review Daily MLS Activity Report
Working with several buyers—all with different property requirements—is normal for most buyer agents. These real estate professionals keep their fingers on the pulse of the hottest properties and real estate movements in their areas by pulling and reviewing activity reports from the multiple listing service (MLS) daily.
Contact Online Leads
Most homebuyers make initial contact with their agents online, and there are very successful agents and brokers who receive most of their business from the web. For this reason, responding to emails and inquiries posted on social networking profiles, websites and blogs is a top workday priority. Having the latest tools — smart devices and apps — and knowing how to quickly and efficiently handle online communication is a must.
Qualify Buyer Prospects
The number of hours a buyer's agent works in a day and the amount of commission she'll ultimately receive depends on the buyer's ability to buy a home. Neglecting to qualify prospective buyers before taking them on as clients can lead to frustration and no pay. Experienced agents arrange initial in-person meetings with prospective buyers to find out how committed they are to actually buy homes and to get a feel for whether they have the financial ability to do so. As part of the qualifying process, agents usually ask prospective buyer-clients to sign exclusive buyer agency agreements, which ensure the agents will get paid when their sales transactions close.
Educate Buyer Clients
Educating clients about the home buying process makes a buyer agent's job easier. Buyer agents usually prepare information packets with brochures and booklets covering the things homebuyers need to know for successful sales transactions. Some real estate agents buy educational materials from their real estate boards to share with clients, while others go the extra mile and create their own customized buyer education content.
Plan Which Properties to Show
During initial meetings, buyer agents take detailed notes about the kinds of homes their clients are looking for. This allows them to search the MLS and find homes that their clients will be excited to view. Narrowing down the number of homes to show clients also saves time and increases the chances of the agent making a sale in a short amount of time.
Buyer agents put as much planning into showing homes as any other part of real estate transactions. They usually call the owner ahead of time, when appropriate, and make sure they know where the home is located. They also prepare information packets for their clients about each home. Once on-site, buyer agents guide their clients through properties, answering questions as needed.