Real estate agents act as intermediaries between home buyers and sellers in a real
estate transaction. They know the local market and can help you understand the
process, from negotiating on price to ensuring that your deal is legally sound.
New York’s real estate agents work in a variety of ways, but most are independent
contractors. They usually associate with one brokerage within their state of
licensure, and they are paid a commission for the work they do. Brokers supervise
the real estate salespeople under them, and typically collect a number of other fees
for their services, such as desk fees, transaction fees and franchise fees.
When working with buyers, a good real estate agent will listen to their clients’ needs
and desires for a home. They will also help them set realistic expectations and guide
them through the complicated process of buying a home. They will often
recommend that their clients get preapproved for a mortgage and can refer them to
reputable lenders.
A buyer’s real estate agent can also assist with finding homes on the market by
searching for properties in the Multiple Listing Service, or MLS. They can use tools
like maps, photos and floor plans to showcase the features of a property. They will
also promote properties to the public by creating advertisements and holding open
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Once they’ve lined up a buyer, a good real estate agent will work on getting the
home under contract. They will negotiate on the seller’s behalf with the buyer and
with other brokers, and they will also help schedule home inspections and
appraisals. They will also work with the seller’s agent to prepare documents and
conduct closings.
If they are representing a seller, a good real estate agent will help them determine
the market value of a home by researching comparables and using statistics about
home sales in the area. They will then help their client set a fair asking price. If a
seller is not comfortable with the asking price, their agent can recommend ways to
reduce it.
Real estate agents juggle many tasks on any given day, and their time is valuable.
They may spend a significant amount of time on marketing by networking with other
professionals in the industry and attending conferences. They may also do regular
outreach through calls, emails, text messages and social media posts. They will also
scout neighborhoods to find properties that meet their clients’ requirements, and
they will likely make phone or in-person appointments with potential clients. If they
are successful, they can earn large commission checks. Those who aren’t can find
themselves struggling to stay in business. This is especially true in a city like New
York, where the real estate market is highly competitive. The most successful agents
learn to specialize and become the go-to agents for their niche. To do so, they have
to work hard and build up a strong client base. They also need to keep their skills
current by continuing their education through professional courses and seminars.
