Realtor Job Description, Skills, and Salary
Are you searching for a realtor job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of a realtor. Feel free to use our realtor job description template to produce your own realtor job description. We also provide you with information about the salary you can earn as a realtor.
Who is a Realtor?
A Realtor is a self-employed professional who aids in the purchase and sale of real estate. A large portion of what they perform takes place in secret. They are always working around the clock. The National Association of Realtors (NAR), a trade association for persons working in the real estate sector, includes Realtors as members. Realtor is the title used by a real estate professional who has a license and joins the NAR. It is a trademarked phrase and not one that is universally used to describe all real estate brokers. Many people mistakenly believe that the terms real estate agent and realtor are synonymous. An estate agent isn’t always a realtor.
The NAR defines the term “realtor” as a collective membership mark that is federally recognized and designates a real estate professional who is a member of the association and upholds its code of conduct. Realtors can be salespeople, property managers, appraisers, counsellors, and other real estate experts. They can also work as residential and commercial real estate brokers. Realtors are supposed to be subject matter experts in their industry and are bound by the NAR’s code of ethics, which calls for them to uphold a particular standard of duty to clients and customers, the general public, and fellow realtors. A Realtor performs the same duties as a real estate agent with a license. He is expected to carry out his job while abiding by a set of moral principles. While defending the interests of his client, a realtor must treat everyone equally. It is unethical for a realtor to intentionally steer a client toward a transaction that is financially advantageous to the realtor while being in opposition to the client’s desires since he must put the needs of his client before his own. However, if the Realtor provides his client with full disclosure, he may proceed with the transaction because it is not the Realtor’s responsibility to direct his client’s actions rather than to provide the client with sufficient information to enable the client to make an informed choice.
A Realtor representing a buyer has two main responsibilities: helping the client find the best house, at the best price, that satisfies the client’s needs, and guiding the client’s interests throughout the escrow process. This includes looking up potential homes, showing clients around, making bids, and negotiating the conditions of the deal. They play a crucial role in ensuring that escrow is successfully closed as well. To find a suitable buyer and get the greatest price for the seller, a Realtor who is working with a seller has to promote the client’s home. Both times, the realtor often mediates discussions between the buyer and seller on behalf of her client. A Realtor must adhere to the organization’s code of ethics when performing his or her duties. This involves having a moral (known as a fiduciary duty) and legal obligation to customers, being loyal to customers, working with rival businesses, and being truthful in claims and advertisements. If two realtors are involved in an exclusive relationship, neither may interfere with the other’s client or the other realtor. Real estate brokers follow the same rules, and state legislation closely monitors the entire sector for unethical activities. The code of ethics stipulates that among other things, realtors “must avoid exaggeration, deception, or suppression of important information relating to the property or the transaction.”
By the law, real estate agents “must be honest and truthful in their real estate communications and shall give a true picture in their advertising, marketing, and other statements.” Realtors must also treat all parties to the transaction honestly and “pledge themselves to defend and promote the interests of their customer.” The NAR upholds strict guidelines for the application of the realtor trademark. Realtor trademarks may be used in connection with a professional’s name and the name of their real estate firm if they are a member of a member board as a realtor or realtor-associate. It is against the law for association members to utilize the realtor trademark as part of their official company name. The NAR claims that doing this prevents the legal ramifications of a corporate name change that may arise if a member were suspended or expelled from the association and forfeited the ability to use the trademark. Furthermore, according to the NAR’s rules, if a qualified member utilizes the realtor trademark as part of their name, it must do so in all capital letters and be punctuated to distinguish it from the member’s name. In the same way, that terminology like real estate broker, agent, and licensee are used, the NAR does not utilize the realtor trademark with descriptive terms or as a descriptor of the profession. The association further states that realtor trademarks should not be used to indicate a professional’s license status. You must be in good standing with your local Realtor board and have solid sales experience to succeed as a realtor.
Realtor Job Description
What is a realtor job description? A realtor job description is simply a list of duties and responsibilities of a realtor in an organization. Below are the realtor job description examples you can use to develop your resume or write a realtor job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a realtor include the following:
- Assess properties by thoroughly understanding the neighbourhood real estate market.
- Examine a property before placing it on the market.
- Offer sellers suggestions for upgrades that will boost marketability and increase property value.
- Promote each listing, advertise it, and make it relevant to the intended audience.
- Act serves as a buyer’s agent if needed.
- Create formal, written offers based on property inspections for buyers.
- Assist buyers and sellers through the closing procedure to successfully conclude transactions.
- Create a marketing strategy for your clients that will draw in customers and serve their needs.
- Obtain information from the client regarding their ideal home’s characteristics, ability to pay, sorts of homes, and desirable neighbourhoods.
- Find properties that are for sale using a multiple listing service and show them to clients.
- Investigate and qualify all possible purchasers before letting anyone onto a client’s property.
- Aid consumers in examining their financial possibilities.
- Provide clients with all offers.
- Oversee negotiations and give customers advice on the best ways to proceed.
- Hire qualified home stagers when interior design changes are required.
- Establish showing times and open houses.
- Perform the role of being the principal contact and lead negotiator for all legal documents, such as contracts, deeds, and closing statements.
- A minimum of a high school diploma and two years of real estate sales experience
- Must finish a predetermined number of hours of real estate education.
- Must belong to the NAR association.
- Must hold a valid real estate agent license in their state.
- Must be registered with the Realtors Association and hold a valid certification.
- The local realtor board must consider them to be in good standing.
- Real estate expertise and understanding are required.
- Must be flawlessly able to communicate both orally and in writing.
- The ability to create and maintain a uniform working environment is required.
- Must be proficient in using software like Word, Excel, Zip Forms, and other programs of a similar nature.
- The ability to interact correctly with others is more important than just being able to give and receive instructions.
- Excellent customer service abilities, including the capacity to comprehend consumers’ demands in terms of what they are seeking and what is practical within their price range.
- Ability to cooperate with classmates and coworkers without acting out in excessive ways.
- The capacity to react favourably to supervisory criticism.
- Knowledge of sales and bargaining.
- Solid interpersonal abilities.
- Strong local property knowledge.
- Hold a driver’s current license.
- Problem-solving skills: Many times, some clients have excessive demands or expectations. For instance, they can ask you to find them a unique piece of real estate in your area. Some customers may also ask you to sell their property quickly and within a certain time frame. In the real estate industry, these and other exaggerated expectations are unavoidable. But what will set you apart from other real estate brokers is your capacity to address these issues. Your clients will often refer to you as one of the top real estate agents once you persevere and deliver what they require at the appropriate time. Long-term, resolving client issues will lead to you gaining more customers.
- Negotiation skill: Once you start marketing your company and start attracting clients, you will also need strong bargaining abilities to finish the work successfully. The real estate industry requires constant negotiation. For both buyers and sellers of real estate, there is always a desire to strike a balance and get the greatest bargain. You must therefore be able to teach your client the value of bargaining and how to spot a good offer and seize it. In the same line, negotiation entails knowing when to reject a deal and searching for a better one to avoid you and your client suffering a loss. Knowing how to calculate the listing and selling prices for real estate is another benefit of possessing this expertise. It also aids in calculating your commission from a deal after it is successful.
- Time management skills: Anyone who works with people needs to be proficient in time management. As an agent, you must be able to properly manage your time. You must always adhere to deadlines, give clients accurate information on time, and make it a point to be punctual for all meetings and appointments with the buyer, seller, or both. In the real estate industry, time management is a crucial talent since, without it, all the other abilities listed in this article may be meaningless. You shouldn’t take this ability for granted because it demonstrates how disciplined and committed you are.
- Communication skills: For realtors, effective communication is crucial in many areas of their profession. Realtors must be able to communicate effectively with both past and present clients. Realtors that are a part of a team must also interact with one another. As you network and speak with potential clients, you’ll need good communication skills to market your real estate business. Realtors must have the ability to produce concise property listings that will appeal to buyers if they want to work as brokers and list homes for sale as well.
How to Become a Realtor
Step 1. Acquire required Education
Before choosing this professional route, every aspirant realtor must meet the minimum age and educational requirements. Each jurisdiction requires you to be at least 18 or 19 years old to work in this sector, while the criteria differ slightly by state. In the majority of states, you also need to have completed high school, either through a diploma or a GED. Although a college education is not required to work as a real estate agent, it may help you prepare. You can gain the fundamental skills you’ll need to be a realtor by taking business administration, accounting, communications, and marketing classes in college. After earning high school graduation or GED, the next crucial step is to enrol in real estate classes. Although an associate’s or bachelor’s degree is not required to work in this sector, there are a few common education criteria for real estate agents that must be met. Almost every state has a minimum amount of courses that must be completed, either in person or online. Most states demand between 40 and 300 hours in the classroom. Check first to see how many hours and what kinds of courses your state requires for pre-licensing. Review the choices at businesses like Kaplan Real Estate Education, the Center for Realtor Development, or Real Estate Express after that. Before you can apply for a license and once you’ve finished the necessary education, you normally need to pass a background check. Each state has its requirements, but they could involve a fingerprint check or a criminal history report. To be sure you meet the requirements, check your state’s laws. then succeed on the real estate exam. You can take the real estate exam once you’ve cleared the background investigation. You will be given your real estate license if you pass the exam with a passing grade. Through the Real Estate Commission or a comparable organization, each state issues its license and manages its examination.
Step 2. Obtain work experience
You can start working in the industry once you obtain a real estate license. However, most states require you to spend a few years working for an established agency before you may work independently as a real estate salesperson. Typically, you can choose to work for a traditional brokerage where you’ll be part of a team, receive on-the-job training, and gain experience alongside an experienced agent, or you can search for a position with a non-traditional brokerage where you’ll have more freedom or will be able to concentrate on a particular niche.
Step 3. Discover the local market
As you gain expertise, it’s crucial to become well-versed in your neighbourhood. Learn about the local communities, housing options, and commercial sites first. Spend time examining market patterns, comprehending trends, and understanding local property prices next. The better you can advise clients and establish a reputation, the more insight you have.
Step 4. Become a member of NAR.
Join NAR if you want to become a realtor rather than a real estate agent. Find the realtor association in your area and check the requirements for membership, which often include an application and an annual fee. You can enroll in professional courses and ongoing education when you join NAR. Additionally, you have access to tools and data about the market that will make your job as a real estate agent easier.
Step 4. Obtain a professional certification
Real estate professionals can choose to specialize after gaining some experience in the field. To help you perfect your field and show off your expertise, NAR and other professional organizations offer certificates and distinctions. Among the choices are:
- Accredited Buyer’s Representative: This is offered by the Real Estate Buyer’s Agent Council.
- Certified Real Estate Brokerage Manager: This is offered by the Real Estate Business Institute.
- Certified Residential Specialist: This certification is issued by the Residential Real Estate Council.
- Real Estate Negotiation Expert: The Real Estate Business Institute offers this designation.
- Residential Accredited Appraiser: This accreditation is by the NAR.
- Seller Representative Specialist: The Real Estate Business Institute provides this designation.
Where to Work as a Realtor
Realtors can work for real estate agencies and property management companies. They primarily operate in an office setting, but they also travel extensively to homes that are up for lease or sale. Meetings are also held with clients, prospective purchasers, and other real estate brokers. Realtors might be self-employed or employed by a broker. Realtors typically put in a forty-hour work week, but they might put in extra time to show customers properties or go to open houses on the weekend or in the evening. Additionally, because there is more demand for houses in the spring and summer, they might put in longer hours.
Realtor Salary Scale
In Nigeria, the average monthly salary for a realtor is roughly 294,000 NGN. Their pay scale runs the gamut from 144,000 NGN to 459,000 NGN, from lowest to highest. In the US, the average annual salary of a realtor is $78,577. The level of education, experience, and geographic location may all determine pay.