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Real estate agents are experts in local real estate: They monitor the market daily and look for housing trends (in prices, inventory, location, and so on). An agent tells you about available houses in your price range and takes you on tours of homes that interest you. Much of an agent's day is taken up by phone calls, meetings, and home tours.
For sellers, a listing (seller's) agent:
- Researches recent sales of comparable homes to help determine an asking price
- Helps sellers prepare their homes for sale
- Lists the home with the Multiple Listing Service (known in the trade as the MLS, a searchable list of homes for sale within a particular region)
- Advertises the home through various channels, which may include the Internet, classified ads, real estate magazines, and on-site advertising (the latter usually comprising a "For Sale" sign on the lawn and takeaway information sheets about the home)
- Takes other real estate agents on a walkthrough so they can tell their clients about the home
- Hosts open houses
- Presents offers from interested buyers
- Negotiates the terms of the sale
As a buyer, you can expect a real estate agent (either the seller's agent or your own) to work with you in these ways:
- Listen to your priorities in looking for a home, including your price range
- Contact listing agents to check availability and schedule showings
- Show you suitable properties
- Notify you as new properties appear on the market
- Suggest sources of financing
- Help you write a purchase offer and present that offer to the seller
- Negotiate with the seller on your behalf
- Write a purchase-and-sale agreement
- Set up and attend the home's appraisal and inspection
- Review disclosure statements and let you know about problems witha property
- Deal with contingencies
- Provide information to your mortgage officer, real estate attorney, andescrow officer
- Coordinate with other parties to schedule the closing
- Attend the closing
There are some things a real estate can't tell you by law. If you have questions about a neighborhood's character, diversity, crime rate, or schools, you have to look elsewhere for the answers. Federal fair housing laws prevent real estate agents from "steering" clients toward one neighborhood or away from another one. The idea behind the law was to prevent discrimination - to prevent real estate agents from deciding whether a client is a good or bad fit for a particular neighborhood. Despite the law's good intentions, it can be frustrating to have basic demographic questions go unanswered.
