What do Real Estate agents do?

What We Do

There are many moving parts to a full Real Estate transaction. These are some items that we manage so you don’t have to.

GENERAL REPRESENTATION

  • Provide fiduciary responsibilities to our clients through agency laws
  • Understanding Real Estate contracts and contract law
  • Stay on top of market trends, statistics and changes to bring valuable information to our clients
  • Manage all details of the transaction protecting clients timelines, deadlines and contingencies
  • Financial & time investments up front for marketing and exposing properties for sale
  • Vetting potential buyers to ensure the safety of sellers & their property
  • Protecting clients’ interests so they are not in default of contract
  • Handling potential issues that may arise from liabilities on the premises
  • Understanding all state and federal Real Estate, Equal and Fair Housing laws
  • Understanding ongoing changes to tenants’ rights and applicable laws
  • Negotiating well to bring fiduciary value to clients based on their interests
  • Manage clients’ responses to health issues, expectations, disappointments, feelings and moods as they change
  • Manage family, partner, and other influential relationships including challenging emotional experiences
  • Manage the difficult transitions between simultaneously selling and buying by protecting clients interests
  • Manage sensitive personal situations including marriage, divorce, bankruptcy, short sales and foreclosure
  • Balance the fact that oftentimes we have multiple clients that we have a fiduciary duty to that pursue the same property.
  • Work outside of normal working hours because ‘time is of the essence’
  • Work on short notices because ‘time is of the essence’
  • Work on the contingency that the transaction will close as competing clients must agree on the terms and conditions
  • When transactions fail, start over from the beginning while encouraging positivity and managing clients’ emotions

REPRESENTING SELLERS

  • Research listing packet including deed, tax history and plat/tax assessor maps
  • Research sales activity from Local MLS Broker Marketplaces and public records databases
  • Research absorption rates for property of this type, price range, and location
  • Research property’s ownership and deed type
  • Research property’s public record information for lot size and dimensions
  • Research and verify legal description
  • Research property’s current use and zoning, deed restrictions
  • Verify legal names of owner(s) in county’s public property records & deed of trust or contract
  • Perform exterior Curb Appeal & Neighborhood Assessment of subject property
  • Confirm current public schools and explain impact of schools & neighbors on market value
  • Tour property & present staging consultation and/or staging services to seller
  • Manage any pre listing repairs, updates or maintenance issues
  • Review agent’s and company’s credentials and accomplishments in the market
  • Present company’s profile and position or niche in the marketplace
  • Present preliminary CMA to seller, including comparable properties, sold properties, current listings, and expired listings
  • Meet with seller & present listing presentation
  • Offer pricing strategy with updates to CMA based on tour of home and updates, upgrades, professional judgment, and current market conditions
  • Discuss goals & motivation with seller to market effectively
  • Discuss marketing of MLS systems, Internet Data Exchanges and other Real Estate websites
  • Screen to qualify buyers and protect seller from curiosity seekers or dangerous individuals
  • Prepare for listing presentation including studying market analysis and absorption statistics
  • Present and discuss strategic marketing plan
  • Discuss service plan
  • Discuss transaction process and agency brokerage relationships
  • Review and explain clauses in listing contract and addendums
  • Gather square footage, measure rooms and overall heated square footage as required
  • Discuss any unrecorded property liens, agreements or easements
  • Obtain house plans, if applicable and available
  • Discuss showing instructions for buyers’ agents and showing times with seller
  • Discuss possible buyer financing alternatives and options with seller
  • Review current appraisal if available
  • Gather Home Owner Association information,  if applicable
  • Order copy of HOA bylaws, if applicable
  • Gather all utility service and cost information
  • Gather Well Report, if applicable
  • Verify security system, current terms of service and whether owned or leased
  • Discuss implications for the Federal Lead-Based Paint disclosure law
  • Discuss the state requirements for smoke and carbon monoxide detectors
  • Prepare detailed list of property amenities and assess marketability 
  • Confirm detailed list of property’s inclusions and conveyances with sale
  • Compile list of completed and future repairs and maintenance items
  • Explain Homeowner Warranty options to clients
  • Have extra key made for lockbox and one for file
  • Verify if property has rental units involved.  FHA guidelines for condos
  • If the property is rented,, make copies of all leases and prepare seller for tenant legal protections
  • Verify all rents and deposits
  • Inform tenants of listing and discuss how showings will be performed
  • Installation of yard sign and lockboxes
  • Load listing into transaction management software program
  • Submit all listing paperwork and disclosures to company for broker review and approval
  • Enter property data from Profile Sheet into Local MLS Broker Marketplaces Database
  • Create property Virtual Tour web site platform page
  • Add property to company’s web site
  • Provide seller copies of the listing agreement 
  • Schedule & manage staging event
  • Schedule photo and video shoots
  • Upload all media to MLS and websites
  • Create all marketing ads complying with all state and federal equal and fair housing laws
  • Coordinate showings with owners, tenants, and other agents.
  • Return all prospecting calls including filtering scam callers, fraudsters and phishing expeditions
  • Prepare mailing and emailing marketing campaigns
  • Order & mail Just Listed postcards and marketing materials to network and neighborhood residents
  • Prepare fliers and feedback reports
  • Review comparable Local MLS Broker Marketplaces regularly to ensure property remains relevant
  • Order property counter display brochures
  • Order exterior fliers for front of property 
  • Present property to other agents within networking events
  • Advertise on social media, magazine, and other means as per marketing plan
  • Ensure listing has syndicated on web sites
  • Upload specific documents to the MLS documents section
  • Schedule & advertise Open Houses, if applicable
  • Manage showings and provide marketing data to potential buyers
  • Provide Special Feature displays for marketing, if applicable
  • Manage price changes and other change orders
  • Reprint or order supply marketing materials as needed
  • Gather and present feedback from buyers’ agents after showings
  • Discuss with sellers any feedback from showings to determine if changes are needed
  • Review weekly market studies, competition reports and seller’s strategy
  • Send marketing and exposure reports to sellers
  • Regular communication with seller to discuss interest, marketing and pricing
  • Manage changes in system databases
  • Review, present and explain all details of Offers to Purchase contracts submitted 
  • Evaluate offer(s) and prepare a net sheet for the sellers for comparison purposes
  • Explain merits and weakness of each offer to sellers based on research of buyers
  • Contact buyers’ agents to review buyer’s qualifications and discuss buyer’s motivation & potential red flags
  • Contact buyers’ lenders to qualify buyers’ abilities
  • Deliver Property Disclosures to buyer’s agent or buyer
  • Open Escrow and order Title Report
  • Confirm buyer’s earnest money deposit in escrow account so there’s no breach of contract
  • Communicate under-contract showing restrictions as seller requests
  • Deliver copies of fully signed Offer to Purchase contract to seller
  • Confirm copies of Offer to Purchase contract delivered to lender
  • Submit signed contracts for office broker review and approval
  • Negotiate all offers per seller’s direction on seller’s behalf
  • Prepare and convey counteroffers, acceptance or amendments to buyer’s agent
  • Provide copies of contract and all addenda to the closing title company
  • Ensure buyer’s agent has all signed documentation
  • Keep status updated in all MLS and web site systems
  • Update transaction management program as needed throughout the process
  • Manage any transactional details for land sales contracts, if applicable
  • Communicate with lender & follow loan processing through to the underwriter process
  • Advocate for sellers if there are any buyer’s appraisal issues
  • Constantly communicate with buyer’s lender to ensure there are no surprises
  • Review Preliminary Title Report and identify any clouds that may affect the sale
  • Manage entry for all inspection appointments
  • Receive and review all inspection reports, if requested by seller, and discuss with client
  • Discuss sellers and buyers responsibilities & expectations regarding inspection appointments
  • Ensure seller’s compliance with some inspection processes
  • Assist seller with identifying licensed contractors to perform any repairs and compliance of repairs
  • Understanding Oregon Contractor Control Board rules and laws within Real Estate transactions
  • Negotiate payment, and oversee all required repairs on seller’s behalf, if needed
  • Schedule & facilitate appraisal appointment
  • Provide to appraiser any comparable sales used in market pricing
  • Confirm closing process with buyer’s agent and lender
  • Schedule final signing and closing steps
  • Assist sellers with understanding closing documents
  • Meet with seller and escrow officer to sign closing documents
  • Assist in solving any title problems or in obtaining trust documents and death certificates
  • Scheduling buyer’s final walk-thru prior to closing, if applicable
  • Double check all tax, homeowners’ association dues, utility, and applicable prorations
  • Review & approve final closing figures from closing escrow agent
  • Confirm buyer and buyer’s agent have received title insurance commitment
  • Provide homeowners warranty information, if applicable
  • Ensure all parties have all documents to close their files
  • Manage any and all transitory situations with clients between simultaneously buying and selling
  • Ensuring seller receives a final net-proceeds check at closing
  • Update sold details to all MLS and Website marketplaces 
  • Enter completion into transaction management program
  • Follow up with any warranty paperwork for claims in the future
  • Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
  • In the case of rentals, verify all deposits and prorated rent rolls are reflected accurately on the closing statement and transferred appropriately
  • Transfer of keys, codes and any other pertinent information to the buyers
  • Communicate with buyer’s agents to work through any surprises or challenges after closing.
  • Follow up consistently to provide education, contractors, market updates and other resources that benefit our clients

REPRESENTING BUYERS

  • Consult with buyers to learn their goals and interests
  • Discuss Agency Relationships and Buyer Broker Agreements
  • Qualify buyers with their abilities to purchase
  • Discuss the home buying process and funnel process
  • Discuss the purchase contracts and addenda
  • Discuss all buyer contingencies and protections
  • Consult with any listing agents to try to gather as much information to position the buyers in the best light
  • Discuss strategies to craft the best offer specifically for the sellers and property that buyers are interested in
  • Discuss offer strategies to protect buyers interests taking into consideration the proper process of paying for inspections and appraisals
  • Consult with buyer’s lender to ensure the proper verbiage is used in crafting offer for buyers
  • Advised by lender to take into account any important and confidential information to protect buyers interests
  • Consult with lender to understand buyer’s lending guidelines and restrictions
  • Consult with buyer over their lender’s estimate
  • Search through the many properties in buyer’s given criteria to find the most suitable for buyers
  • Network with other agents to identify off market properties or coming soon pocket listings
  • Tour potential properties with buyers
  • Perform a market analysis on interested property to ensure value
  • Research property’s ownership and deed type
  • Research property’s public record information for lot size and dimensions
  • Research and verify legal description
  • Research property’s current use and zoning, deed restrictions
  • Consult with surveyor if needed
  • Verify legal names of owner(s) in county’s public property records & deed of trust or contract
  • Craft offers with respect to the fiducial responsibilities to the buyer’s interests
  • Understand the many lending guidelines ahead of time that would prohibit buyers to purchase certain properties
  • Discuss the specific items that appraisers are looking for that would be problematic for buyers
  • Discuss certain limitations that are revealed through CC&Rs that may be burdensome to buyers
  • Ensure that any credits from the seller are allocated to the buyer and not wasted
  • Ensure the listing side has all signed documents and signed disclosures
  • Ensure buyers have submitted proper earnest money so they are not in default
  • Research any geotechnical, slide or flood plain issues
  • Advise researching against any insurance CLUE reports
  • Schedule all inspections including full home, pest & dry rot, termite, lead based paint, sewer or septic, asbestos, radon, mold, foundation & well system inspections, if applicable within the timeframes allowed
  • Assist all inspectors to fully inspect all areas of concern for the buyer
  • Advise buyer on further specialty inspections 
  • Ensure seller’s compliance with some inspection processes
  • Receive all property disclosures and consult with buyer any areas of concern
  • Negotiate any repair issues on buyer’s behalf
  • Confirm all repairs are completed by licensed & bonded contractors as applicable by law
  • Understanding Oregon Contractor Control Board rules and laws within Real Estate transactions
  • Confirm buyers are satisfied with repairs through reinspection process
  • Examine preliminary title report to ensure there are no clouds unacceptable to buyers
  • Coordinate the appraisal inspection
  • Advocate for the buyer if there are any lender or appraisal issues
  • Manage any transactional details for land sales contract, if applicable
  • Prepare a utility sheet for buyers information
  • Ensure buyer’s insurance agent has issued insurance binder
  • Ensure seller is not a foreign investor to protect buyers potential tax penalty
  • Consult with buyer regarding the closing disclosure documents
  • Schedule closing appointment with buyers and escrow closing officer
  • Ensure the closing statement is accurately calculated for buyer
  • Ensure buyer brings in the correct amount of funds at closing and in the proper form
  • Guide buyer to location of signing and preparing them for the expectations for closing
  • Present utility information sheet to buyers
  • Present keys and possession to the buyers
  • Ensure sellers leave all fixated and personal property included in the transaction for buyers
  • In the case of a rental, ensure the rent rolls and deposits have been transferred to the buyer
  • If rental, ensure sellers understand current landlord/tenant laws to ensure proper transfer of possession
  • Ensure the property is in expected condition upon possession
  • Follow up with buyers to ensure there are no surprises and help facilitate closure to any challenges
  • Ensure buyers receive their Title Insurance Policy
  • Follow up consistently to provide education, contractors, market updates and other resources that benefit our clients

We understand that the services for good Real Estate Professionals can be expensive. Here is an explanation as to why the costs have traditionally been based on a contingency fee.

Why Can Real Estate Services Be So Expensive?

There are various & substantial risks and moving parts in this industry. Here is a breakdown of the most common ones.

Agents are highly regulated as licensed professionals.

Real Estate brokers are regulated by the State of Oregon’s Real Estate Agency division with required educational hours, fiducial responsibilities, and liabilities that are often blamed on when uncontrolled circumstances prevail.

Agents stand in the middle of potential safety issues.  

It is an increasingly risky business qualifying strangers who have never met, securing and protecting the clients’ properties as people search through the intimate areas of their home.

Agents invest time & money speculating to get paid for their work

There are a lot of uncontrollable factors that determine if an agent gets paid or not.  Agents put up marketing dollars ahead of time hoping to get paid.  Our agents often invest many hours of work and up to $3500 in marketing and staging costs prior to listing a home. Agents also commute various miles serving clients with the understanding that they only get paid if the buyers and sellers agree to close the transaction, often months into the future.

Agents invest time consulting and educating clients

It can take months of consultation and research to work with clients to understand their specific needs and wants to prepare them for a successful position as well as educate them on the processes of the many moving parts of the Real Estate industry only to have some clients transition in another direction. To have a successful business, those times of working for free need to be accounted for in the big picture to continue to stay in business.

Agents are often working outside of normal hours and subject to their clients and customers schedules 

Agents do not clock on and clock off similar to a job that guarantees a paycheck.  Oftentimes schedules require agents to sacrifice their family and personal time to serve their clients. Time is of the essence so work hours often fall outside of a normal working day including evenings and weekends.

Some transactions terminate requiring a restart and oftentimes never pay out

The real estate market can shift often and quickly, which makes it highly speculative.  Some transactions fail, although agents have invested countless hours and dollars into them, causing them to begin the process all over again.

Understanding all state and federal Real Estate laws, Equal & Fair Housing laws

Industry changes continue to shape the landscape quickly and often requiring agents who are vested in their craft to understand how these impact their clients. Working to understand constant legislative changes, Oregon Construction & Contractors Board rules and Real Estate Agency laws requires attention to detail.

Good agents invest in understanding the ever changing intricacies within the lending institutions

Mortgage brokers, bankers, credit union and portfolio lending guidelines can be very different and change often. Agents work hard to understand these rules and restrictions to ensure the proper crafting of offers for buyers, and also to be able to weed out problem areas for sellers that derive from agents who do not understand how these policies affect home purchases.

Agents pay an extra self employment tax or incorporate which requires increased business overhead costs

Most agents have many office hard costs, systems and platforms to fund, association dues, agency and license fees, education costs along with paying an extra IRS tax if they are not incorporated.  If they are incorporated, then there are additional costs involving bookkeeping, corporate taxes, transit taxes, family paid leave tax, unemployment taxes, matching Medicare & Social Security taxes, and additional overhead.

Clients control if agent gets paid or not

The truth is that agents are not making the important decisions based on a successful or unsuccessful transaction.  Oftentimes clients allow their emotions to get involved, which directs their decision making process.  Agents are submissive to those decisions and if clients do not want to consummate a transaction, then agents do not get paid for the countless hours and monies they have invested.

Experienced agents have individually invested tens of thousands of dollars and millions of dollars collectively to create the platforms that help clients and customers navigate one of the most comprehensive decisions of their lives.

Through the MLS systems, automated logistical systems, and other streamlined projects agents have paved the way financially for our communities and large companies to create platforms that the Realtor® communities have led to build a network of systems and services that everyone benefits from.  Agents continue to invest in making these systems better & seamless to support our individual customers and also provide the foundations for private sectors like Zillow, Redfin, Trulia, Realtor.com and others to build their monopolies by tapping into those systems.

Competent & professional agents give great advice and direction to protect their clients from liable claims

We have many testimonies where agents have protected clients and saved them from facing litigation as well as saved them countless dollars through negotiating Real Estate transactions.

Oftentimes we do the other agent’s job

This industry is filled with so many different kinds of people.  There are a fraction that take their career seriously and run it like a business in representing their clients well.  Many others are fly-by-the night opportunists who see the potential to make money in Real Estate, but often fail to gain the knowledge and competence to handle all of the many challenges to a Real Estate transaction.  We are often in the place where we are coaching the other side to help keep our transactions alive and on through closing on time.  This extra managing of the whole transaction process takes an invested and incentivized effort.

Agents fund & advocate for common Real Estate interests for the community

Experienced and knowledgeable agents get involved on the political front fighting for homeownership opportunities, lower property taxes, protecting the Real Estate tax credits & deductions, protecting equal housing rights, and many other issues that are often overlooked by the community.

Buying or selling? We can help!

Let's Talk
Paramount Oregon Paramount Oregon
1008 12th St. SE Salem OR 97302
(503) 385-1518
© 2024 Paramount Real Estate Services
Principal Brokers & Brokers Licensed in the State of Oregon