Perhaps “typical workday” in real estate is an oxymoron. As many real estate agents will tell you, there is no typical workday. There are a number of tasks that must be done on a regular basis but not all of them may be accomplished each and every workday. And there is no equal division of time and activities, either. One real estate agent described the typical workday as a balance, “between daily administrative duties and income-producing activities.” Let’s look at an agent’s typical workday.
There is no way around this aspect of the real estate agent’s work day; administrative tasks must be done. Administrative activities include:
- Returning calls and emails from clients, agents, trade and service providers (including property inspectors, repair persons, financial institution representatives)
- Processing documents, agreements, lease records (completing, submitting, and filing)
- Attending meetings with colleagues
- Scheduling appointments, meetings, open houses, showings
- Creating marketing plans and collateral for promoting listings and services
- Filing records, correspondence, materials using both paper and electronic filing systems
- Data entry and maintenance of client databases
- Budget development – monthly, quarterly, and annual operations
- Maintenance of websites and social media profiles (on industry news, accomplishments, current properties, etc.)
- Research on properties that are active, pending, and sold for developing comparative market analysis (CMA) reports
Agents must carefully balance the demands of income-related and administrative activities. There is no 50/50 split of administrative vs. income-generating time. Here are some of the income-related activities that can occur on any workday:
- Lead generating is essential to an agent’s success, then turning those leads into sales. Commissions are paid on the sale, rental, or purchase of property.
- Client support requires the agent to spend time preparing a listing, taking photographs, discussing marketing strategies, showing properties, accompanying the client to property inspections and meetings with loan officers, processing contracts and sale/purchase documents, etc.
- Attending meetings with other agents and brokers to become aware of (and share)new listings, updates on current properties, and discuss client needs.
- Touring properties allows agents to be aware of properties that may be of interest to their buyer clients; touring also provides valuable information on pricing that helps agents to determine appropriate listing prices for the properties they are representing.
- Home evaluations must be done to note details and points of interest that will help the agent effectively market a property. The agent may also be involved with home staging and monitoring repair and restoration work.
- Education – most states require licensed real estate agents to earn continuing education credits as part of maintaining their active license status. Some agents also choose to expand their skills and industry knowledge to improve their marketability.
- Open houses and showings -agents host open houses for their property listings and schedule and accompany clients on tours of other agents’ listed properties.
- In addition to all those activities, real estate agents spend time as educators and therapists, throughout the selling or buying process and when something doesn’t go according to plan.
Some days will be spent almost entirely on administrative activities and other days will be spent in the field with clients, colleagues, and others connected with the real estate industry. This variety is what appeals to many real estate agents – there is no typical workday!
by Bill Len