What Does a REALTOR® Actually Do During a Real Estate Transaction?

If you’ve ever bought or sold a home, you may have wondered: What exactly does a REALTOR® do during the transaction?

There is a lot more happening behind the scenes than opening doors, putting a sign in the yard, or sending over a contract. A real estate transaction can involve contracts, deadlines, inspections, financing, title work, appraisals, negotiations, disclosures, and communication between numerous parties.

While every transaction is different, here’s a look at some of the ways a REALTOR® may help guide buyers and sellers from the beginning of a transaction all the way to closing.

Before the Contract

For buyers, the process often begins with discussing what they are looking for in a property, reviewing available listings, coordinating showings, and helping them understand the buying process.

A REALTOR® can also help buyers understand current market conditions, discuss comparable sales, and prepare an offer when they find a property they would like to purchase.

For sellers, there is plenty of work before a property ever hits the market. This may include reviewing comparable properties, discussing pricing and marketing strategies, gathering property information, preparing required paperwork and disclosures, coordinating photography, entering the property into the MLS, and marketing the listing.

Preparing and Negotiating the Contract

Once a buyer is ready to make an offer, their REALTOR® can help prepare the appropriate real estate forms and explain the terms and deadlines contained in them.

Depending on the transaction, negotiations may include more than just the sales price. The parties may negotiate items such as closing dates, option periods, seller contributions, repairs, personal property, surveys, title expenses, and other terms.

A REALTOR® can communicate offers and counteroffers and help their client evaluate the terms so the client can make an informed decision.

REALTORS® are not attorneys and cannot provide legal advice. When a question requires legal interpretation or advice, a client may be encouraged to consult with a qualified attorney.

Keeping Up With Important Deadlines

Once a contract is executed, the clock starts ticking.

Real estate contracts can contain numerous deadlines, and missing one can have consequences. Depending on the transaction, these may include deadlines involving earnest money, option fees, inspections, financing, appraisals, title documents, objections, repairs, and closing.

One of a REALTOR®’s important roles is helping their client stay aware of the dates and responsibilities that apply to their transaction.

Coordinating Inspections

During the applicable inspection or termination period, a buyer may choose to have the property inspected by qualified professionals.

The REALTOR® may help coordinate access to the property and communicate with inspectors, the listing agent, and the buyer.

If the buyer has concerns after reviewing inspection information, the REALTOR® can help communicate requests or negotiate potential amendments when appropriate.

The ultimate decisions regarding inspections, repairs, and whether to proceed with the transaction belong to the client.

Communicating With the Lender

When financing is involved, communication with the lender can be an important part of keeping a transaction moving.

A REALTOR® may stay in communication regarding important milestones such as financing approval, appraisal scheduling, required documents, and anticipated closing.

The REALTOR® does not make lending decisions, but good communication among the buyer, lender, title company, and real estate professionals can help everyone stay informed throughout the process.

Reviewing Title and Survey Information

The title company plays an important role in a real estate transaction. During the contract period, buyers may receive documents such as a title commitment and survey.

A REALTOR® can help make sure these documents are received and that applicable contractual deadlines are being tracked.

Questions involving ownership, liens, easements, restrictions, boundary issues, or legal interpretation may need to be addressed by the title company, surveyor, attorney, or another appropriate professional.

Handling the Appraisal Process

When a buyer is obtaining financing, the lender may require an appraisal.

The REALTOR® may coordinate property access for the appraiser and monitor the transaction for completion of the appraisal. Depending on the results and the terms of the contract, additional communication or negotiation may be necessary.

An appraisal is an independent opinion of value, and a REALTOR® does not control the appraiser or the final appraised value.

Keeping Everyone Communicating

A single transaction can involve quite a few people.

Depending on the circumstances, that could include:

• The buyer
• The seller
• Buyer’s agent
• Listing agent
• Lender
• Title company
• Inspector
• Appraiser
• Surveyor
• Contractors
• Attorneys or other professionals

Your REALTOR® often serves as one of the central points of communication, helping information get to the appropriate parties and keeping track of what still needs to happen before closing.

Preparing for Closing

As closing approaches, there are still several items to coordinate.

A REALTOR® may help confirm that agreed-upon contractual items have been addressed, communicate with the title company and lender, coordinate the final walk-through, and help the client understand what to expect on closing day.

For buyers, the final walk-through is typically an opportunity to view the property shortly before closing and confirm its condition as provided for under the contract.

And Finally… Closing Day!

Closing is the moment everyone has been working toward, but getting there requires a lot of coordination behind the scenes.

The title company generally handles the signing and settlement process, while the REALTOR® remains available to assist with transaction-related questions and help address issues that may arise.

Once the transaction has funded and the appropriate requirements have been completed, keys can be delivered according to the terms of the transaction.

A REALTOR® Is There to Help Guide the Process

Buying or selling real estate can involve a lot of moving pieces. A REALTOR® helps clients navigate the process, communicate with the parties involved, understand contractual timelines, negotiate when necessary, and work toward a successful closing.

No two real estate transactions are exactly alike. Some are relatively straightforward, while others encounter unexpected issues along the way. Having a knowledgeable real estate professional involved can provide valuable guidance and communication throughout the process.

Thinking about buying or selling in Central Texas?

Norman Lifestyle Properties is here to help you understand the process and navigate your next real estate transaction.

Norman Lifestyle Properties
We sell a way of life.

This article is provided for general informational purposes only and is not intended to provide legal, tax, lending, inspection, appraisal, surveying, or other professional advice. Real estate transactions and contractual obligations vary. Consumers should consult the appropriate licensed or qualified professional regarding questions specific to their circumstances.