Job Description - Real Estate Agent

I love explaining what I do because I am not your traditional real estate agent. I work specifically for investors that buy and remodel old homes. Because of this, my job is heavily based on market research and calculations that predict whether or not a property will be profitable after it is remodeled.

There are three descriptions that summarize what a real estate agent at my brokerage does:

·      Decision Maker

·      Tour Guide

·      Intermediary

Decision Maker

Real estate agents are decision makers because we need to decide whether or not to make a move on a property – will our investors find value in this, or will they pass it up? We do the following research to either support or reject a potential property:

·      Use similar, sold homes to calculate the true value and compare it to the price of the property for sale

·      Estimate the $ amount to completely remodel the property

·      Use newly remodeled, sold homes to calculate the After-Rehab Value (ARV)

ARV is just a fancy acronym for saying what the property is worth after it is remodeled. If the ARV is 20% higher than the listing price, then our investors will want it!

Here is a quick example to illustrate the decision-making criteria above. Let’s say one of my investors is looking to buy in the USC area. I would find an available property, estimate what it would cost to fully remodel it, then find out what newly remodeled properties have been selling for in the area. If the newly remodeled property can fetch at least 20% more - so if it’s for sale for $800k and after the remodel we can sell it for $960k, then I will write up an offer to secure the property. This is the most important part of my job, because if my judgment is incorrect then my company loses money.

Tour Guide

Real estate agents are tour guides for the following reasons:

·      Experts on the property and the local area

·      Lead people by walking them through places they have never been before

·      Try to persuade by promoting the most positive things about these new places

As you can see this part of my job is identical to what a tour guide does. Instead of showing you a new exotic spot in Mexico, I am showing you an old home that has a lot of potential. In addition to giving my investors a tour, I also show them my market research and calculations from the decision maker role.

Intermediary / Coordinator

Real estate agents are intermediaries because we help people reach an agreement by acting as a communication link. Real estate agents at my brokerage:

·      Manage all documents for the transaction between the buyer and the seller

·      Manage all communication with escrow, title, notary, and other agents

·      Find ways for both sides to compromise to ensure the deal goes through

In this part of my job, I am in constant contact with everyone involved in the deal to make sure we are all on the same page. When the deal is complete, I will have a folder that has easily over 150 pages of signed legal documents. The annoying part is that most of the time I have to manually print, sign, scan, and send every piece of paper. But besides that, I love this intermediary role because I get to use my negotiation skills to obtain the best deal possible.

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