10 (More) Things a New Agent Should Focus On . . .
This post is inspired by a recent feature of Jeff Pearl's "10 Thinkgs A New Agent Should Focus On . . . '
Of course, each of us will have our 10 "things" of wisdom to impart, and Jeff's post is about the technical must haves to focus on. I like that Jeff mentioned "FOCUS ON" in his title. Yes, boys and girls . . . focus, focus, focus!
My post is about the no cost things a new agent should be focusing on.
So in no particular order:
1) Know and understand the 7 Fiduciary Duties of a real estate agent. Oh, heck, first focus on what a Fiduciary truly is! Then learn the seven duties by heart! What is a Fiduciary?
- Loyalty
- Obedience
- Disclosure
- Confidentiality
- Reasonable Care
- Diligence
- Accounting
2) Read the Listing Agreement. As an Exclusive Buyers Agent, I haven't taken a listing in over 9 years. But focus should be on reading what CONTRACT your brokerage is going to use to establish a real estate agency relationship with the owners/sellers. Understand what your duties are to the Sellers/Owners. Understand the legal terms of the Listing Agreement.
3) Read the Sales Agreement. Our purchase agreements are called Sales Agreements. New agents need to read EVERY WORD and understand EVERY WORD. They need to be able to run down the Sales Agreement forth and back when representing a buyer, especially. Since the Buyers are usually the one initiating the offer, read the Sales Agreement . . . know what legal language it contains. Understand key legal terms: "As Is" provisions, time-lines, contingent clauses, etc.
4) Know and understand the legal concepts of Real Estate Agency representation. You are the agent and your client is relying on you. What are the client's duties under the Contract? What are the client's time frames? What are the client's performance under the contract. YOU are advising them . . . you better know!
5) Know and understand every form, contract, addendum, agreement, documents that may be used while you are representing a client. When you are representing a client, you will be relied upon to use the proper forms, documents, etc. Know what they are. Understand what you are having your clients sign.
6) Read and understand the NAR Code of Ethics and Standards of Practice. How we take on "representation" is very important. Are we offering "customer" level service or "client" level service? Duties to the general public, duties to other NAR Members . . . it's all right there. National Association of Realtors(r) Code of Ethics
7) Read your local MLS Rules & Regulations. Are listing agents in compliance with the rules when you've entered into a mutually accepted offer? How do you know if you don't know what the rules are? What are the status of a listing in your MLS? What are the time-frames of changing status? Why is that important?
8) Attend FREE continuing education seminars. The more you attend, the more you know PLUS, you'll have your continuing education hours up-to-date when it's time to renew your license.
9) Become active in ActiveRain. Yup, you don't have to hold a paying RainMaker account -- but you should! The best real estate education can be found right HERE! I've learned so much, and continue to learn. Focus on what your industry is doing. Focus on what other real estate practitioners are accomplishing!
10) Understand the BASIC laws of your States' Real Estate Agency. All states will have statutes or ordinances governing real estate agents who are licensed in the state. Understand your state licensing laws. Read the licensing laws and know what they mean as they pertain to your license.
and a freebie . . .
* Focus on KNOWLEDGE. Knowledge of your local market, knowledge of the standard of practice in your local market . . . your knowledge will grow and expand. As the markets change, and they will, change with them.
Most, if not all, of this can be done online.
Consumers/Clients/Customers do not REPRESENT themselves in their real estate purchase. As a licensed real estate agent, you DO represent Clients and you hold some degree of accountability to the general public, i.e., consumers and customers. You are the expert. You need to know how to represent your clients. They do not know how to represent themselves.
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