Real estate agents rely on their sphere of influence to find clients, including family, friends, business associates, and social media connections. They also run background checks on potential clients to ensure they are safe to work with.

Depending on state laws, they will represent either buyers or sellers, communicating with all parties involved in the transaction and shepherding a deal through closing.

They Know the Local Market

Real estate agents have a thorough understanding of the local housing market. This is particularly important for a specific property type or community. For example, an agent specializing in selling lofts in the city will have intimate knowledge of local trends, laws, and what buyers are willing to pay for this type of space.

They also know how to interpret local data, such as how long properties have been on the market and how much home prices fluctuate. This information can help sellers position their homes to sell at the best possible price.

Additionally, real estate agents understand how to build a network within the local community by attending and sponsoring events. This helps them become familiar with the area and builds trust with potential clients. They can also provide useful resources, such as local market reports and school district guides, to establish themselves as a neighborhood expert. This can make them a trusted resource for both homebuyers and sellers. This is especially important in a competitive market where many homeowners want to sell their homes quickly and for the best price.

They Can Help You Find a Home

If you’re looking to buy a property, real estate agents can help you find homes for sale in your price range and location. They can also recommend properties and show you houses for rent. They can advise you on mortgage rates, home valuations, and local market trends.

A good agent will have a network of people working in the real estate business. These could include mortgage lenders, inspectors, and title or escrow agents. They also have a database of potential buyers they can refer to.

When representing sellers, real estate agents can provide data on the local market to help them determine a competitive listing price. They can also advertise properties for sale, hold open houses, and post-for-sale signs to attract prospective buyers.

When evaluating an agent’s credentials, ask for referrals from previous clients. This will give you a sense of their level of service and expertise. Also, know that some agents may not represent your interests as a buyer or seller; they may be dual or transactional agents who work with both parties to a deal but have no fiduciary duty to either party, reports the Consumer Federation of America.

They Can Help You Sell Your Home

Real estate agents can provide expertise and insight on property transactions, helping clients buy or sell homes. Since a home is usually the largest asset most people will ever own, successfully navigating a sale can significantly impact their financial future.

Real estate agents have access to market data to help them determine the right price for a house. They can also help sellers make presale prep suggestions, such as taking care of repairs that will turn up on a home inspection or decluttering and staging the home.

They can also negotiate on your behalf and handle any last-minute issues during a transaction. For example, if a buyer wants to change the closing date or asks for an extension on the loan approval process, your agent can talk to the other party’s agent to see if any compromises can be made.

Real estate agents are full-time professionals who deeply understand the local real estate market. They’re also dedicated to their clients and are committed to helping them find the perfect home or sell the one they no longer need.

They Can Help You Find a Lender

Real estate agents can often recommend loan officers knowledgeable about the local housing market. They also look for lenders who prioritize customer service, are transparent with applicants, and can attend property showings and open houses.

Agents can help buyers find homes that meet their needs and stay within their budget by preparing them for a mortgage and showing them properties on the market in their price range. They can also help buyers negotiate with the seller and prepare paperwork for the closing process.

When choosing a real estate agent, ask for referrals from friends or family members who have previously worked with them. You should also check the agent’s licensing status to ensure they are in good standing and have no disciplinary actions on record.

Depending on state law, an agent can represent either the buyer, seller, or both parties in a real estate transaction. In the case of dual representation, the agent must disclose this fact to both clients and work diligently to ensure that both sides are satisfied with the final results.

They Can Help You Get a Loan

Real estate agents work with clients and lenders to ensure buyers are preapproved for a mortgage before looking at homes. This helps to speed up the home-buying process by reducing the number of properties a buyer has to look at, and it also shows homeowners and sellers that a buyer is serious about making an offer.

Also, real estate agents can help guide buyers through loan applications and closing. They can answer questions about different types of loans and recommend lenders that best suit their client’s needs.

To build strong business relationships with real estate agents, loan officers should focus on building trust and demonstrating their expertise. For example, they can do this by offering education and guidance on financing options, being available to answer questions, attending open houses and showings, and providing timely information on a borrower’s loan application status. A solid partnership with local real estate agents can lead to more referrals and a better reputation for their lender brand.