Real Estate Listing Agent Duties, Fees, Job Description & More
Listing agents (also referred to as Listing Specialists) can help real estate team’s scale effectively, and are a welcomed member of any team looking to expand their reach. However, there are a variety of factors to consider when hiring a Listing Agent, which includes understanding their job description, when to hire one, and much more.
In this post, we will provide an in-depth look into the Listing Agent Job Description. Check out this video too.
Traditional Team Structure
For many years, the Traditional model for real estate teams has been agents either exclusively representing sellers or buyers. However, there is no “one-size-fits-all” org structure.
In fact, there has been a recent trend of teams consisting of “Hybrid” agents, which handle both listing and buyers agents.
Regardless of how a team is put together, most successful real estate teams will hire several buyers agents before they add a listing agent.
When to Add a Listing Agent
There’s no exact science in determining when a listing agent will help your real estate business.
A good rule of thumb to follow is when the amount of listing appointments starts to affect your work-life balance. When there are simply too many listing appointments to keep up with, that is a strong indicator that a Listing Agent/Specialist will help them grow their business faster.
What Does the Listing Specialist Handle?
Team leaders may still focus on their Sphere of Influence (SOI) and areas where they’ve established a presence. To accommodate a listing agent, team leaders can disperse some of their listing appointments below a certain price point. Real estate listing agent duties include preparing homes to list and close transactions.
Additionally, a Listing Agent could handle listing leads from the buyer’s agents, allowing them to focus on their specialty. Download our Real Estate Listing Agent job description here.
Compensation for Listing Agents
Let’s take a look at the two primary ways a lead agent can compensate their listing agent:
- Base Salary: Many lead agents struggle with the idea of paying a listing agent a base salary, especially when they (along with the rest of the team) are commission-based. However, a base salary is much more cost-effective in the long-run compared to treating a listing agent the same way as a buyer’s agent. Base salaries can vary, and even with a bonus ranging between 3-5%, the lead agent can actually save money. (Note: This is another reason why you want to have plenty of listing opportunities before you hire a listing agent.)
- Percentage of commissions: Lead agents feel much more comfortable treating a listing agent the same as a typical agent, but as mentioned above, paying a percentage of the commission can be vastly more expensive.
There is no right or wrong way to compensate a listing agent; it simply depends on what you value more.
What to Look for in a Listing Agent
DISC Behavior assessments can go a long way in determining the listing agent that will best suit your team.
Ideally, a listing agent should demonstrate a S-personality, especially if they are a salaried team member. S-Types will enjoy the security of a steady paycheck, will demonstrate extra care in the relationships they build, and be more prone to stick around for the long haul.
Additionally, a listing agent demonstrating some I-personality traits in conjunction with strong S-personality traits would be even more welcomed. An I-type can be influential, persuasive, and close deals during their listing appointments
Here are other posts you might like
- Open House Checklist System
- Who Should You Hire First to Build Your Real Estate Team?
- What Does a Real Estate Listing Agent Do?
- How to Find Top Talent For Your Real Estate Team
- How to Get 100 People to Call You in a Day
- Leverage Your Team to Sell More Real Estate
- Embrace Your Differences: Why You Need to Know Your Value Proposition
- Having the Right Mindset for Your Real Estate Business
- 2020 Brings Exciting New Resources from ICC
- Master Listing Presentations in 3 Easy Steps
- How to Conduct a Power Meeting With Your Real Estate Team
- Win More Real Estate Business Using Scripts
- How to Organize Your SOI Database
- The Real Truth About Online Real Estate Leads
- Who do I hire first? The Smart Way to Grow Your Real Estate Team