Learn the buyer’s agent job description, compensation plan & organizational structure for the buyer’s agent position on real estate teams. Real estate teams frequently experience difficulty and high turnover with buyer’s agents. Often times these challenges arise due to a lack of clear expectations and production standards that a buyer’s agent job description should provide. It is also essential that a buyer’s agent’s compensation be in alignment with leads and support provided by the team. The real estate team’s organizational structure should also allow the buyer’s agent a path for growth into a lead buyer’s agent position or permit the buyer’s agent to eventually bring on showing assistants to increase the buyer’s agent’s production an income. Before examining our Sample Buyer’s Agent Job Description below, watch as real estate coach and trainer Brian Icenhower explains the duties and responsibilities of a Buyer’s Agent in this video.
SAMPLE BUYER’S AGENT JOB DESCRIPTION
Buyer’s Agent Job Duties & Responsibilities
- Prospect for both seller and buyer leads, convert leads to appointments & close for buyer agency agreements.
- Conduct a thorough needs analysis to ensure fiduciary service to all buyer clients.
- Ensure that buyer clients are pre-qualified with mortgage lender.
- Show homes to prospective home buyer clients.
- Identify homes to show that meet buyers’ criteria.
- Schedule showings of homes with buyer clients, listing agents and/or home sellers.
- Refine buyers’ criteria and select additional homes to show as necessary.
- Write & submit all offers to purchase homes for buyer clients.
- Negotiate offers to purchase and oversee entire negotiation process.
- Schedule and attend on-site property inspections with clients and vendors.
- Negotiate all inspection repairs.
- Provide buyer clients access to homes under contract as needed for measuring, inspecting & etc.
- Promptly return all buyer client telephone calls, texts and/or emails.
- Gather and answer buyer questions about potential homes and local community information.
- Provide buyer clients pricing information and market research.
- Educate buyer clients about home buying process.
- Regularly assure buyer clients that lead agent is involved & informed – Promote the team concept
- Keep lead agent informed on all client communications and developments (copied on all emails & update notes in CRM).
- Close buyer clients to written offers to purchase.
- Train, mentor and assist in the hiring of additional buyer’s agents and showing assistants.
- Communicate diligently with administrative staff to ensure the highest level of service to buyer clients from initial contact through contract to close.
- Regularly attend team meetings.
- Attend all office training for working with buyer clients.
Buyer’s Agent Production Expectations
- Lead Sourcing – Buyer’s Agent is expected to generate an equal amount of leads & closed transactions from Buyer’s Agent’s own Center of Influence (COI) and general prospecting efforts to match the number of leads & transactions generated by the team an ultimately closed by Buyer’s Agent.
- Team Generated Leads – (definition) Apply the “But-For Test”: But for the existence of the team & it’s listings, would the lead have been generated? So inbound calls from signs on listings and internet inquiries from online listings would be considered Team Generated Leads since but for the team & the listings they would not have been generated in the first place.
- Buyer’s Agent Generated Leads – (definition) Leads generated from Buyer’s Agent’s own COI and other prospecting efforts like Expired Listings, For Sale By Owner (FSBO), Just Listed/Just Sold contacts and etc. Any listings generated by Buyer’s Agent will be counted as Buyer’s Agent Generated Leads for sourcing purposes too.
- Activity Tracking – Buyer’s Agent is expected to input & report all prospecting and client servicing activities regularly for accountability and to keep the rest of the team informed.