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WORKING IN REAL ESTATE & PROPERTY

What is a Real Estate Agent?

A Real Estate Agent or Realtor assists clients in buying, selling or renting a property.  Most estate agents and brokers sell residential and some types of commercial property. 

Agents will meet with their clients to help them decide how much they want to sell or rent their property for and will then try to get as close to or in excess of this valuation when they take the property to market. 

Agents may represent both the buyer and seller in the transaction but this is de...

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WORKING IN REAL ESTATE & PROPERTY

What is a Real Estate Agent?

A Real Estate Agent or Realtor assists clients in buying, selling or renting a property.  Most estate agents and brokers sell residential and some types of commercial property. 

Agents will meet with their clients to help them decide how much they want to sell or rent their property for and will then try to get as close to or in excess of this valuation when they take the property to market. 

Agents may represent both the buyer and seller in the transaction but this is dependent on the structure of the business as well as the deal itself.  When buying on behalf of a client, the real estate agent will meet with the client to understand what they are looking for in a property and how much they can afford.

Whether buying or selling on behalf of a client, the agent needs to be familiar with the local area, including the demographics and economy of the city, the history and culture of the area, the quality of the schooling and transportation links as well as many developments that are occurring nearby.  It is therefore imperative that realtors are experts in the knowledge of their region!

In addition to assisting clients in the purchase and sale of real estate, they can also assist in renting or managing a client's real estate portfolio for a fee. Some real estate agents will also provide mortgage brokerage services in addition to sales and renting advice.

When selling a property, real estate agents are usually paid on the successful completion of the sale and earn a percentage of the commission for each property they sell. This means that if the property isn’t sold, then it is very unlikely that the real estate agent will get a fee, so there is a big incentive for the real estate agent to make sure they can facilitate the sale of the property. The same rule applies when renting a property on behalf of a client too.

How to become a Real Estate Agent

Real estate agents usually need at least a college degree and brokers must be licensed by a state-approved pre-licensing course.  However some real estate agents and brokers can enter into the industry if they have a school leaving certificate and have undertaken comprehensive training. Some major real estate companies offer training for new realtors to gain knowledge and experience. Estate agents improve their skills through practice and repetition, and new agents work with older agents and monitor them as they work and work with them.

To obtain a license, candidates must complete a college course in real estate, pass the license exam and acquire their license however as the housing market becomes more competitive and complex, employers may prefer to hire candidates with college degrees.  Some community colleges, colleges and universities offer courses in real estate, and many others offer certificate programs.

Real estate agents and agents must be licensed in all states and these licenses are not normally transferable between states, but some states will have reciprocity agreements and accept licenses issued by other states. However each state has its own requirements for passing background checks, such as background reports and background interviews.  Normally, state licenses need to be renewed every 2-4 years, and brokers themselves need to undergo training to renew their licenses.

As real estate agents often run their own businesses, they need to learn other skills to help them in reaching out to potential customers, managing their finances and promoting their service. Since real estate agents and sales representatives spend much of their time interacting with their clients, strong interpersonal skills are crucial. To attract and retain customers, they need to be pleasant, enthusiastic and trustworthy.  Therefore realtors and brokers who want to become self-employed often attend business courses such as marketing and accounting to help them with both the promotion and administrative side of the industry. Business courses in accounting and real estate management alongside other business skills can also be useful.

Real Estate agents also mediate negotiations between sellers and buyers and deal with any concerns that customers or potential buyers may have about a property. Estate agents and intermediaries need to be able to act quickly, sometimes immediately. Estate agents themselves must be able to manage their own time, work independently and work with other agents such as estate agents, property managers and property owners.

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