As a real estate information source, we are writing to provide insight on real estate agents, buying, selling and renting property, investing in property and current updates in the field. As this is our first post, we thought we would get right down to basics… what is the role of the real estate agent. So let us begin…
Who is a real estate agent?
A real estate agent is the person who intermediates between buyers and sellers of real estate property by trying to find people who want to sell and potential buyers who wish to buy the real estate. In short, the work of the real estate agent is to market real estate’s on behalf of clients. He or she is also referred to as a real estate broker. Every country or state requires the agent or rather the broker to be licensed otherwise any activity he/she carries out will be termed as illegal. The candidate must be at least 18 or 19 years of age, must have a diploma from a recognized high school and successfully completed real estate courses.
Six steps to becoming an real estate agent
Being a successful real estate agent is not automatic. It takes researching and study in order to pass the licensing exam. Here are some overlooked aspects of the business.
You have to be educated in the field. Requirements may differ greatly from state to state. Sometimes some agencies require additional courses for them to hire you.
A brokerage is an office or agency in which one is required to practice as a real estate agent .usually done before graduation.
This has to be after passing the exams and checking for any criminal records. Just to show that you are working legally.
Develop a budget for a real estate agent-becoming a real estate agent is not cheap. Due to the start up fee. More so real estate is a commission based business so one must have enough money to get he/she going for a few months.
Always make a real estate agent/realtor decision.-for one to become a “realtor” they must join the National Association Realtors (NAR) usually done through the brokerage.
6. Client Base
Must build your client/referral portfolio-the best way to do that is getting a mentor. He/she helps you get and learn the profession from them while you gain the first commission checks.
Services that real estate agents offer.
- Facilitating purchase-guiding a buyer through the process.
- Comparative Market Analysis (CMA)-the home’s value are usually an estimate with others. This is usually different from appraisal in that it can be taken into consideration just for competition.
- Facilitating a sale-guiding a seller through the process of selling.
- Total market overview-it’s an objective way for determining the value of the home.
- Exposure-this involves advertising and marketing a real estate to buyers.
- Home selling kits-offering advice on how to sell and market a property.
- Offering hourly consulting a fee based on the needs of the client.
- Managing property.
- Leasing for a percentage or fee of the gross lease value.
- Exchanging property.
- Auctioning property
Now that you are aware of the process of becoming a real estate agent, watch this space for tips on how to choose the right real estate agent to sell or rent your property.