A realtor represents a real estate broker and helps clients buy, sell or rent properties for a portion of commission. They determine competitive market prices and compare properties in order to advise clients on relative information like market conditions and mortgages. Often times, realtors need to persuade others and be able to negotiate for their buyers and sellers.
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How to Become a Realtor
A realtor is expected to hold at least a high school diploma and must complete required real estate courses in addition to passing a licensing exam. It is becoming more common for employers to hire candidates with college degrees or college courses to meet the challenges of a competitive market. Some community colleges, state colleges, and universities offer courses in real estate finance, business administration, economics, and law classes that are related to real estate legal processed. This can may lead to an associate’s or bachelor’s degree.
All states require realtor and realtor brokers to become licensed to practice. Requirements may very from state to state, but most likely all of them will require you to be 18 years of age, pass an exam, and complete some type of real estate curriculum. Licensure does not usually transfer outside of the state your reside in. This means, you will need to reapply if you change residency from one state to another.
Job Description of a Realtor
Realtors provide details of property for listing or buying, such as, location, features, size and price. They advertise property and hold open houses and show renters or buyers the property of interest. He or she negotiates the sale between buyer and seller, ensures all terms of purchase are met and prepare all documents needed to finalize the transaction, like, purchase agreements, deeds and loyalty contracts.
A realtor should remain current on the real estate market and be familiar with local communities.Examples may include what schools there are, crime rate, and shopping that may be in the area. They need to have knowledge of zoning, government programs, fair housing laws, and financing options. They need business skills, interpersonal and organizational skills and problem solving abilities.
Realtors should feel comfortable talking to individuals, have strong time management skills, and have good interpersonal abilities. Due to a competitive market one must also be assertive, but at all times have a professional demeanor and keep their clients interest in mind. Over half of realtors are self employed and work in office settings. However they often times are showing homes or properties, therefore traveling and being on the road is common. In addition they work full time, but many work more than 40 hours. Weekends, evenings, and holidays are required to accommodate buyers and client’s schedules.
Real Estate Career Video Transcript
Whether they represent the people who want to buy property or those who have property to sell, real estate brokers and sales agents help clients find the property they’re looking for, and complete successful transactions. Most agents and brokers work with either homes or business properties. They show properties to customers, travel to see properties for sale, and meet with potential clients. They also present purchase offers, and manage negotiations between buyers and sellers.
Agents and brokers invest a lot of time looking for clients, and for property to sell. Real estate sales agents must work for brokers, who are licensed and own their own businesses. Agents earn a commission from the sales they make. Many brokers operate a real estate office, handling business details and overseeing the work of sales agents. Many real estate sales agents and brokers work over 40 hours per week including evenings and weekends. Some work part time and set their own hours, combining real estate activities with other careers. Licensure is required for all brokers and agents, along with state-accredited coursework.
In most states, a broker’s license requires from one to three years’ experience as a licensed real estate sales agent. Some employers prefer candidates who have a college degree with courses in real estate, business, finance, law and economics.
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Real Estate Brokers and Sales Agents.
National Center for O*NET Development. 41-9022.00. O*NET OnLine.
The career video is in the public domain from the U. S. Department of Labor, Employment and Training Administration.