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One
of the most complex and significant financial
events in peoples’ lives is the purchase
or sale of a home or investment property. Because
of this complexity and significance, people typically
seek the help of Real Estate Brokers
and Sales Agents when buying
or selling real estate.
Real Estate Brokers and sales
agents have a thorough knowledge of the real estate
market in their communities. They know which neighborhoods
will best fit clients’ needs and budgets.
They are familiar with local zoning and tax laws
and know where to obtain financing. Agents and
brokers also act as intermediaries in price negotiations
between buyers and sellers.
Real estate agents usually are
independent sales workers who provide their services
to a licensed real estate broker on a contract
basis. In return, the broker pays the agent a
portion of the commission earned from the agent’s
sale of the property. Brokers are independent
businesspeople who sell real estate owned by others;
they also may rent or manage properties for a
fee. When selling real estate, brokers arrange
for title searches and for meetings between buyers
and sellers during which the details of the transactions
are agreed upon and the new owners take possession
of the property. A broker may help to arrange
favorable financing from a lender for the prospective
buyer; often, this makes the difference between
success and failure in closing a sale. In some
cases, brokers and agents assume primary responsibility
for closing sales; in others, lawyers or lenders
do. Brokers supervise agents who may have many
of the same job duties. Brokers also supervise
their own offices, advertise properties, and handle
other business matters. Some combine other types
of work, such as selling insurance or practicing
law, with their real estate business.
Besides making sales, agents and brokers must
have properties to sell. Consequently, they spend
a significant amount of time obtaining listings—agreements
by owners to place properties for sale with the
firm. When listing a property for sale, agents
and brokers compare the listed property with similar
properties that recently sold, in order to determine
a competitive market price for the property. Once
the property is sold, both the agent who sold
it and the agent who obtained the listing receive
a portion of the commission. Thus, agents who
sell a property that they themselves have listed
can increase their commission. |
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Most
real estate brokers and sales agents sell residential property.
A small number—usually employed in large or specialized
firms—sell commercial, industrial, agricultural, or
other types of real estate. Every specialty requires knowledge
of that particular type of property and clientele. Selling
or leasing business property requires an understanding of
leasing practices, business trends, and the location of the
property. Agents who sell or lease industrial properties must
know about the region’s transportation, utilities, and
labor supply. Whatever the type of property, the agent or
broker must know how to meet the client’s particular
requirements.
Before showing residential properties to potential buyers,
agents meet with them to get a feeling for the type of home
the buyers would like. In this prequalifying phase, the agent
determines how much the buyers can afford to spend. In addition,
the agent and the buyer usually sign a loyalty contract which
states that the agent will be the only one to show houses
to buyers. An agent or broker then generates lists of properties
for sale, their location and description, and available sources
of financing. In some cases, agents and brokers use computers
to give buyers a virtual tour of properties in which they
are interested. With a computer, buyers can view interior
and exterior images or floor plans without leaving the real
estate office.
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One important role is the liaison between the landlord and
the tenant. Duty of property management companies incorporate
accepting rent, responding to and addressing maintenance issues,
advertising vacancies for landlords, and doing credit and
background checks on tenants. The many facets to this profession
include participating in and/or initiating litigation with
tenants, contractors and insurance agencies. Litigation alone
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Advances in telecommunications and the
ability to retrieve data about properties over the Internet
allow many real estate brokers and sales agents to work out
of their homes instead of real estate offices. Even with this
convenience, much of the time of these workers is spent away
from their desks—showing properties to customers, analyzing
properties for sale, meeting with prospective clients, or
researching the state of the market.
Agents and brokers often work more than a standard 40-hour
week. They usually work evenings and weekends and are always
on call to suit the needs of clients. Although the hours are
long and frequently irregular, most agents and brokers have
the freedom to determine their own schedule. Consequently,
they can arrange their work so that they can have time off
when they want it. Business usually is slower during the winter
season. |
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