The real estate industry comprises the buying and selling of properties, buildings, and land.
In this sense, a Real Estate Agent is in charge of executing such operations, having the option of working for a real estate agency or autonomously or independently.
As soon as an owner wants to sell, they have two options: find a buyer, negotiate and process the entire process themselves, including the relevant paperwork, or hire a specialized agency to channel the whole process.
After closing the sale of a property, the real estate agent receives a percentage of the total amount of the final sale price; Such commission varies according to the agency, the agreement with the original owner, the type of property or as established in the applicable legislation.
HOW TO BE SUCCESSFUL AS A REAL ESTATE AGENT
Real Estate Agents require several particular skills to be successful; some of them are innate, while others can be worked on and refined in practice. Those who aspire to work in this profession must have completed their high school studies. Likewise, those who have previously obtained special certification in the area that guarantees that they are familiar with the legal procedures applicable to the matter are preferred.
WORKING PRINCIPLES/FUNCTIONS OF A REAL ESTATE AGENT
- Receive sales offers from owners.
- Inspect and perform the property appraisal, for which they must contact Real Estate Appraisers.
- Determine the estimation of the land, and arrange the cost with the vendor, utilizing past deals in the territory as references.
- Establish a prior agreement with the purchasers to set up commissions.
- Make the installment relating to your administrations to buyers.
- Manage the administrative work relevant to the office:
- Prepare provides details regarding deals and goals accomplished.
- Keep track of current, recurring, and past customers.
- Deliver point by point writes about the exercises, presentations, visits, and evaluations.
- Keep a record of sales, buyer information, final sale price, and commissions.
- Complete the necessary paperwork to close the deal.
HOW LONG IT TAKES TO BE A REAL ESTATE AGENT
Now that you know how much money a real estate agent makes, it is worth asking how long does it take to reach that salary? According to the real estate agents we interviewed, their first year was their lowest-earning.
This means that it is very difficult to make money right away as a real estate agent.
Being a real estate agent is like a business. It takes time and a lot of effort to build a business. In the beginning, you have to work hard and start from scratch. You must get clients in order to earn your commission.
However, things seem to improve after the first year. The real estate agents interviewed comment that in their second year they were able to double their money and some earned up to 3 times their initial commission.
For the 3 real estate agents who make more than $ 100,000 a year, it took them at least 6 years to reach this level.
The average salary for a Real Estate Agent in the United States of America is $ 80,989 per year or $ 49 per hour. This is about 2.2 times more than the median wage in the country. Entry-level positions start at $ 90,000, while most experienced workers go as high as $ 10,0000.
Staying in touch with trends could mean learning about the latest real estate technology to help real estate professionals, such as smartphones, tablets, and how to effectively use social sites like Facebook and Twitter. Staying in touch with trends also involves local real estate trends, such as what local buyers are looking for in your area or the next community event that may influence real estate sales.
WHO IS A GOOD REAL ESTATE AGENT
For some people, a good real estate agent is the one with the most money, regardless of what methods are used to be successful. For other people, a decent realtor is one who respects his guardian obligations and puts the requirements of his customers before his own necessities. Perhaps, a good real estate agent is actually one who is capable of making a great deal of money and still fulfilling his fiduciary duties to his clients.