REAL ESTATE
REAL ESTATE BROKER
Different types:
Dual or limited agency
Transaction brokers
Agency relationships with clients versus non-agency relationships with
customers
Real estate broker (or, in some states, qualifying broker)
Real estate salesperson (or, in some states, Real estate broker)
The difference between salespersons and brokers
An example of Broker’s are
these guys from the TV
Show Million Dollar Listing.
HOW THEY GET PAID
Real estate agents and broker get paid through a commission. The property
that they are selling is sold for a certain amount of money which is then taken
and 7% is used for commission for the Real estate/broker’s pay. Broker’s can
shuffle how much they want to have as far as commission goes. An example
of this would be Homeowners ask agent Mary to sell their house for $200,000.
Mary works at Superlist Brokerage. There is agreement on 7 percent
commission. Frank, a selling agent at Bigbuy Brokerage, brings his clients to
see the house and they purchase it for the asking price. The total commission
will be $14,000, taken out of the sales price at the closing. In this case it is
divided evenly between Superlist and Bigbuy. Mary, a highly successful agent
for Superlist, receives 75 percent of the brokerage's $7,000 commission, or
$5,250. Frank, a beginning agent, receives 30 percent of Bigbuy's $7,000
commission, or $2,100.
SPECIFIC EDUCATION
Most states do not require a college degree to get a real estate license. You just
do a class and then take a state exam. In my home state, the initial class in a 75
classroom hour program, which will get you a provisional broker's license
(assuming you pass the state exam). After that, you take three 30 hour courses
to graduate to a full broker's license.
It’s a great addition for a real estate’s career if they have a Business Degree.
The more education is the better because you want to be prepared for you
career and hopefully be very successful in doing it.
THE JOB
This career would appeal to people who are ready to have a fun time. It’s a
very stressful job but there are many benefits. The career are for people who
love to sell properties and to socialize with competition and employers. The
job would be appealing to people who like to get dressed up and fancy for
their everyday job.
HOW THEY WORK WITH OTHER
COMPETITION
Many different Real Estate/Broker’s use their competition as an asset. In
today’s market, it’s quite difficult to work alone. Many Brokers use their
competition to their advantage. For example, if one broker has a property in
which they are selling, they can talk to other brokers and find clients who are
interested through them. The competition in Real Estate is quite high because
as a Broker who have to finish things as quick as possible. If you don’t do
your job properly, your employer will replace you as soon as possible with
your competition.
SKILLS
How to pre-qualify real estate clients to be sure they are ready to buy
How to tour properties with your clients
How to help real estate buyers determine an offer price
How to present a real estate offer that is most likely to be accepted
How to present your real estate services to potential sellers
How to stage a home to sell more quickly
How to market a home for sale using:
The Multiple Listing Service (MLS)
Fliers and print ads
Virtual tours
How to host an open house (they're not really about selling that property!)
How to handle offers and counteroffers on your real estate listing
How to close the transaction
Common problems and how to avoid them
WHY WOULD SOMEONE WANT
THIS JOB?
This certain career is in high demand in today’s Real Estate market. Cities such
as New York or Vancouver are promising places because of they home
markets. New York’s and Vancouver’s properties are some of the most
expensive in Northern America. It’s a booming market and many people are
becoming Real Estate agents.
SUPPLIES NEEDED
How to select the supplies and equipment you'll need as a real estate agent
A checklist of emergency "on the go" supplies to keep in your car
Choosing the right real estate office for you
Determining your needs:
A list of important questions to ask the office manager or broker
Negotiating commissions and compensation
Developing a professional image as a real estate agent
Creating a professional portfolio to show clients (even before you start
working)
BIBLIOGRAPHY
Works Cited
"How much do commercial real estate brokers/agents make per year? - Yahoo! Answers."
Yahoo! Answers - Home. N.p., n.d. Web. 10 May 2012.
<http://answers.yahoo.com/question/index?qid=20090502010912AA7cIE7>.
"Million Dollar Listing." MDL. N.p., n.d. Web. 3 Jan. 2012.
<static.tvguide.com/MediaBin/Content/120312/News/3_wed/120314mag-Lorber1.jpg>.
"REIC." REIC. N.p., n.d. Web. 16 May 2012. <http://www.reic.ca/en/home.cfm>.
"Real estate broker - Wikipedia, the free encyclopedia." Wikipedia, the free encyclopedia. N.p.,
n.d. Web. 10 May 2012. <http://en.wikipedia.org/wiki/Real_estate_broker>.
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