People often use words borrowed from other languages, and only in general terms represent their meaning. Realtor is one of these terms, which appeared in Russian from the English abbreviation Realtor, which means the phrase “real estate agent”. In this article, we will take a closer look at who a realtor is and what he does.
Pros and cons of the profession
Each of you probably knows that the position of a realtor is related to real estate. Many people think that a professional is only engaged in the selection of real estate suitable for a client, but in fact he has much more tasks.
Being an agent, like any other position, has its advantages and disadvantages. We suggest that you consider a description of the pros and cons of the profession before you decide to connect your life with it.
First, consider all the positive aspects of the work.
- The freedom of action. The level of salary depends only on how much you work and how you evaluate your work. The agent has the ability to decide in which city or country to operate. The amount of time you spend communicating with customers and working with official papers is also determined by you. However, if you plan to build a career in this area, you must always put in the effort, execute trades quickly and efficiently, and not allow yourself to relax.
- Additional income. The schedule, determined by the employee himself, allows you to make the lesson an additional part-time job. Of particular interest is this opportunity for students who can easily combine education and part-time work. For busy people, this is an opportunity to try something new and take the first step towards changes in life.
- No age restrictions. Starting from the age of 18, each person can try himself in this position. Realtors are not always young people, if you are going to try yourself in this profession, age should not limit you.
- Ease of learning the job. Even a person who does not have the appropriate education can build a career in the realtor profession.
- Search for real estate on favorable terms. The advantages also include the ability to find a house, apartment or land for yourself, because a professional thoroughly studies the real estate market.
Now consider the negative aspects of the profession.
- No salary. Work is not suitable for those people who are accustomed to a stable, equal income. The salary depends only on the quantity and quality of transactions performed by the realtor. If a person has a sense of purpose and diligence, the absence of a fixed salary becomes a plus, because he can earn much more than the established amount.
- stressful situations. The duties of the employee include communication with customers, which increases the risk of conflicts. Being an intermediary for the sale of real estate is not an easy job, you need to have a character that is resistant to stress, the ability to find solutions to problems and the ability to build business relationships.
- Competition. Real estate trading is a rapidly developing sector of the market, which provides good earnings. To join the work, you need to be a competitive person.
- Irregular working day. You can choose the time of day and the duration of meetings with clients, but do not forget that earnings depend on this. The more time and effort you put into the work, the better the result will be.
When you have weighed all the advantages and disadvantages and decided to try your hand at a profession, you can begin to study the details, such as duties, requirements for an employee and salary level.
The job of a real estate agent is to mediate between the buyer and seller of real estate. The activity of the realtor also includes advising and facilitating the implementation of the transaction. Legally, a professional does the work for a certain percentage of the amount.
Simply put, this is a person who finds sellers and buyers and is responsible for the deal for the sale of land, houses and apartments.
Let’s take a closer look at the duties of a realtor.
- Studying the real estate market. In order to provide quality services, it is necessary to familiarize yourself with the supply and demand in the real estate market. The agent selects successful and profitable offers for renting or selling and buying real estate.
- Consultations. A professional should give comprehensive advice to his clients. The consultation concerns the assessment of the condition of the property, the layout of the premises, the location of the property, the cost and other issues that may be of interest to the buyer and seller.
- Demonstration of objects. The duties of a realtor include communicating with the buyer or tenant, as well as organizing an inspection of real estate.
- Conducting conversations about rights and responsibilities. The agent is responsible for carrying out the transaction, therefore it is obliged to tell each party to the contract about their basic rights. It is also necessary to tell customers about what responsibility they will incur if they fail to comply with the points specified in the contract.
- Settlement of conflicts. When disputes or disagreements arise between the parties to the transaction, a professional must deal with their resolution and settlement. A good specialist must anticipate and prevent the occurrence of unpleasant disputes and conflicts.
- Paperwork. The specialist is obliged to provide assistance in collecting the necessary documentation for the transaction. Also, the realtor undertakes to draw up all documentation within the framework of the laws of the country in which he provides services.
- Making report. The agent takes notes during the conclusion of the contract and draws up a report on the work done. The employee provides the result in the form of a receipt or other official documentation.
- Ensuring the legitimacy of the transaction. When buying or selling a house, apartment or land, the realtor is responsible for the legality of the contract. To properly maintain documentation, a professional must have certain knowledge in the law related to real estate.
- Creation of advertising. An employee submits a huge number of ads every day, each of which must be original in order to interest the demand side.
The work of a realtor, at first glance, seems to be of the same type, but in fact, a specialist must have knowledge in the diverse areas of real estate. Each transaction is individual, so it is necessary to show ingenuity and awareness in all matters.
A successful realtor must know the intricacies of his profession, as well as have a strong character. In order to be able to win over customers, you need to learn more about the requirements for knowledge, skills and personal qualities of an intermediary. We invite you to take a closer look at each item.
To become a worthy real estate agent, you need to improve in your character and behavior some important details. Let’s talk about these subtleties in more detail.
- Sociability. To close a deal, a realtor must be able to communicate with clients, ask and answer questions correctly. The professional must maintain a conversation with the client, obtaining all the necessary information for the contract, and at the same time carefully listen to the wishes and requirements of the customer.
- Customer focus. To conclude an agreement that suits both parties, the agent must quickly and correctly determine the desires of the participants in the transaction. The more often you can find the most profitable offers for each party, the more loyal customers will contact you.
- Delivered speech. A confident voice and well-chosen words make people trust you. You need to take care of the quality of your speech and learn how to answer unexpected questions.
- Resilience to stressful situations. Working with people very rarely goes smoothly, so there should be no weakness and uncertainty in the character of a realtor. Emerging conflicts should not cause surprise and confusion — it is necessary to prepare for such situations, learn to notice the prerequisites and prevent disputes.
- Tolerance. Each person has his own unusual character traits and principles that may seem strange. The job of an agent is not to argue with clients about their worldview, but to find a common language with them and a suitable offer in the real estate market.
- grooming. Appearance is the first impression of customers about you and at the same time determines their level of trust. Clothing is just as important as a well-trained voice. A realtor must carefully monitor his appearance, be neat and neatly dressed.
Harsh odors in the form of cigarette smoke or alcohol can shake people’s confidence, so you should refrain from bad habits before meetings.
Knowledge and skills
The main skills of a mediator are the ability to find a common language and compromise in any situation. But in order to build a career as a realtor, this is not enough, you also need to learn how to be organized and responsible. Let’s take a closer look at the skills of a professional real estate agent.
- Drawing up plans. A realtor can have several active tasks at the same time, and without a planned schedule, it is very easy to forget or lose sight of something. You need to allocate the time that you will devote to different tasks: answering calls, researching the real estate market, creating ads, communicating with clients, or self-improvement. Punctuality is very important when dealing with people, so always schedule appointments in advance.
- Outlining your work. Write down in a diary all transactions made and data on real estate for rent. Over time, these records will help you navigate the real estate market in the area you serve.
- Create reports on your activities. To let the client know what work you have done, tell or describe the details of the work. It does not matter in what form the report is written — written or oral, formal or simple — the main thing is that your customer needs to know that you are working on his task.
- Promise keeping. Take on only those tasks that you are able to perform, and do not make promises that you doubt. Irresponsible behavior can ruin your reputation and make it difficult to advance in your career.
- Acceptance of failure. Every failed trade needs to be analyzed in order to learn from your own mistakes.
In order to provide high-quality services, an intermediary must have certain knowledge and skillfully use it when communicating with clients and drafting documents. Let’s take a closer look at what a professional needs to know.
- Fundamentals of legislation. A realtor should understand the preparation and conclusion of contracts for the purchase, sale, exchange, privatization and lease of premises or land so that it is within the law.
- Service evaluation. It is necessary to study how the remuneration for the work of an intermediary is formed in your area.
- Property valuation. The duties of a realtor include assessing the object of sale, therefore, before work, you need to learn how to perform this task correctly.
- Knowing your responsibilities. First you need to carefully read the list and order of services provided by the company in which you are going to work.
- Preparation of documentation. Learn to clearly understand how to help clients collect a package of documents for different situations.
- Ability to work with people. Before starting work, ask colleagues to tell you about how to properly conduct a dialogue with customers. Practice talking on the phone with people you know as if you were talking at work to overcome your fear of talking to strangers. Learn the psychology of working with people, make a plan for gaining trust, question templates and blank answers to common questions.
- Good local knowledge. Each buyer and tenant is interested in the infrastructure around the property, so the intermediary needs to study the area around the property with which he works well.
To learn how to be a mediator from scratch, you can start learning on your own, taking the time to educate yourself. For this you need to search for information yourself in different sources in order to familiarize yourself with the field of work with real estate.
Self-education is best started with books or blogs written by successful mediators. In addition, you can attend forums, seminars and web conferences dedicated to the position of «realtor». At the events, you will gain new, interesting knowledge and the opportunity to make friends who are interested in the same topic. Learning a profession in a company is much easier, because then it will be easier to notice mistakes and develop skills by practicing together.
The next step in mastering the specialty is contact a real estate company. There are no educational institutions in our country where you can take an exam for admission to the profession of an intermediary, so many companies create special courses for beginners. Training at the enterprise is paid, but, having successfully completed it, you receive the patronage of the company. Sometimes transactions are unsuccessful — the problem that has arisen is resolved through the courts. Finding a way out of the situation is much easier if you are an official employee of the company.
Mastering training in a real estate company, you will get real experience from professionals and will be able to learn from their skills and knowledge. Practice is valued much more than dry facts on paper, so be sure to consolidate all the knowledge gained with actions.
The realtor receives income after the transaction is concluded between the parties to the contract. An employee working in a company does not have a fixed rate. The amount that real estate agencies evaluate their services is usually 2-5% of the value of the property. Official real estate agents representing the firm earn 25-75% of the profits for a successful transaction. Enterprises pay the employee a percentage depending on the professional level of the employee.
An agent who is not a member of the company and is engaged in activities independently, keeps all the profits for himself. The average salary of such an employee is higher than that of an employee of the company, but at the same time he does much more work and does not have the support of specialists. A realtor who receives legal assistance and information support from the company is much faster at concluding a contract and is less likely to make mistakes.
From the outside, it seems to many that the duties of an intermediary are only to organize a meeting between the seller and the buyer, and it is quite simple to get income for this. In practice, everything is much more complicated, and intermediaries do a tremendous job to ensure that the transaction is successful and in accordance with the law.
Only true professionals with vast knowledge can independently, without the support of the company, be able to correctly fulfill all the clauses of the contract and leave both parties to the transaction satisfied with the decision.
Place of work and career
It is best for an intermediary without work experience to get a job at an agency where professionals in their field work. A novice employee needs advice and support from the company — such valuable experience at the start of a career will not give high earnings, but in the future it will open up great prospects for development. It is better to earn a small amount in the beginning, representing the company and getting support, than to learn from your own mistakes, which can be very serious in mediation.
When you get a job in an agency, you get official employment and all the corresponding positive aspects. After gaining experience in the enterprise, learning how to work with clients and writing documentation, you can gradually try to do things yourself. Most successful realtors have built their careers in this way — first getting a job in an agency, and then starting their own business.
While you are an official employee of the company, you must show your best qualities and diligently fulfill your duties. Among the newcomers, there will certainly be competition for which you need to prepare.
Overview of reviews
Like any other job, being a real estate agent has its pros and cons. Before deciding to build a career as a real estate agent, we suggest considering the intricacies of the position, which were compiled on the basis of feedback from company employees and private entrepreneurs.
The positive aspects include complete freedom of action: you make your own work schedule, you can combine activities with other types of earnings and build a career. A full-time job brings a good income if you put in enough effort. After adulthood, you can try a new type of work at any age.
The negative aspects of the profession include unstable earnings and high psychological stress. In the real estate market, unfortunately, scammers are very common, so the level of customer confidence in realtors is low. You also need to be prepared for distrust. You need to be able to build trusting relationships with people.
There are enough pluses and minuses in the profession of an intermediary, so each future employee must weigh the possible risks for himself. Deciding to become a real estate agent means that you are willing to take on the challenge to achieve your goal.