Do You Want to be a Real Estate Broker?

Are you looking for a career change? Do you want a new challenge, something that is going to test you and try you? And do you want to make a load of money while you are doing it? If you answered yes, you might want to look into becoming a real estate broker. You will likely have heard of a broker before, and you possibly have even had dealings with one. But do you really know what their job is about? Real estate brokers definitely face challenges every day, and they work in a dynamic industry that is always giving them something new to learn. Being a broker takes guts, determination and confidence. But it also can net real rewards, of the personal and financial type. If this sounds like you, read on! This article will give you all the information you need to get started as a real estate broker.

Real Estate Brokers - The Absolute Basics

A real estate broker is a person who acts as the go-between from a person selling a property to a potential buyer. They are also commonly known as real estate agents and real estate salespeople. A brokers job generally starts when a person decides that they want to sell a property. They will contact a broker and that broker will come out to their property to appraise it. A real estate broker should know the industry like the back of their hand, and know what sort of property is selling well and what the best areas are. They will give an initial valuation, and probably suggest some things that might be done to improve the sale price. Often, giving the property a quick makeover, a new paint job and so on, will raise the value of the property by much more than what you spend fixing it up. A real estate broker will know what market the property will appeal to, and probably instruct you to dress the house with that market in mind. Once this is done, they can give you a second valuation.

Real Estate Brokers - On the Market

Once this is done, it is time to advertise the property. The real estate broker will normally advertise online and in the newspaper, and sometimes in their company's newsletter or magazine, if they have one. Then, they will take all of the calls and emails enquiring about the property. There will usually be one or more open house inspections, which the broker will oversee, which the seller can choose to be at or not. They will also arrange any further inspections that need to be done. When there are interested buyers, that is when a real estate broker really comes into play.

Real Estate Brokers - Securing the Deal

There are several ways in which this can happen. The seller can choose to sell by auction, in which case anyone can show up at the advertised time and bid on the property. This normally lasts for no longer than half an hour and the highest bid is final, as long as it meets the reserve. Alternatively, the seller can go for a private sale, taking offers from people intermittently until they are satisfied with the price. This can take days, even weeks, to do. The broker is in charge of handling the bids or the offers from potential sellers. The real estate broker wants to get a good deal for both parties, and will negotiate between them. The broker is then responsible for any contracts that need to be signed, and the entire settlement process, including the handover of money and keys. After all of this is done, the real estate broker takes a commission based on the final sale price of the property.

Real Estate Brokers - Where to Start

If this sounds like the sort of challenge you would like, you can train to become a real estate broker. You will need to become licensed, which you do by studying a prescribed course and sitting examinations for it. These examinations will test you on all areas of the real estate business, such as laws and procedures. If you study well and commit yourself to the industry, then you should pass and receive your license. After that, you will be able to apply for broker jobs. You will normally start at the bottom and work your way up, learning all of the tricks of the trade on the way. Generally, people do not make millions of dollars when they are first starting out! They need to learn the industry and learn how to sell property first, and then when they have been working at it is when they start to make the bigger sales. You could even then choose to go out on your own and start your own firm. The sky really is the limit when it comes to real estate broking!

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