There are many real estate careers to choose from.
Examples of real estate jobs:
- Closing Attorney
- Escrow Coordinator
- Office Receptionist
- Unlicensed Personal Assistant
- Licensed Personal Assistant
- Mortgage Broker
- Mortgage Banker
- Mortgage Underwitrer
- Property Manager
- All construction trades
- Planning and Zoning Department Employees
- Inspectors
- Inside Property Stagers
- Landlord
- Maintenance Person
- Landscaper and maintenance
- Model Home Greeter
- Subleasing
- Property flipper
- Wholesaler
- Painter
- Decorator
- Advertiser
- and of course real estate agents and brokers
Generally, real estate brokers/ agents fall into four categories of representation:
- Seller’s Agents, commonly called “listing brokers” or “listing agents,” are contracted by owners to assist with marketing property for sale and/or lease.
- Buyer’s Agents are brokers or salespersons who assist buyers by helping them purchase property.
- Dual Agents help both the buyer and the seller in the same transaction. To protect their license to practice, a real estate broker owes both parties fair and honest dealing and must request that both parties (seller and buyer) sign a dual agency agreement. Special laws/rules often apply to dual agents, especially in negotiating price. In dual agency situations, a conflict of interest is more likely to occur, typically resulting in the loss of advocacy for both parties .Individual state laws vary and interpret dual agency rather differently, with some no longer allowing it. In some states, Dual Agency can be practiced in situations where the same brokerage (but not agent) represent both the buyer and the seller. If one agent from the brokerage has a home listed and another agent from that brokerage has a buyer-brokerage agreement with a buyer who wishes to buy the listed property, dual agency occurs by allowing each agent to be designated as an “intra-company” agent. Only the broker himself is the Dual Agent.
- Transaction Brokers provide the buyer and seller with a limited form of representation but without any fiduciary obligations. Having no more than a facilitator relationship, transaction brokers assist buyers, sellers, or both during the transaction without representing the interests of either party who may then be regarded as customers. The assistance provided are the legal documents for an agreement between the buyer and seller on how a particular transfer of property will happen.
A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S. this commission can generally range between 5-6% of the property’s sale price for a full service broker but this percentage varies by state and even region. This commission can be divided up with other participating real estate brokers or agents. Flat-fee brokers and Fee-for-Service brokers can charge significantly less depending on the type of services offered.
Types of services that a broker can provide
Some examples:
- Comparative Market Analysis (CMA) — an estimate of the home’s value compared with others. This differs from an appraisal in that property currently for sale may be taken into consideration. (competition for the subject property)
- Total Market Overview — an objective method for determining a home’s value, where a CMA is subjective.
- Broker’s Price Opinion — estimate of a property’s value or potential selling price
- Real estate appraisal — in most states, only if the broker is also licensed as an appraiser.
- Exposure — Marketing the real property to prospective buyers.
- Facilitating a Purchase — guiding a buyer through the process.
- Facilitating a Sale — guiding a seller through the selling process.
- FSBO document preparation — preparing necessary paperwork for “For Sale By Owner” sellers.
- Home Selling Kits — guides advising how to market and sell a property.
- Hourly Consulting for a fee, based on the client’s needs.
- Leasing for a fee or percentage of the gross lease value.
- Property Management
- Exchanging property.
- Auctioning property.
- Preparing contracts and leases. (not in all states)
These services are also changing as a variety of real estate trends transform the industry.
There are many choices for Real Estate Jobs – Take your pick!
How Much do Real Estate Agents Make
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