Whether you are buying or selling your own home or perhaps watching your family and friends go through this process, you may be wondering what a career in real estate consists of. A career in real estate is perfectly suited to professionals with experience in various backgrounds and is a career path that offers independence and flexibility.
If a career in real estate interests you and you are looking at how to start your career in real estate
, read below to find out if it is the best career choice for you and the preparation you will need to achieve this reality.
Are You the Right Person for a Career in Real Estate?
Although many assume a career in real estate is simply driving around potential home buyers to match them to their dream house, this is only a small fraction of their job role. Real estate agents are essentially running their own business. They are scoping out their own clients, advertising, maintaining their license and continuously meeting educational requirements.
Although social interaction with your clients is a major aspect of a career in real estate, you must also be comfortable with all the other professionals associated with the real estate industry. This includes home inspectors, bankers, lawyers, competing real estate agents and also various buyers and sellers. Learning how to deal with various different professionals who may be under stress is a great attribute and learning how to communicate with various personalities can help you achieve many successful transactions within real estate.
Do Your Own Research
Like many career paths, there is an abundance of material available on the internet that will describe and advise exactly what it is like to be a real estate agent. Although this advice is highly valuable, your best option would be to personally speak with other real estate agents. If you do not know any real estate agents visit some agencies and talk to a range of different real estate agents from both boutique and larger companies. You will get various responses and opinions depending on how satisfied the agent is, this can depend on who they work for and what markets they cover. All opinions are equally valuable so do not dismiss any opinions that you may receive.
Salary vs. Commission
As a real estate agent, you will be working on commission rather than salary. Each agency is different but many will choose commission rather than salary as your earning potential is much greater. It could take a few months for you to make your first sale and you need to be aware that the closing process will take a minimum of 30 days, and within this time your sale could fall through for a number of reasons.
You should also consider how much time you devote to your career in real estate. Although many consider this job to be a standard 9-5 but this is not entirely correct. You will need to be available on your clients’ schedule to reap the most success, this often means you will be required to work evenings, weekends and holidays.
To work in real estate sales, property management or a client-related position, you will be required to get an Agent’s Representative Certificate (TAS70). Each state has its own requirements of how to become a licensed real estate agent. Kangan Institute offers a comprehensive course delivered under the Victorian Law. In order to work as an Agents’ Representative under the supervision of a licensed Real Estate Agent in Victoria you will be required to have this certification.
This course provides an understanding of how the industry operates and develops knowledge of the basic legal principles relating to property sales and property management, along with skills in the completion of various documents required for the sales and leasing of property. The Diploma of Property Services (CPP50307) and the Certificate IV in Property Services (CPP40307) will teach you about the practical aspects of building client relationships, appraising and managing properties, leasing and listing properties for sale, managing tenancy agreements and conducting an auction. This certification allows you to own your own real estate agency or operate as a licensed real estate agent.
Find an Agency
Once you have obtained your real estate license, you will then be able to buy, sell, lease and manage properties on behalf of an agency. If you haven’t already decided on an agency you would like to work with, now is the time to begin your research and arrange interviews.
What interests you? Residential or commercial property? Where would you like to work - perhaps in a large city or where you currently live? What does each agency require, what training do they provide and what is the commission split? These are just a few of the questions you need to answer before making a decision. The agency you work for will have a major impact on how much money you will make in your new job.
If you have the required drive to make your career successful along with the passion and personality to enjoy it, then the path to a career in real estate is a great choice for you.
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