All you need to know about real estate and how to get started as a real estate professional.
During the coronavirus outbreak, the whole real estate industry is working on updating its software. They have no other option left rather than to adopt the latest technology to deal with this humanitarian challenge.
The world of real estate is continuously evolving, to fulfill the role of different real estate jobs; the real estate industry offers many wide options to be selected. A real estate career offers major advantages to those who don’t want to do a conventional 9 to 5 job. The nature of the job is like they have to get the client, persuade them to hire them and once they get the work done, they are paid and moves to the next client.
In this article, I have reviewed what real estate actually is, the merits of becoming a real estate agent, the demerits of becoming a real estate agent, and real estate career choices.
DEFINITION OF REAL ESTATE
Let’s dig deeper to understand what actually real estate is?
Real estate is referred best to as the property which is situated on the land. The land and the assets on the land comes under the ownership of the property owner.
The buying and selling of the property are carried in the real estate industry by real estate agents. They are assigned to represent one of the parties and help them to sell, purchase or rent on their own terms.
The real estate brokers are generally paid in form of commission. The commission is some percentage of the real estate property buying price. So basically their salary depends on their ability to negotiate.
It’s an accepted fact that real estate is a career path that is on the rise, but like every other aspect, it has some merits and demerits.
MERITS OF BECOMING A REAL ESTATE AGENT
Let’s quickly go through the merits of becoming a real estate agent are.
You will get a number of benefits if you are a real estate agent. The greatest benefit is that real estate has the endless potential of earning a handsome amount monthly. As a real estate agent, you have no restrictions on your earning.
As narrated above, estate agents decide themselves how many clients they want to work with. The greater the clients-the greater the commission.
A real estate career is flexible up to some extent. This little bit of flexibility in their schedules gives them great advantages. They take out time for socializing or they can attend any important family meet-up.
As real estate agents are entrepreneurs, they set their own service menu, service prices, whom to serve and whom not to.
If you really love to be with people, then you should start taking Illinois Brokers Academy courses right away. As real estate is a people business and you won’t consider your job as a burden because you are really loving it.
One of the most underrated merits of being a real estate agent is that you help your clients to achieve their life dreams. You eventually become a source of fulfilling the dream of many people who are really struggling to get their real estate tasks done.
DEMERITS OF BECOMING A REAL ESTATE AGENT
A real estate career has its demerits as well. Let’s take a closer look at some of the key main downsides of being a real estate entrepreneur.
Setting a real estate business requires a great time and so does your patience. There is a long process before they see their commissions as for client hunting, marketing, and conducting open houses. Most real estate agents find this phase as the most challenging one and they usually give up.
In your real estate career, you will be facing numerous challenges, your offers will be rejected a lot. This inidcates you have to go through this trial courageously as the end is very rewarding.
As you know the real estate industry is very competitive, every state has thousands of real estate agents who are ready to give their best services. Your task will be to give your clients a good superior value. You can differentiate on the basis of the time limit, quotes; make them choose online the best houses.
Escrow is the biggest threat to real estate. It can take more than a month to process and clear your payment. Agents need to keep their eyes on escrow closing, they should know how to keep intact and should do what’s best for their clients.
Lastly, the final downside of working with different people is not an easy-going option always. Everyone, you will meet on daily basis must not be your cup of tea. They may have a different perspective of attaining their goals that don’t go with you. Real estate agents should work on their negotiation, collaboration skills and should know how to turn a diffusing situation in their favor.
3 DIFFERENT CAREER CHOICES
There are some careers choices present in the real estate industry. These choices are interchangeable but aren’t the same at all. Let’s learn them right now.
REAL ESTATE AGENTS
Real estate agents are licensed people who help people in buying or selling properties. Meaning, you can either represent the buyers or the sellers. Real estate agents are often called real estate salespersons or real estate associates.
Real estate agents are responsible to organize transactions between buyers and sellers or between landlords and renters.
As real estate is of three types, you can be either a residential, commercial, or industrial estate agent. It totally depends on which type of real estate industry you want to deal with.
There are some specific requirements to be a real estate agent, if interested to know read the requirements of a real estate license.
REAL ESTATE BROKERS
Real estate brokers are trained real estate agents who have passed the legal formalities to get a real estate license; they are certified real estate broker license holders and have spent 3 years serving as real estate agents. They are authorized to start working on their own, can initiate their brokerage firms, and can hire other connected real estate associates.
The only difference between an agent and a broker is whom they work with. Real estate agents mainly work with real estate brokers whereas the brokers can act independently or start their own real estate business.
REALTORS
Realtors are real estate professionals who are members of the National Association of Realtors (NAR), which is the largest trade association in America.
Residential and commercial real estate brokers, real estate salespeople, real estate managers, and real estate appraisers; all are equally eligible to be Realtors.
So, now which real estate career sounded more fascinated to you?
At Illinois Brokers Academy, we recommend that if you are interested to be an entrepreneur, focus on making a start as a real estate broker. If you want to be an official NAR member, select a realtor as your profession, or if you want to gain some working experience, a real estate agent is the right choice for you.
ENDNOTE
I have been in the real estate industry freelancing for over 2 decades now. After earning one million US$ as a real estate expert and also trained over hundreds of forums on different forums, I can safely recommend that everyone should be in real estate. If you are working full time, real estate can opt as your side business, and who knows just like me, you intend to break the selling records of Ben Callabero and never stepped back.
Do you want to firm your grip on real estate? You can start taking your Illinois Brokers Academy real estate courses and check what our alumni have to say about us.