Humans have always valued property. Next to food and clothing, real estate has been their most cherished possession. Real estate may be defined as land and all things permanently attached to it, such as buildings, trees, and minerals. Until the last few centuries, property ownership was concentrated in the hands of a few people and was traditionally passed down from father to son. Three factors contributed to the rise of the real estate business and property jobs. First, a growing portion of society started to own property. Second, the general increase in the total population and in the number of pieces of real estate. As the number of property sellers and purchasers grew, the need for real estate agents developed. Third, the laws regarding real estate transfer are exacting, so both sellers and buyers place increasing reliance upon specialists in this field.
In their real estate careers, the work of a real estate broker can vary. They receive listings of residential, commercial, or agricultural property for sale or rent. Brokers usually visit each property so that they may be able to describe it accurately. The visits are particularly important as no two pieces of property are alike. Unlike other fields of sales, real estate brokers must analyze individually each item they sell to best present it to prospective customers. It is frequently their duty to actively solicit listings for their agency.
Frequently, the broker counsels the owner concerning the asking price for the property. The owners usually sign a contract agreeing that if they sell the property, they will pay the broker a percentage of the selling price. Commission on commercial property is higher than private homes. If the property is ready to be shown, an agent reviews his or her files to identify prospective customers. Other agents in the same office may have good prospects for the property also. Frequently, after a week or two of exclusive listings by one broker, the sale property is shared with other local real estate firms through a multiple-listing agreement so that other firms may show the property to their customers. To stimulate activity, the broker advertises the house in local newspapers.
As potential purchasers are located, the agent who does the property manager jobs arranges a convenient time for them to be shown the property. When the property is vacant, the broker is usually the person who retains the key. To adjust to the free times of potential customers, the agent frequently shows property in the late afternoon, during weekday evenings, and on weekends. In many areas, ‘open houses’ are used to encourage visits through available property. As a representative of the brokers’ firm is usually available in each house, open houses make maximum use of part-time agents.
In showing a property, the successful agent emphasizes points that might be of particular interest to prospective purchasers. To some people, the agent may emphasize the convenient floor plan or the proximity of schools and shopping centers. To other people, the agent may stress the soundness of the home construction, available financing arrangements, and factors that may contribute to the long-range value of the property. A real estate agent acts as a kind of real estate counselor, and points out features that should be weighted in considering alternative purchases. The agent also must be familiar with tax rates, zoning regulations, and insurance needs.
Finally, as part of its real estate employment, and to finalize the transaction, the agent must bring the buyer and seller together with terms agreeable to both. Where the two parties differ on price, the agent must rely on his or her talents as a skilled negotiator. The agent prepares or completes the formal sales contract, advises the new owner regarding title search and title insurance, assists in other legal procedures, and may help arrange for a loan as a mortgage against the property itself.
Meanwhile, the specialist in commercial or agricultural real estate operates in much the same fashion as being in a property career. The specialist, however, usually makes fewer sales, often conducts extensive searches for property meeting specifications set by clients, and studies property more carefully. In addition to real estate management, brokers with the necessary qualifications often combine other work, such as selling insurance or practicing law with their real estate business.
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