A realtor is an intermediary between the seller and the buyer, an expert in the field of real estate, and a guarantor when concluding a purchase and sale agreement. JCat.Real Estate reveals what a realtor's job is.
The number of transactions in the real estate market is increasing every day. This area is very dynamic: new buildings appear, apartment owners change, people move and are looking for housing.
It would seem that a huge amount of information about real estate is freely available: you can read the instructions and become an expert in this field. On the websites of specialized agencies and virtual bulletin boards there are various apartments, houses, apartments - all you have to do is choose the appropriate option and place your ad.
However, more and more often people are trying to entrust the solution of their problems to real estate specialists - realtors. Lack of free time, fear of falling into the web of scammers, the desire to save strength and nerves and other arguments become reasons for turning to real estate agents.
What kind of profession is a realtor?
The profession involves helping people buy and sell real estate: apartments, houses, offices, land.
Real estate services are used by those who want, for example, to purchase living space, rent out premises, etc. The agent also helps the parties draw up an agreement, register it and register ownership of the property.
Personal qualities
The agent's task is to sell the property and convince the buyer that he is purchasing the best option.
To do this you must have the following qualities:
- communication skills;
- the ability to quickly make decisions;
- ability to persuade;
- resistance to stress;
- responsibility;
- patience;
- politeness;
- hardness;
- desire to learn
A realtor must have communication skills and the ability to persuade.
A realtor must have the makings of a leader, be able to find an approach to people and sell. This is the basis of the profession.
Responsibilities of a realtor
During the work process, a real estate agent performs the following tasks:
- Looks for options for buying, selling, renting in accordance with market conditions.
- Checks real estate for legal purity.
- Draws up and concludes contracts.
- Estimates the value of real estate.
- Draws up the paperwork necessary to complete the transaction.
- Consults on real estate issues.
- Examines selected options before offering them to the client.
- Monitors the correct completion of documents.
- Prepares reports on activities carried out.
- Monitors compliance with conditions by all parties to the transaction.
If a specialist works in a real estate agency, the following are added to his responsibilities:
- Calling developers and potential clients to offer the company’s services.
- Posting or sending out advertisements.
- Responsible for answering calls or servicing clients coming into the office.
- Making report.
If a specialist works for an agency, he must call developers.
Advantages
Advantages of working as a realtor:
- High income. With the right approach to work, communication skills and hard work, specialists receive good money.
- Opportunity to work for hire or independently.
- Flexible schedule. Most often, this profession does not require being in the office for 8 hours.
- Constant communication with people. For those who like to interact with others, this is a significant advantage.
Flaws
Negative aspects of the profession:
- Unstable wages. Specialists often have no salary, i.e. minimum fixed payment. All income depends on the number of transactions.
- Irregular schedule. Working people can contact realtors in the evenings and on weekends.
- High competition. The market for specialists is quite full.
- Difficult clients. Some people are unpleasant to deal with, but you have to work with them.
Demand
Cities are being built and expanding, and buying real estate is one of the best and safest investments. Based on this, the services of realtors are in great demand. However, qualified and knowledgeable professionals are valued, so it is important to constantly learn and improve.
The services of realtors are in great demand, and knowledgeable specialists are valued.
Story
The history of this profession goes back to Ancient Greece. It was here that private land holdings and their sale first appeared. They were marked with signs driven into the ground with the inscription “Mortgage”. They began to identify property because of debt obligations. In fact, this is how the boundaries of the plots appeared. Then people moved on to public auctions, and subsequently the first realtors appeared. In more modern society, the word "realtor" was originally associated with stock brokers, who acted in the same role, only between companies and shareholders. They also earned money, only interest from transactions on securities. The modern concept of “realtor” is already associated exclusively with the real estate market. In Russia, professional intermediaries were called brokers. This word came from Germany and was introduced by Peter the Great. At the legislative level, in 1917, the position of government broker was officially approved for the first time in the Commerce Collegium. This is practically the post of the country's main realtor, responsible for the processes of distribution and exchange of residential and utility properties. Nowadays, we all know real estate agents who accompany us throughout all transactions with apartments, houses and offices. He checks documentation, makes presentations and searches for real estate that can satisfy our requests. Realtors are universal workers who will help sell even the most unprofitable buildings.
Required Education
This profession is not taught in either higher or secondary educational institutions. You can only complete special courses. Most often, professional skills are acquired during work.
Large real estate companies sometimes send all employees to training, where you can get:
- Latest information about the real estate market.
- Practical skills in selling, working with clients, etc.
- Information about the rules of interaction with people.
To become a successful specialist, you need to know:
- regulatory documentation related to real estate;
- competitors;
- mechanisms of economic action;
- basics of taxation;
- rules for building communication;
- basics of real estate valuation;
- rules for concluding and executing a purchase and sale transaction;
- housing and construction legislation;
- current price level;
- advertising generation mechanism.
A realtor must know housing and construction legislation.
Is it necessary?
Having a higher education is not mandatory, but employers most often choose workers who have graduated from a university.
The following areas are considered priority:
- construction;
- economy;
- jurisprudence;
- marketing;
- psychology.
Does it affect earnings?
Having a university degree does not affect earnings. The main thing is that the applicant has a desire to learn new things and work. Anyone can become a realtor. However, it is believed that higher education allows you to gain many useful qualities and skills that will help you make decisions faster, communicate and negotiate with clients, plan your time, find a way out of difficult situations, and think outside the box.
Having a diploma does not affect a realtor’s earnings.
To become in demand and popular in this profession, it is important to adapt to changes around you and be hardworking.
Who is a realtor?
Realtor (English) – real estate agent. This is the official name of this profession. Realtors are also called brokers, brokers, real estate consultants or intermediaries, and real estate sales managers.
In many countries of the world, a realtor can be a person who, in the prescribed manner, has received a certificate for the right to engage in real estate activities, as well as a legal entity (real estate firm, real estate agency) that has a certificate for the right to conduct this type of activity.
Only citizens who have successfully passed a qualification exam or have a state diploma in the specialty of economist or lawyer can receive a certificate.
And in order to become a real professional in this business, it is best to obtain a higher education in the field of “Real Estate Expertise and Management”.
In many countries of the world, a person convicted of an economic crime cannot be a realtor.
Are there really such strict requirements for realtors abroad? Why is everything so much simpler here?
Unfortunately, the specifics of Russian laws regulating real estate transactions allow people without special education to work as a realtor. Even having a criminal record does not become an obstacle to engaging in such activities.
This, especially in the late 90s and early 2000s, contributed to the emergence in large cities of the Russian Federation of a large number of “black realtors”, deception (fraud) with housing and, as a result, an increase in the number of homeless people.
- You can choose an apartment yourself in the catalog of new buildings.
However, not only legal aspects are important in the work of a realtor, but also numerous ethical issues, examples of which I will give below.
What does selling an apartment through a realtor look like?
The process of selling an apartment through a realtor includes the following stages:
- Consultation.
- Selection of strategy.
- Search for real estate options.
- Transaction support.
Customer consulting
The customer can be the seller or the buyer.
The process of selling an apartment includes consulting the customer.
In the first case, the employee finds out all the information about the property:
- footage;
- number of rooms;
- characteristics of the house;
- existing infrastructure;
- the presence of encumbrances or pledges;
- ownership.
This data is subsequently used to place advertisements for sale.
If a buyer contacts a realtor, the specialist should find out the following:
- what funds will be used for the purchase;
- whether a mortgage or maternity capital will be used;
- desired number of rooms and area;
- proposed area;
- wishes for the number of floors of the house;
- primary or secondary housing is a priority.
After all the details are clarified, the search for options begins.
Choosing a strategy
The choice of strategy is based on the timing of the purchase. If clients ask to sell the property as quickly as possible, the price is set below the market price. With purchasing, the situation is the opposite: there may not be time to search for cheap options. If there is no need to rush, the specialist adjusts the price while searching for clients.
If you need to sell a property quickly, then the realtor sets a low price.
Selection of housing options
This is one of the main functions that a real estate agent performs. The selection consists of monitoring possible sites with advertisements, newspapers, the Internet, etc. Next, a call is made to suitable options for the request. If during a telephone conversation the specialist is satisfied with the verbal description of the property found, he arranges a meeting and viewing. To weed out bad options, the realtor first acts alone. If after inspection of the property no deficiencies are identified, the agent contacts the client and then works with him.
In the case of selling an apartment or house, the specialist himself places advertisements, answers calls and conducts showings. More often, the client appears only at the last stage, when the deal is being concluded. The agent conducts preliminary showings of the premises himself.
Transaction support
This is the final stage of collaboration between agent and client. The realtor prepares contracts, submits an application to the MFC, and is present at the transaction. The specialist also gives both parties a list of necessary documents, monitors the collection and correct completion of the papers.
The realtor prepares contracts and is present at the transaction.
Average realtor salary
Employees receive a percentage of the property value. The indicator is set by the agency or developer and can be from 1 to 5%. The last figure is rare. More often, specialists receive 2-3% of the transaction amount. For example, if an apartment sold by a realtor cost 3,000,000 rubles, then he will receive about 60,000 - 90,000 rubles.
It is important whether a person works independently or in an agency. In the first case, the specialist keeps the profit for himself. In the second, the agency takes part of the proceeds, and the employee gets 50-75% of the amount.
If the agent was looking for tenants, then his money earned is either the full cost of the first month of renting, or half.
Preparation of contract
An agreement serves as confirmation of the agreements between the buyer and seller. The purchase and sale agreement can be drawn up directly by the realtor. In the current legislation of the Russian Federation there are no restrictions on who exactly can prepare a document. The main thing is that he is legally competent. Both a realtor on the buyer’s side and on the seller’s side can prepare the contract.
There is also an option for agreements between the parties, such as drawing up a deposit agreement. On its basis, the seller undertakes not to sell the apartment to other persons, since he receives part of the amount for the housing from the buyer. This document is developed by a realtor. Most often, the agency already has a standard version of the contract, which changes depending on the individual characteristics of the transaction.
Opportunity for career growth
If a realtor works for himself, then career growth consists of opening his own company and hiring other employees. Working for an agency often doesn't come with much of a raise. You can be a simple specialist, then become the chief or head of a department. It all depends on the hierarchy established in the agency. It often happens that the system consists of 2 levels: ordinary employees and the director, i.e. There is no opportunity to move up the career ladder.
A realtor can open his own company and work for himself.
Content Matrix Example
Even more benefits! We have prepared a content plan matrix for a realtor for a week. You can download it to your computer as an Excel file, or you can create a copy and save it on Google Drive. And use it for its intended purpose.
This is what a free content plan matrix for a realtor from SMMplanner looks like
Content plan template
Prospects for the profession
It is believed that a realtor is a dying profession, because... There are electronic platforms for the selection and sale of housing. However, not everything is so simple. There will always be people who do not want or cannot independently deal with issues related to real estate. Considering the massive development and expansion of cities, it can be argued that this profession has a future.
The main thing agents should focus on is constant learning and the ability to adapt to the environment. With the development of digital technologies and the abundance of websites, it is important to competently combine live and electronic interaction. To remain in demand, you need to change with the world.
The work of a rental broker
Dealing with issues of renting apartments, rooms, premises. The job requires more mobility and running around than a sales realtor. Here you need to call more and come with the client to the showing faster than others, because they can give an advance for the apartment.
They earn 50-100% of the rental price per month. If the apartment costs 5 thousand hryvnia, then the intermediary will ask you for 2500. For the transaction, the realtor usually brings with him an agreement, which the owner and the tenant sign among themselves. The commission is immediately transferred to the realtor.
The realtor does not bear any responsibility for further relations between the tenant and the owner of the apartment. He charges money for searching and selecting apartments, and the client independently decides whether to rent or not.
Famous representatives of the profession
Most often, realtors become famous for working with luxury real estate and celebrities.
Representatives of the profession who are known outside their country:
- C. Carroll. Vice President of the American real estate agency Douglas Elliman.
- Fredrik Eklund. Agent from Sweden who works with celebrities.
- Tatiana Vakulenko. The best luxury real estate agent, according to Building Business.
Russian realtors often remain in the shadows, so it is more difficult to name well-known representatives of the profession in the Russian Federation.
