Real Estate As A Profession
Real estate agents broker business transactions that involve real property, or businesses. The ‘real property’ could be undeveloped land sites, residential homes, commercial or industrial buildings, units, townhouses or apartment complexes, retail centres or vacant parcels of land. Most real estate agents deal with residential property such as houses, home units, townhouses and vacant land. Some firms, however, specialise in types of real estate, which are used to generate income for investors. These include shopping centres, hotels, motels, industrial complexes, home unit or townhouse developments, office blocks, etc. Real estate agents offer a range of services depending upon the type of property they have been appointed to sell, lease or manage on behalf of an owner. The agent must always consider the owner’s wishes about price, contractual conditions and the marketing of the property. The real estate agent, once appointed to sell a property, begins a marketing campaign to attract potential buyers to the property. They then take prospective buyers to view the property and supply additional information. The real estate agent acts as a go-between for the owner and the buyer, assisting with their negotiations to reach an agreed sale price for the property.
The real estate agent continues to act on behalf of the owner until the property is legally transferred to the new owner. For these services the real estate agent receives a payment (known as a commission) from the owner. Real estate agents are also involved in the letting of property for owners. The agent markets the property for lease and arranges for potential tenants to view the property. The agent acts as a go-between for the owner (landlord) and the tenant in negotiation of the rent payments and terms of the tenancy agreement. The real estate agent normally draws up the tenancy agreement between the landlord and tenant and then acts on behalf of the landlord in the day-to-day management of the property. The agent collects the rent, arranges repairs and maintenance and finds new tenants when necessary. Real estate agents need to have an engaging personality and be able to communicate, understand and relate to a great variety of people. Initiative, foresight, organisational ability, integrity and a genuine concern for others are essential character traits of a good real estate agent.
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