Real Estate Business

The management of land and all types of property that use the area, including buildings (commercial or residential), agricultural, or other business objectives, falls within the broad category of real estate jobs. To enable effective real estate commerce, including the professions of buying and selling, renting, and even building and housing, the area incorporates legal and business concerns. Real estate sales agents are one of the main jobs in this area.

These businesses’ primary duties and roles revolve around helping clients rent, acquire, or sell properties. Their duties also extend from these three basic aspects and are inclusive of the study of property listings, interview of potential clients, conducting and accompany of clients to property site, converse the conditions of sale as well as establishing real estate contracts.

Industry Profile of Real Estate Agents

Agents in the real estate field are eligible to work for many organizations within an extensively diversified field of practice and geographical distance. However, it is vital to state that most agents in the field are self-employed. In the U.S in 2014 alone, there were 421,300 real estate sales agents and brokers half of whom were self-employed (United States Department of Labor). Some of the relatable industries that require their services include but not limited to Oil and Gas Extraction companies, mining corporations, legal aid services especially in land departments, Leasers of real estate including households and commercial housings.

Roles and Responsibilities

A wider perspective of agents within the field requires them to do a wide variety of duties which include:

Advising clients on property prices, mortgages, and relevant market conditions

Presentation of any form of purchase offers to their customers without fail

Monitoring and assessing contractual agreements on clients properties

Preparation of key property ownership documents such as deeds and purchase agreements

Mediating negotiations between buyers and sellers

Most people seek the advice of agents within the field due to the complexity of buying and selling properties as well as the legal aspect of it which requires in-depth analysis and experience. Also, most agents are involved heavily in the selling of residential properties which has a lot of suitors. The agents are also liable to representing the buyer or seller during a transaction; however, some duties require sales agents to work with real estate brokers. Hence, real estate agents can work under the authority of brokers and be gaining a certain percentage of commissions from each sale.

Work Schedule

The average working hour for sales agents in a week is 40 hours. Additional weekends and evening work hours are also possible to accommodate their client’s schedule. A significant amount of time is also spent in networking and attending community events to enable them to meet potential customers. Hence, the need to work irregular hours is often the norm for the occupation thus giving them flexibility and an opportunity to increase their customer base and reach out to suitable clients at their convenience. The nature of the trade also allows part-time working with many occupants outside the field practicing as licensed agents.

Academic Qualifications

The occupation requires a person to at least have a high school diploma. Also, it requires licensing which is often through the completion of some real estate courses and the passing of a licensing exam.

The real estate market has become competitive and involved which requires an in-depth understanding of the market; therefore, some employers prefer hiring college graduates. Additionally, the emergence of real estate courses in colleges has raised the need for further competency and higher education levels within the field. The relation between real estate and business, law, and finance has made experience in this field an added advantage as well. Occupants already hired as licensed agents are also motivated to complete additional conventional programs within the field to increase their capacity and skills to meet clients’ demands. Some of the proposed courses include topics relating to real estate fundamentals, law and mortgage financing just to name a few.

Licensing and Registration

All states within the American Nation require all sales agents to be licensed. However the requirements for licensing vary from state to state but with most of them having familiar fundamental needs including; one must be 18 years old and above, complete basic real estate courses, and a passing of these exams (Baker and Chinloy 220). With increased client demands and competency best practices, some states have incorporated the need for background checks. Licenses as well are not transferable from one state to another, therefore requiring relocating sales agents to apply for new licenses in the destination location, although, some states have reciprocity agreements that allow the transfer of licenses.

The renewal of licenses is every 2 to 4 years with the necessity of completing continuing education courses before renewal being a must in some states. Each state has its own licensing commission which stipulates the requirements and protocols for registration and licensing.

Advancement in the career is also possible with most sales agents opting to become brokers with the opportunity of opening their offices and expand their business opportunities.

Occupation Skills

For one to be a competent and perform exceptionally well as an agent in the real estate market some skills are important for one to have. They include:

Business skills where one is expected to reach out to potential clients and have an understanding of market principles such as finance, advertising, transaction, mortgage plans among other things. Interpersonal skills and communication ability is also an added advantage. Sales are all about interacting with individuals and selling ideas to attract clients. Communication skills enable a trustworthy relationship in the field. Additionally, sales agents need to think quick and on their feet to address customers concerns with regards to their properties.

Payment Structure and Growth Rate

The median wage of sales agents was $43,370 in 2015 with a fluctuating amount of between $21,000 and $110,000 between the lowest and the highest 10% of those employed within the field (United States Department of Labor). Most of the income is often through commissions which vary depending on the property type and its market value. Therefore, with experience sales agents can earn extremely well as long as the economic condition of the market is favorable.

Real estate employment of sales agents is expected to grow by 3% from 2014 and 2024 which is comparatively slower than other occupations (United States Department of Labor). With more people using sales agents during home purchases the trade is expected to grow as the market improves steadily. New agents also face a hard time joining the business in the future due to well established and experienced ones who have penetrated the market effectively.

Work Cited

Baker, H. Kent, and Peter Chinloy. Private Real Estate Markets And Investments. 1st ed. Oxford: Oxford University Press, 2014. Print.

United States Department of Labor,. “Real Estate Brokers And Sales Agents : Occupational Outlook Handbook: U.S. Bureau Of Labor Statistics”. Bls.gov. N.p., 2017. Web. 27 Mar. 2017.