Real Estate Agents / Brokers

QUALIFICATIONS

A certificate, high school or General Educational Development (GED) diploma, or Associate’s degree or a Bachelor’s degree in Business Administration (BBA) in finance, business administration, marketing, real estate enterprise, or a related field, or a Bachelor’s degree in engineering accredited by the Accreditation Board for Engineering and Technology (ABET); A Master’s degree – MBA Finance would be an added plus; along with real estate enterprise and development study programs or related certifications like the Certified Real Estate Brokerage Manager (CRBM), Resort & Second-Home Property Specialist (RSPS), etc.; encompassing at least a 6-month requisite study and practice credit hours in the area or field of real estate enterprise, development and management; combined with – On the Job Training (OJT) programs, Apprenticeships, Real Estate Agents/ Brokers Workforce Job Training or Experience; covering work topics including property and real estate development and management fundamentals, concepts and principles, land parcels, zoning, location and infrastructure, environment protection, real-estate contracts & laws, real estate factors of influence and pricing considerations, real estate practices, industry and markets, entrepreneurship, statutory rules & regulations, policies, processes, procedures, requirements, documentation, banking, lending mortgage loans and finance options, marketing and sales, real estate economics; renting, leasing, buying and selling obligations, location and real estate valuation and appraisal, laws of limitation, land use & property legal rights/ deeds, business economics, business laws, risk management, finance & accounts, business math, business analytics, real estate transaction processes, MIS & Real Estate Computer applications, analytical & statistical reporting etc.

AVERAGE ANNUAL PAY
(Credits: www.payscale.com)

PROJECTED GROWTH
(Credits: www.bls.gov)

Real Estate Agents / Brokers is an exciting career, in which employment is expected to grow at an average of 2 percent from 2019 to 2029.

SKILLS/ TRAITS NEEDED

Real Estate Agents & Brokers are quintessential “Deal-makers”, who must possess great collaborative and listening skills, adaptability, motivation and convincing abilities, and impeccable integrity. They need to be high energy multi-taskers “always switched on” result-oriented “go-getters”; an excellent negotiator and communicator with strong business acumen & networking skills, in-depth local knowledge of Real-Estate, properties, surroundings, locations, topologies, terrains, infrastructure & geographies, salient features, prevailing prices, etc., besides tracking the emerging real estate trends; and are up-to-date with the real-estate & financial laws, statutory rules & regulations, policies, processes, procedures, requirements, documentation, mortgage loans finance options, and real estate economics to conduct above board “authorized” & “regularized” real estate and property transactions. Also, they need to have a strong “Need, Urgency & Demand Perception”; besides being ethical, proactive, people-centric & research-oriented individuals with a cool temperament, resilience, memory, imagination, enthusiasm, transparency, trust, strong conviction, planning, and execution; coupled with strong decision-making, business computation, with excellent verbal & written communication and interpersonal/ soft skills; self-learning abilities, ability to motivate and influence Buyer, Seller & Renter decisions & follow-up, time management, people & stakeholder management, prioritization, presence of mind, creativity and innovation; an open mind with an aptitude for research, patience, persuasiveness, perseverance, persistence & presence; and must be detail-oriented & self-organized with a “can-do attitude” and strong passion towards their work. Meeting people, being sales-oriented and an avid, effective and influential presenter; for convincing interested parties buying, selling, leasing & renting real estate and striking real-estate deals, meeting the sales, revenue, and profitability targets; and having strong Business or Industry contacts are pivotal to this profession.

WORK FUNCTIONS

As quintessential “Deal-makers”, Real Estate Agents & Brokers are intermediaries who network and present a compelling case and justification to the stakeholders i.e. interested property builders, buyers, sellers & renters – through phone calls, emails, chats, face to face meetings, or using Multiple Listing Service (MLS), seminars, webinars, discussions or online; motivating them to buy, sell, lease or rent residential & commercial properties or premises for mutual benefit, charging them a percentage of the transaction or deal price as commission or brokerage, for the real-estate services rendered. A typical day of a Real Estate Broker may involve, strategizing, planning, preparing agendas, writing real estate proposals, contracts, presentations, documentation, sales pitches, and overseeing real estate transactions; client presentations, marketing & promotion, providing excellent customer service, striking winning conversations, negotiating and managing offers & counter-offers culminating into real-estate or property deals between builders, buyers, sellers and renters; They give sales pitches to the real estate market participants, articulating, describing, and selling the benefits of the properties, to strike and close a “win-win” deal, getting through required approvals in time, and regularizing the transactions with statutory authorities; risk mitigation and management, soliciting stakeholder commitments, suggesting best options, and payment follow-ups; explaining documents and disclosures to their clients, addressing doubts & queries, thereby gaining complete trust, goodwill, and ensuring utmost customer satisfaction; Additionally, they may also help or facilitate a smooth “move-in” for buyers or renters, and sometimes even furnish the property for convenient occupation, being their trusted advisors; and get involved in the training & mentoring juniors and other administrative functions. They get in touch with all stake-holders by researching and profiling builders, potential buyers, sellers & renters, banks & financial institutions, and statutory authorities; constantly building & maintaining contacts and smooth relationships with all stakeholders; especially those who have transacted with them in the past; to maximize the commission or brokerage earnings, organizational sales, revenue & profitability, Compounded Annual Growth Rate (CAGR) and Return on Investments (ROI) targets. They may work for builders or other Real Estate Agents/ Brokers or have their own independent business setup.