Mapping Your Future
A real estate career offers tremendous potential. Salespeople can achieve broker status and open their own brokerages, manage a brokerage office, or pursue specialized activities. Here’s a few of many opportunities.
Listing/selling existing homes is perhaps the most people-oriented and popular of all specialties. The ability to effectively communicate and work independently must be complemented by various technical skills. Most individuals entering the profession begin with residential sales, then seek other marketplace opportunities.
New Home Sales
Typically involves selling exclusive products for one or more builders. This activity demands technical knowledge concerning house construction, models and options, and available upgrades.
Requires specialized knowledge concerning legislative requirements and unique ownership factors. Many practitioners have found rewarding careers within even small niche markets, e.g., waterfront condominiums and downtown lofts.
Rural And Recreational Sales
Salespeople encounter wide diversity ranging from seasonal waterfront cottages to year-round, fully winterized homes. Extensive knowledge is required concerning rural/recreational planning, municipal regulations, environmental legislation, and unique restrictions impacting these properties.
Commercial Sales And Leasing
Commercial activities can involve industrial, retail, office, and/or business operations. This career direction is probably the most demanding given heavy reliance on technical knowledge, investment calculations, and transaction complexity. Commercial sales can involve millions of dollars, lengthy negotiations, and long closing dates.
Non-Selling Career Options
If selling is not a primary interest, other non-selling opportunities may hold promise. Many successful careers have been built on services complementary to real estate brokerage.
This demanding function requires administrative expertise, organizational abilities, and recordkeeping skills. Property managers perform such day-to-day tasks as buildings/grounds maintenance, tenant relations, rent collection, and employee management. At the same time, the manager is expected to achieve the owner’s financial goals.
Property appraisal is an exacting field involving value estimates for various reasons including litigation, mortgage financing, expropriation, and domestic issues. Appraisal techniques rely on sophisticated formulae. A solid knowledge of mathematics is essential.
Persons specializing in mortgage financing assist both buyers and sellers in securing satisfactory financial packages for residential and commercial transactions. Regardless of the activity selected, proficiency in mathematics, effective communication skills, and technical knowledge is required.
A Juggling Act
Few typical days exist for real estate salespeople. Each morning presents new situations, challenges, and rewards. Every day has its own momentum.
Morning routines involve time to organize, prepare advertisements, log on to the MLS® database, check out new listings and sales, tour new properties for sale, and contact prospective buyers and sellers. Early risers sift the latest details from the previous evening. Remember, the real estate market never ends and no stock market bell announces the close of business.
Active residential and commercial salespeople have sellers and buyers in different stages of decision-making. Time management and organizational skills are a must. How much time is needed for this afternoon’s buyer? What information is required for tonight’s listing appointment? What about the out-of-town relocation prospect? Can we see three properties and still make it to a scheduled open house?
As the day unfolds, plans turn into action. Listings are prepared and offers drafted – time consuming detailed work demanding legal accuracy. Often, buyers and sellers wrestle with decision making well beyond the afternoon into evening hours. Don’t worry, it’s not all work. There’s ample time for relaxation, family and friends.