Would you believe 5.64 million Americans sold their homes in 2020 (National Association of Realtors)? That’s a lot of real estate transactions and it doesn’t even include new construction! And with every transaction, there are many professionals involved. Here are some of the experts that might take part in a real estate deal.
1. Real Estate Agent or Broker
Unless a purchase or sale is private, a real estate agent or a real estate broker will usually be involved. The real estate pro receives commission in exchange for locating and showing property, listing and advertising property, drawing up contracts, negotiating price and terms, and other duties related to the transaction. Real estate agents must have a broker’s license if they plan to open a brokerage.
2. Real Estate Office Administrator or Assistant
Office staff, in real estate brokerages, have a variety of duties. They may book showings, input deals, communicate with lawyers or financial institutions, update social media accounts, and take care of bookkeeping, scheduling, and other miscellaneous tasks. Real estate agents often hire an in-person or virtual assistant so they can focus on growing their business.
3. Property Manager
When investors purchase property, they might hire a property manager or property management firm to take care of rentals or leasing as well as maintenance. Many states require property managers to work for licensed real estate brokers or to be licensed themselves since the duties are related to real estate.
4. Real Estate Lawyer
Real estate attorneys represent and protect the interests of buyers and sellers in a property purchase or sale. The lawyers on both sides of the sale ensure the documents are complete, the funds are in place, and the deed is registered before each deal is closed. Some solicitors incorporate real estate into a comprehensive practice, while others specialize in residential or commercial real estate.
Buyers often need financing to complete a real estate deal. When looking for funding, buyers can work with a loan officer at a specific institution, or with mortgage agents who can access various lenders, based on clients’ specific needs.
6. Home Inspector
Before purchasing an existing home, buyers will often hire a home inspector to perform a visual inspection and find out how the house is currently functioning. The home inspector will make recommendations for repairs and home inspection findings can often lead to the negotiation of a lower sale price.
7. Home Appraiser
Home appraisers are hired by buyers and sellers to provide an unbiased estimate of value. Appraisers base their opinions on recent sales, the neighborhood, the condition of the property and the buildings on it, and other factors. Lending institutions often ask for a professional appraisal during the mortgage or refinance process so they can protect their investment.
8. Home Stager
A home staging professional works with sellers to increase a home’s perceived value through strategies such as decorating, furniture placement, and decluttering. With a passion for design, a stager can advise a client how to better position their home for photography and showings.
Since the majority of buyers now search for properties online, excellent listing photography has become essential. It became even more important during the pandemic as virtual showings temporarily became the norm in many areas. Real estate photography is becoming more advanced with professional video and 360-degree walk-through and floorplan solutions like iGUIDE or Matterport.
10. Real Estate Investor
Some real estate investors purchase property and intend to build wealth by renovating and selling quickly, or by renting to tenants. Others may hold property long-term and benefit from increased equity over time. It’s important for investors to add value to properties they purchase to build wealth at the time of sale.
Real Estate Training
If you’re interested in a career in real estate, there are many options available. This list isn’t exhaustive but it will give you an idea of whether or not the industry is for you.
Want to know more about the industry or about becoming a real estate agent? Check out one of our upcoming Career Day events. You can even try one of our classes to see if it’s a good fit for you. When you’re ready to enroll, choose between the online Fast Track, an independent study course, or Group Study, our unique, interactive, in-class option. If you’ve got questions, we’ve got answers. Reach out, for more information, today.