Training and Career Guide – Real Estate
If you are trying to get your real estate career up and running, then keep reading the information below:
Many people think that Real Estate Agents are just nicely dressed people who try to sell people houses. In reality they are an important part of a community. They help their community by helping people buy or sell their property. A community can prosper or drown based on the economy. And the economy is partly driven by the property values. Property values go up or down depending on whether people want buy homes in a particular community.
The real estate person’s job is to help guide their clients to make the most profitable deals. It does not matter whether a person is buying or selling, navigating all the ins and outs of purchasing or selling a home is not easy. The real estate professional helps his or her clients navigate through all the confusing paperwork. They also help negotiate the deal and help with lenders, making the process as painless as possible.
Various Real Estate Opportunities
This type of career is not going anywhere, because people will always need help brokering those types of deals. Plus with all the amazing technology out there homes are even easier to find. Many real estate jobs can offer flexible hours and the ability to work from home. The flexibility becomes a great option for many people. Keep reading to see what types of amazing opportunities there are out there, in this type of field:
Managing Properties
A person who wants to manage properties is going to be hired for their managerial skills related to: office buildings, homeowner associations, commercial properties and apartment complexes. They are also usually responsible for dealing with the rent collection, hiring for security, landscaping and janitorial services.
Developing Real Estate
Deciding to develop real estate requires several different types of skill sets. The person wanting to be a developer must be able to: handle the business side and predict possible trends. They must also be able deal with all sorts of unique problems that come up during any kind of development project. They should also be someone who is looking ahead, a visionary and a politician. A real estate developer must be able to handle both the business end of things, like finance and the development pieces, like the architecture.
Assessing and Apprising Properties
The main purpose of anyone who is assessing or appraising a property is to calculate the estimated value of that particular property. The difference between an appraiser and an assessor is that the appraiser is going to be hired usually by the buyer, lender or seller. While the assessor usually works for a local government agency calculating the property value for tax purposes. An assessor may be asked to assess an entire neighborhood at one time.
Real Estate Brokers and Agents
Brokers and agents are usually responsible for helping their clients sell and/or buy property. For this type of position the person must understand tax laws related to property and all available finance options. He or she will also need to understand how to properly market the properties that they are trying to sell. Anyone in this type of position will probably work 40+ hours a week, because of the evening hours. A lot of those hours will be spent with their clients looking at homes.
Finance
Underwriters have a key role in everything under the real estate umbrella. Without them the rest cannot happen, the buying, managing, building and selling of real state would not be possible.
The Corporate World
There is a whole other world, the corporate world, within real estate. This type of position requires the professional to handle the management of corporate properties, along with the selling and buying. They are also responsible for managing their employer’s assets.
Skills Required for any Real Estate Position
Choosing to become a real estate professional should not be taken lightly, because being a real estate agent demands hard work and self-motivation. Depending on the type of career a person wants to get will depend on the particular type of skill sets necessary. However, any real estate position requires both organizational and analytical skills.
Other skills that are extremely helpful and highly recommended are technology skills, the ability to present, along with proficient medical skills. Also, although a real estate agent comes equipped with many diverse skills he or she will not be able to do everything for their clients. So, an agent needs to have a list of trustworthy professionals that they can refer their clients to such as lenders, lawyers and insurance companies.
What type of education is required?
Although technically all that is required is a high school diploma, it is highly recommended that anyone wishing to become a real estate agent should obtain his or her bachelor’s degree. A bachelor’s degree will open many more doors and allow for much more advancement than a high school diploma.
Many universities offer several different business degrees that would be most appropriate for anyone wanting to become a real estate agent:
- Marketing
- Finance
- Business Administration
- Real Estate
All of these bachelor degrees will cover the essential classes like economics. Other courses that will help you along the way include, but are not limited to, marketing, environmental, law, land usage planning and finance.
Master’s Degree (MBA) in Business
Getting a bachelor’s degree is the first step in getting what many would term as an entry-level type of position. Anyone wanting to work in management, or work their way up the ladder should consider getting their MBA. This type of degree it is particularly important should a real estate professional wish to get into finance or into the corporate world.
Anyone working full-time knows how hard it is to go back to school, so many universities offer online programs allowing for some flexibility. Make sure you do your homework and look at all your options before deciding which path is best for you.
What are the licensing requirements?
Depending on the type of position you are interested in will determine whether a license is required or not. Be aware in most cases a license of some sort is required. For example, real estate agents and brokers in every state must have a license.
Real estate assessors and appraisers
Any real estate assessor and/or appraiser who is involved in any transaction, of $250,000 or more, that is federal is required to be certified or state licensed. Loan amounts that are less than $250,000 do not require a license, however most states do require appraisers to have a license.
Licensing requirements for assessors vary from state to state, but are usually quite similar to the certification/licensure that is required for appraisers. There is usually a board that sets the requirements. The board sets requirements for both experience and education in order to obtain licensure to be a practicing assessor.
Real estate brokers and agents
Real estate agents and brokers in every state must have a license. The only way to obtain this license is to pass an exam. The license must be renewed every one to two years through professional development. Note, a broker’s license additionally requires field experience, one to three years, and a program of training that varies between 60 to 90 hours. If a person already has their bachelor’s degree, in real estate, some states will forgo the field experience required.
Although there is a nationally recognized test available, some states choose to use their own testing system. Be aware this comprehensive exam comes with a variety of questions covering topics like real estate law, mathematical problems, regulations and rules.
Managers of property
Although Maine and Idaho do not require a license, all other states require a property manager to hold a management license or a real estate license. The only other slight exception is the state of Washington. In that case a person is only required to be licensed if they don’t own the property that they will be managing.
Available options for education and licensing
Licensing requirements can be found on websites, for every state. Along with licensing requirements those websites should also list programs available that have been approved by that state. This allows potential applicants to choose a traditional classroom setting or online.
Both options are great for different types of people. For example someone who is just beginning may want to consider the traditional setting. By choosing that option he or she will be working with professionals who are currently in the business giving them helpful tips and ideas. While the online option might be better for someone who is already working and needs to fit classes in around their busy schedule.
There are some private school options available. These are usually taught by people who are out working in the real estate world.
The most important piece to remember is that no matter which option you go with be sure you understand the requirements for whatever state you plan on living in, once the program. Every state has their own regulations and it is important that you know what those are before picking a real estate program for you.