All About Real Estate

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What is a Real Estate Agent?

• He/she is paid to sell other people’s property, from farms to houses to condos.

• He/she also helps clients buy properties.

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What is a Real Estate Broker?

• Real Estate Agent’s boss…all agents must work for a broker.

• This is the actual person who can buy or sell property.– Receives part of the commission from the

sale of the house.

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How Do They Do This?

• For a Seller:– Meet with customer and tour the property– Compare the property with other similar

properties that have recently sold – Promote the property through

• Advertisements• Open houses• MLS

– Negotiate all possible offers for the property

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How Do They Do This? (cont.)

• For a buyer:– Interview clients to understand likes

and dislikes– Create a list of properties that their

clients would like and afford. – Make appointments and show

homes to the buyers.– Present purchase offers to sellers– Negotiate all possible offers for the

property 5

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How Do They Do This? (cont.)

• For both clients:– After offer is accepted:

• Work with escrow companies, lenders, home inspectors and pest inspectors to make sure that:

– Home is in good condition– The buyers can afford the house

• Oversee all document signings and disbursement of funds.

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Tools They Use:

• Car

• Cell Phone

• Computer/Internet

• Digital Camera

• PDAs

• Measuring wheels

• Knowledge (their brain)

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Where Do They Work?

• Everywhere and anywhere– Rent office space from broker– Work from home office – Endless hours in car looking at properties

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What Hours Do They Work?

• Nights

• Weekends

• Very flexible hours otherwise

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Education Needed:

• High School Diploma– Accounting and statistics– English, speech, etc.– Computer courses

• Can have a college degree

• Must have Real Estate License

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Knowledge Needed:

• Customer and personal service

• Sales and marketing

• Economics and accounting

• Law and government

• Building and construction

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Skills Needed:

• Time management• Negotiation• Speaking/Oral communication• Reading comprehension• Writing• Listening• Math• Social perceptiveness

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Job Prospects• Huge job growth

– Many people will retire

• Depending on how hard you work can earn:– $40,000/year to– $130,000/year

• A lot of competition– Good grades very important

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