A realtor is a real estate specialist employed to help and offer guidance to clients as they sell, buy, or rent a commercial or residential property. Though related to a real estate agent, a realtor is a member of the NAR (National Association of Realtors) and is expected to comply with its ethics code.
Realtors spot real estate properties that meet the client’s suggested specifications, arrange for them to visit the property, and travel with them through the property. They answer questions for the client, facilitate communication between all parties involved, and put together contracts. Their particular responsibilities can vary depending on whether they represent the buyer or the seller while selling a home. Some of the tasks can include:
- Prospecting and networking to find clients and sell them on working with them at their agency.
- Traveling with clients to compare different properties based on their needs and show them the features of each home.
- Assisting clients through preparing a home for sale, including bringing in extra decor and furniture to stage the home for prospective customers.
- Negotiating the contract to get the best possible purchase cost for a home.
- Hosting open houses for customers who are motivated to sell fastly.
- Looking for comparable comps or sales, what offer should be made on a home or identify the best deal a home should be listed.
Recommended Articles ;
Aspiring realtors are usually required to have a GED or high school diploma. They must also meet a minimum number of instruction hours and complete real estate education courses. In the real estate programs, aspiring realtors study topics like the listing and selling process, time management, closing the sale, escrow procedure, financing, and taxes. They also learn about how to price and list homes for sale, real estate business, real estate laws, contract clauses, and disclosure procedures and guidelines.
Most of the realtors training occurs on the job, through work experience in a related role or formal education. Some real estate firms provide unique training for agents to help them learn their systems and processes. Other firms may allow realtors to enter the field right after getting the required licensure. New agents often work alongside more experienced agents early on in their jobs to better understand the industry’s complexity and the sales environment.
Realtor work environment
Realtors work part-time or full-time both inside and outside of offices. While they spend most of their hours in an office—writing contracts, creating comps, and reviewing listings that meet their buyers’ requirements—they also spend a substantial amount of time in the field—staging homes or showing houses to sell. Realtors often work more than forty hours per week and frequently work weekends and evenings to accommodate their customers’ needs. They may have to spend a reasonable amount of time at networking
events to find new clients. They generally work for leasing offices and individual real estate or are self-employed.
How Much Do Realtors Make
Careers in the U.S:
An entry-level Realtor with less than one year experience can expect to make an average total salary (includes bonus, tips, and overtime pay) of $48,682. An early career Realtor with 1-5 years of experience earns an average total pay of $49,721. A mid-career Realtor with 5-10 years of experience earns an average total salary of $63,434. An experienced Realtor with 10-20 years of experience earns an average total remuneration of $62,134. In their late-career (20 – plus years), employees make an average total remuneration of $72,414(1).
Careers in Europe:
A person working as a Real Estate Agent in Spain typically earns around 2,510 EUR per month. Salaries range from 1,230 EUR (lowest) to 3,910 EUR (highest). This is the average monthly salary, including transport, housing, and other benefits.
Careers in Asia:
A person working in Real Estate in Singapore typically earns around 9,520 SGD per month. Salaries range from 3,520 SGD (lowest average) to 16,300 SGD (highest average, the actual maximum wage is higher). This is the average monthly salary, including transport, housing, and other benefits.
Recommended Articles ;