Looking at becoming a Real Estate Agent?
Real Estate Agents, as the name implies, act on behalf of other people in business transactions that involve real property, or businesses.
The real property which the agent deals with could be undeveloped land sites, residential homes, commercial or industrial buildings, units, townhouses or villa complexes, retail centres or vacant parcels of land. The majority of Real Estate Agents deal primarily with residential property such as houses, home units, townhouses, villas and vacant land. Some firms however, often specialise in selling and managing types of real estate which are used to generate income for investors. These include shopping centres, hotels, motels, industrial complexes, home unit / townhouse or villa developments, office blocks, etc.
Real Estate Agents offer a range of services depending upon the type of property they have been appointed to sell, lease or manage on behalf of an owner. The agent must always consider the wishes of the owner as to the price sought for the property, special terms and conditions in the Contract of Sale and the manner in which the property is to be marketed. The Real Estate Agent, once appointed by an owner to sell the property commences a marketing campaign to attract potential buyers to the property. With the assistance or real estate salespeople employed in the office they arrange for the prospective buyers to view the property and supply as much information as possible regarding the property as the prospective buyer may require.
The Real Estate Agent acts as a go-between for the owner and the buyer assisting with their negotiations to reach an agreed sale price for the property. The Real Estate Agent continues to act on behalf of the owner until the property is legally transferred to the new owner. For these services the Real Estate Agent receives a payment (known as commission) from the owner.
Real Estate Agents are also involved in the letting of property for owners. The Agent markets the property for lease and arranges for potential tenants to view the property. The Agent acts as a go-between for the owner (Landlord) and the tenant in negotiation of the rent payments and terms of the Tenancy Agreement. The Real Estate Agent normally draws up the Tenancy Agreement between the Landlord and Tenant then acts on behalf of the Landlord in the general day to day management of the property. The Agent collects the rent, arranges repairs and maintenance and finds new tenants when necessary.
You should have an engaging personality with the ability to communicate, understand and relate to a great variety of different people. Initiative, foresight, organisational ability, integrity and a genuine concern for others are essential character elements of a good Real Estate Agent.
To become a Licensed Real Estate Agent it is necessary to complete the Licensing Course approved by the Office of Fair Trading. It is also necessary to have held a Certificate of Registration for at least two years. You must be over the age of 18 years, be considered by the Office of Fair Trading to be of good fame and character.