Apart from Working 365/24/7?
Due to relative complexity of buying or selling a home or commercial property, people seek help from real estate brokers and real estate agents, who help clients buy, sell, and rent residential and commercial properties. Both brokers and agents work with real estate clients; however brokers are licensed to manage their own real estate businesses and supervise the work of real estate agents within their office. By Alabama Real Estate Law, all real estate sales agents must work for the broker. The clients establish the agency relationship with the broker, who in turn authorizes his or her agents to act on broker’s behalf.
Generally speaking, Real Estate Agents and Brokers:
- Seek for and solicit potential clients to buy, sell, and rent properties
- Advise clients on pricing, offers, mortgage options, and other issues relating to a purchase or a sale
- Analyze markets and compare similar properties to determine a competitive market value for a property
- Find properties for sale within client purchase criteria
- Market properties through open houses, multiple listing services; and by other means
- Visit and review properties with prospective buyers or renters
- Document and present purchase offers to sellers for consideration
- Advise or mediate in negotiations between the buyer and seller; landlord and tenant
- Seek for all terms of purchase contract to be met until closing; and sometimes beyond
real estate specific documents required by law.
Buying and Selling Transactions
Brokers and agents can represent the buyer, the seller or both in a transaction. Buyers’ agents meet with clients to discover what they are looking for and help the client understand the financial impact. Listing agents meet with clients to help deciding how much to ask for a property and to devise a plan on how to locate a ready, willing and able buyer. Limited consensual dual agents assist both the buyer and the seller in a transaction as an impartial party helping to broker the details of the transaction.
Knowledge
Real Estate Agents must be knowledgeable about the real estate market in their area. To match properties to clients’ needs, agents should be familiar with local communities. They must stay current on financing options; government programs; types of available mortgages; and real estate, zoning, and fair housing laws. Ultimately a successful agent knows the local real estate business and matches the client needs with available opportunities; while building rapport with the client based on honesty and integrity.
Brokers and Supervising Agents
Real Estate Brokers are licensed to manage their own businesses. Brokers, as independent business owners or branch managers, often sell real estate that is owned by others as well. In addition to helping clients buy and sell properties, they may help rent or manage properties for a fee. Many brokers handle business details and supervise the work of sales agents. All real estate sales agents must work with a broker and be supervised by a broker. Sales agents often work for brokers on a contract basis, earning a portion of the commission from each property they sell or help client purchase.
Work Environment
Many real estate brokers and sales agents work in a typical office environment, others telecommute or work out of their homes. In both cases, agents spend much of their time away from their desks – previewing properties, showing properties to their customers, meeting with prospective clients, all while on the telephone coordinating and communicating with clients, other agents, lenders, inspectors, and others involved in sale real estate transaction.
Many real estate brokers and sales agents work all hours of the day beyond a standard 40-hour work week. They regularly work evenings and weekends to accommodate clients’ schedules. New sales agents usually spend significant amount of time networking to meet potential clients. Some brokers and sales agents work part time, often combining their real estate activities with other careers; however, doing it successfully part-time is an exception rather than a rule.
Qualifications
In Alabama, real estate brokers and agents need a high school diploma; must be 19 years old; take real estate education courses; and pass an exam to become licensed. There are some additional requirements, such as passing a background check; paying required fees, etc. The licenses must be renewed every 2 years and require attendance at continued education courses offered throughout the year.
