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If you are contemplating making real estate brokerage your career or are about to hire a professional to handle your current real estate transaction, you should understand the wants and needs of all those involved in this process. The Seller wants to sell, the Buyer wants to buy and the Agent wants to provide a service for which he will earn a commission or fee.

Commission is the compensation for the effort, and the professional liability, which co-exist in this business. It is the reward for becoming knowledgeable and professional in any field. When one holds themselves out as a professional, whatever the industry, and provides a professional service to the public, the public can rely on their word and advice. You are a professional, if you accept a fee for your services. The goal is to support your client with knowledgeable information to create a seamless transaction. A transaction in which all parties, with the benefit of an agent in this example, can say that the buy/sell experience was a positive one.

This is a complex service business. Agents educate interested buyers and sellers by arranging for opportunities to view available properties and providing information about the local real estate market that will assist them in making their real estate decisions. This decision is often considered the most expensive purchase one will make in their lifetime.

Agents must be licensed by the state in which they work. Most agents work for a broker as an independent contractor. Brokers do not set the hours or set quotas for the volume of business an independent contractor will generate. You are essentially working for yourself. The broker can set the standard of practice of your efforts, provide an office, reputation, supporting agents, supplies, referrals for you and continuing education. You will be required to pay your income taxes, obtain health insurance and provide your own automobile and business accessories like a computer or mobile phone. There are other broker/agent arrangements, but the most prevalent one I expect you will find is the independent contractor relationship.

Ask yourself if you are a person who can work with new people, keep irregular hours and orchestrate multiple tasks that are all different and urgent within the same hour of the day. Are you patient? Be brutally honest with yourself. If you are not, you could invest 6 months to a year, without any income, yet many expenses. Only then, finding out that you are not well suited for this career. Many often misjudge the traits needed to be a success in real estate sales and truly believe itís an easy job. While it can be very rewarding, it is a challenging job and not for everyone.

Call Royal today, for a personal interview and an introductory discussion.