According to the National Association of REALTORS®, 5.64 million Americans sold their homes in 2020. That’s a lot of real estate transactions! And with every transaction, there are many professionals involved. Here are some of the experts that might be involved in a deal.
1. Real Estate Agent or Broker
In the majority of purchases and sales, whether residential or commercial, a real estate agent or a real estate broker is involved. The real estate pro receives commission in exchange for locating and showing property, listing and advertising property, drawing up contracts, negotiating price and terms, and other duties related to the transaction. Those who want to start their own brokerages must obtain a real estate broker’s license.
2. Real Estate Office Administrator or Assistant
Most brokerages would have a hard time functioning without their office staff who do a variety of tasks like booking showings, inputting deals, communicating with lawyers or financial institutions, social media and other marketing, bookkeeping, scheduling, and so much more. Even individual agents will often hire an in-person or virtual assistant so they can focus on growing their business.
3. Property Manager
When investors purchase a property, they might defer the care and rental or leasing responsibility to a property manager or a property management firm. Since property management duties often fall under the realm of real estate and may require specialized knowledge, many states require property managers to be licensed real estate brokers.
4. Real Estate Lawyer
Most people hire a real estate attorney to represent them and protect their interests in a property purchase or sale. The lawyers on both sides of the sale ensure the documents are complete, the funds are in place, and the deed is registered before each deal is closed. Some solicitors specialize in residential or commercial real estate.
Often, when purchasing real estate, buyers will need financing to complete the deal. Buyers can choose loan officers at specific institutions, or mortgage agents who can access various lenders, based on clients’ specific needs.
6. Home Inspector
Usually hired on behalf of a purchaser, the home inspector will do a visual inspection to find out how the house is currently functioning. They will make recommendations for repairs and home inspection findings can often lead to the negotiation of a lower sale price.
7. Home Appraiser
Home appraisers are hired by buyers and sellers to provide an unbiased estimate of value based on recent sales, the neighborhood, the condition of the property and the buildings on it, and other factors. Lenders often require a professional appraisal as part of the mortgage or refinance process to ensure their investment is prudent.
8. Home Stager
Stagers attempt to increase a home’s perceived value through strategies such as decorating, furniture placement, and decluttering. With a passion for design, a home stager can advise a client how to better position their home for photography and showings.
Real estate photography has always been important but it became essential as the pandemic impacted the industry, and virtual showings temporarily became the norm in many areas. Real estate photography is becoming more advanced as listings often include professional video and 360-degree walk-through and floorplan solutions like iGUIDE or Matterport.
10. Real Estate Investor
Investors will often purchase property with the intention of turning a profit. They may renovate and flip a home, or rent it to tenants, or they may hold the property long-term to Increase equity. Investors usually need to add value to properties they purchase to build wealth at the time of sale.
Real Estate Training
If you find yourself interested in real estate, there are many career options available. This list isn’t exhaustive but it will give you an idea of whether or not the industry is for you.
Want to know more about the industry or about becoming a real estate agent? Check out one of our upcoming Career Day events. You can even try one of our classes to see if it’s a good fit for you. When you’re ready to enroll, choose between Fast Track, an independent study course, or Group Study, our unique, interactive, in-class option. If you’ve got questions, we’ve got answers. Reach out, for more information, today.