Becoming a Real Estate Agent

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Buying a home is a big event in many peoples' lives – but very few understand the complex regulations and paperwork involved in the process.

To that end, few people are willing to undertake the task of buying or selling their homes by themselves. Most hire real estate agents or brokers to help them deal with these complicated real estate transactions. Consequently, these agents must be very knowledgeable about the real estate market, real estate law, and many other topics.

The Life of a Real Estate Agent

While real estate agents can spend years learning about the complicated laws, regulations, and procedures surrounding buying and selling property, a large portion of what separates a good agent from an amazing agent isn’t learned in the classroom. Instead, it’s learned by following the local market and watching how and when homes sell. Agents have to know the real estate market in their specific neighborhoods – it doesn’t matter if small, single-family homes are selling quickly in Chicago if you’re an agent in Brooklyn. Local knowledge is an absolute must.

In the past, real estate agents learned about properties in their areas by gathering information from other agents or from driving around the area and making notes on the homes for sale.

Today, however, both of these tasks require much less time, thanks to computers and the internet. Instead of faxing listings or meeting with clients to discuss potential homes, realtors can quickly search through properties for sale online and email possible homes to their clients. In fact, many agents now use programs that record client’s housing needs and then, as new homes that fit these needs are listed, automatically email any potential listings to the client.

Real estate agents also have to know about marketing. They must know how to get word about a new home listing out to potential buyers and how to get the right kind of buyers interested in the property. Marketing a large four bedroom home, for example, is different from marketing a small starter home – the target buyers aren't going to be the same. Agents also have to know about various types of marketing – signs, open houses, internet searches, etc. – and know when to use each one.

As an agent, you’ll also need to know how to negotiate and mediate between potential buyers and sellers. The buyer and seller may not always agree on the final price of the home or on what extra terms will be included in the deal. For example, if a seller won't lower the price of the home, the real estate agent may convince them to leave certain appliances in the home in order to close the deal. In these cases, you'll need to be able to negotiate with other real estate agents on behalf of your respective clients.

Real estate agents spend much of their time working with people – if you don’t like working with others, this definitely isn't the career for you. On the other hand, agents usually spend most of their time out of their offices either meeting with clients or showing homes. Since people aren’t always able to get out of work, real estate agents have to be prepared to work in the evenings and on weekends. In fact, most put in more than 40 hours of work each week. However, many real estate agents find that the flexibility of their work schedules more than makes up for the extra hours they sometimes put in.

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