As the economy grows and changes, and new investment instruments enter the market every day, there is one asset that will never cease to exist in high demand: Real Estate. Owning real property is a strong tangible investment and a healthy component of a diverse portfolio. Whether it be residential or commercial, all real estate transactions need the help of a real estate agent to take place. Let's break down both of those.
Commercial real estate can be a highly lucrative career path, given the high commission possibilities on larger property transactions. Because investing in commercial real estate is such an expensive decision, agents need to present their clients with ample information regarding market expectations, analytical data, and economic information to ensure the client they are making a safe and beneficial investment.
Commercial real estate agents spend much of their time gathering relevant market data to create reports for their clients to assess whether or not they are interested in buying or leasing the property in question. Agents also make frequent visits to the property in question so they can show their clients the unique aspects of the property and gauge their interest face to face.
People with finance, statistics, economics, and business administration backgrounds tend to fare well in commercial real estate. They have the critical thinking and analytical skills, coupled with the strong interpersonal skills needed to build relationships.
People who are interested in real estate sales may also consider residential real estate. This means property developed specifically for people to live in. Sales of these properties are typically smaller in value than commercial properties and experience faster sales cycles, allowing more transactions throughout the year.
Residential real estate agents spend most of their time meeting with their clients and helping them determine the best strategy for selling their property, such as when is a good time to put it on the market and what is a reasonable asking price. When helping a client purchase a home, agents will go with them to view different properties and help them make decisions on which properties they like and what their strategy should be for when to make an offer, and how much they should offer.
Agents may also create marketing materials for their clients’ properties to increase interest in the property while simultaneously attracting new clients of their own. Prospecting clients is also a very important aspect of a career in residential real estate, so agents put a significant amount of time into these activities as well. Because of the individualistic nature of residential real estate, this is a great career for someone looking for schedule flexibility and autonomy.
To become a residential real estate agent, a candidate needs to become a licensed realtor in every state they would like to practice. In addition to this license, residential real estate agents rely on marketing materials and social media activity to generate buzz around their listings as well as garner new business, so being well-versed in these skills is very helpful. This job also requires agents to form trusting relationships with their clients and leave clients with a positive impression, because having repeat clients and getting referrals from past satisfied clients are two of the most important ways to have success in residential real estate.
Interested in pursuing real estate? Take the first steps and learn what it will take to become licensed in your state. You can also develop many of the soft skills you will need by attending networking and professional development events here at Collegiate Sales Society (CSS). Check out our Events Page to learn more!