Real Estate Agent
THE JOB Most real estate agents are independent salespeople who provide their services on behalf of a licensed real estate broker. The broker pays the agent a portion of the commission earned from the agent’s sale of property. Earnings are almost always based strictly on commission. Good real estate agents understand the local market backwards and forwards. They help house-seeking clients find neighborhoods and homes offering the best balance between their lifestyles, concerns and budgets. Agents are familiar with local zoning and tax laws as well as effective ways to obtain financing. Agents also act as intermediaries in price negotiations between buyers and sellers. It can be very difficult to relocate in this line of work. Agents build their client base over a number of years, so moving across country can mean starting from scratch.
FACTOIDS: • "Realtor" is a proper noun, a title only conferred upon real estate agents who are members of the National Association of Realtors. • In 1999, the average age of a homebuyer was 39. • The typical search for a home lasts eight weeks and involves the buyer visiting 10 homes.
SKILLS At the end of the day, this is a sales job. A common misperception is that someone interested in homes and architecture can have a prosperous career; success in this line of work requires the ability to search for clients and close deals. Real estate agents must be able to interact effectively with various types of people. This is a relationship business; if you can't garner good relationships with a variety of people, you don't stand a very good chance of finding success in this field. Flexibility is also key. You'll likely work nights and weekends. Sometimes you'll be in the office all day, and sometimes you'll be on the road showing houses. One month, you may make a lot of money, while another month, you won't make a dime. But no matter what, you're expected to put on a happy face for clients.
EDUCATION In every state -- except New Hampshire -- real estate agents must take a basic real estate course. The required number of hour varies significantly by state. More than 1,000 universities, colleges and junior colleges offer courses in the subject. No matter where you want to work in the US, you'll need to pass a state real estate licensing exam before you can start selling homes.
OUTLOOK In 2000, there were roughly 340,000 real estate agents in the United States. While this field is expected to grow more slowly than most occupations, there will be plenty of job openings due to retirement and career changers leaving the industry.
RELATED CAREERS Field salesperson Mortgage broker Property lawyer Real estate broker