1.2a Real Estate Brokerage: Sales and Leasing Flashcards
In order to become a broker:
In Florida, as in most states, you must be a licensed sales agent for at least twenty-four months out
of the last five years to qualify to become a broker. You must also fulfill the educational requirements
and file an application that must be approved by the state.
In order to become a sales agent:
In order to become a sales agent, your license must be affiliated with a sponsoring broker. This will
give you a mentor to learn from and an established infrastructure to power your business.
How does the broker act as a third part?
A broker acts as a third-party intermediary in the negotiating process of selling or leasing real estate.
They are all technically sales agents with the ability to work independently. Their job is to provide
insight and guidance during a sale or leasing and to structure transactions so that everything is fair
and legal. A broker may choose to represent either the buyer or the seller and negotiate on their
behalf. He or she may even choose to represent both parties, as long as permission is granted from
both sides and the broker agrees to remain neutral.
Job as a broker:
The day-to-day role of a broker will change depending on the office. Some take on more of a managerial role and elect to handle bigger picture tasks while sales agents take on clients. Some will be actively involved in the sales and leasing process and some will continue to take on their own clients while simultaneously running the brokerage. It all depends on the style of the broker, the size of the brokerage, and how much experience the agents have.
How does the sales agent support the broker:
The role of the sales agent is to support the broker by providing services to clients.
The broker is there to guide you through
the process of leasing or selling property and as you learn, you’ll be given more responsibilities.
Roles of a sales associate :
Typically, responsibilities will include finding and advertising listings, contacting interested
buyers, showing properties, negotiating contracts, closing deals, and signing contracts.
Find a broker that works with your learning style:
Some agents like independence, while others would prefer more guidance. Whichever style you prefer, it’s important to find a broker who understands your
personality and professional goals. That way you don’t clash or disagree with their management
style
Why do people prefer to go with realtors:
Some agents like independence, while others would prefer more guidance. Whichever style you prefer, it’s important to find a broker who understands your
personality and professional goals. That way you don’t clash or disagree with their management style
Why do people prefer to go with realtors:
In real estate, time is money. There are often carrying costs associated with a property, like a mortgage, taxes, or bills that eat into profits over time. Besides the carrying costs, the longer a property sits on the market, the harder it is to sell.
Real estate agents will save you money in the long run :
Real estate agents often save sellers money in the long run by cutting down the time it takes to get
a property sold. Not only are they working around the clock, but they also qualify potential buyers and have access to databases and advertising methods that the average person doesn’t. It’s often more efficient for sellers to hire an agent just to have access to these valuable resources and the guidance of a licensed professional to walk them through the complicated process of selling or
leasing real estate.
Farming:
Besides the general value that real estate agents provide, most agents specialize in a particular
geographic area.
They study the local infrastructure and build valuable connections in the community that can be leveraged by clients.
Farming:
There is a strategy known as farming that is practiced by many successful agents. Farming is the act of cultivating a particular community for potential leads, contacts, or other business interests over a long period of time. They do so by studying the area they do business in and understanding the different demographic and geographic trends that influence property values and local business.
Then they interact with local residents and business leaders in that community to build a solid
network that will produce leads and facilitate partnerships.
Farming is a technique that should be utilized by any agents who want to get ahead. It’s a great
way to drum up business at little cost to you and it incentivizes ethical activity and community
awareness.
Five major fields of real estate :
Residential Commercial Industrial Agricultural Business
Residential real estate:
Residential real estate refers to properties that are designated as personal dwellings, like single-family homes, condos, and apartment complexes.
Commercial real estate:
Commercial is a broad term that is typically applied to properties that are zoned for commercial use. This could include anything from a small storefront to an entire shopping mall. Any business with a brick and mortar storefront has a demand for commercial real estate. This could include bars and restaurants, gas stations, grocery stores, hotels, and much more.
