Intro to Real Estate Business & Brokerage Flashcards
Common Specializations
Client, Property type, Type of transaction, Geographical area, Type of relationships
Client
working exclusively with buyers or sellers
Property type
residential, commercial, agricultural, etc.
Type of transaction
sales agent, leasing agent, short sales buyer or seller, REO specialist, property manager, etc.
Geographical area
ex: a neighborhood specialist
Type of relationship
a fee-based consultant vs. a commission-based agent vs. a full-time salaried employee
A real estate agent works exclusively with buyers. They have chosen a specialization that focuses on the:
client
Residential Homeowner
Residential Investment
Commercial Sales
Agricultural
Unimproved Land
Residential Leasing or Apartment Broker
Foreclosure, Short Sale, or REO Specialist
Seller’s Market
only a few houses for sale and a lot of people who want to buy them
-favor the seller
-challenge is to make sure your buyer can get an offer accepted on a home without having to pay too much above the listing price
-In a hot seller’s market, your buyer is not likely to get any closing costs paid by the seller, and they probably won’t get a home for less than the list price.
Buyer’s Market
ton of houses for sale and fewer buyers
-favor the buyer
-usually more negotiable for buyers
-In a hot buyer’s market, the buyer can expect to get a “better deal” on a piece of real estate.
Real estate brokerage
is the businesses of overseeing, consummating, and completing real estate transactions and business by bringing together the parties to a transaction.
-Real estate brokerage is carried out by brokers and their sales associates.
Broker
is the name for the person who runs a brokerage
OR
can also refer to the actions taken to fulfill a real estate transaction.
Brokerage
is the physical building where brokers and their sales associates often work
