Introduction to Real state business and brokerage Flashcards
Inside real state you also have 3 rd parties that play and important role
like:
appraisers
attorneys
bankers
title insurance agents
architects
surveyors
accountants
lastly, property managers
Real state Associates can expand their opportunities by narrowing focus and gaining knowledge in
foreclosure and title transfers
taxes and assessments
investment financing
industrial zoning
Common Specializations in real state business
Client- working with buyers and sellers
property type- residential, commercial, agricultural
type of transaction- sales agent, leasing agent, short sales buyer or seller, property manager
geographical area- neighborhood specialist
type of relationship- fee based consultant vs commission based vs full-time salaried employed
Common Real state Specialties
Residential homeowners- sells primary residences to homeowners
Residential investment- sells to investors
commercial sales- sells commercial property to tenant( offices, industrial spaces, puds, and retail
Commercial leasing- leases commercial property to tenants
Property manager- leases and manages residential investments property on behalf of the owner for a fee
agricultural- sells farm lands and other agricultural properties
Unimproved land- sells unimproved land to investors or subdividers
Residential leasing or apartment broker- leases residential properties for landlords or helps residential tenants find homes to rent
foreclosure, short sale, or REO specialist- sells distressed properites in short sales or helps buy distressed properties in shortsales or foreclosure auctions
Create relationships with
license holders
lenders
builders
local business leaders
Sellers market
If there are only a few houses for sale and a lot of people who want to buy them, it’s a seller’s market. The people need more available real estate!
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.
Buyers market
If there are a ton of houses for sale and fewer buyers, it’s a buyer’s market. The people need more buyers!
Sales prices are usually more negotiable for buyers in a buyer’s market because the real estate supply is high. In a hot buyer’s market, the buyer can expect to get a “better deal” on a piece of real estate.
Real state 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
Brokerage
Broker deal
Broker- Person who runs the brokerage.
Brokerage- physical building where brokers and sales associates often work
Broker- can also mean the action to fulfill a real state transaction
Brokerage duties
Sales and leasing
Counseling clients and customers
Property management
Value and financing
Development and construction
Responsibilities as Sales associates
fulfilling the agent client contract
seeking other parties
providing appropriate advice
confidentiality
compliance
