Who is a realtor – profession and job, wage and responsibilities of real estate broker?

Similar names of realtor profession:

There are several synonyms for a realtor position:
broker, real estate broker, real estate intermediary, employee of real estate agency, sales manager of real estate, consultant of real estate

What name of this profession the most appropriate?

Legal name of this profession is called a real estate broker. Interestingly, current legislation does not contain concept of a realtor.

Who is a realtor (broker, real estate broker, real estate intermediary)?

Realtor is a specialist dealing with operations on real estate market. Often realtor is anintermediary between a seller (or a lessor) of real estate and a buyer (a lessee) of real estate.

How much does a real estate broker earn?

For what do realtors receive such money and why the wage of a realtor is considered well-paid in spite of the absence of basic rate? An experienced realtor able to find the required real estate quickly, negotiate and agree with people may always count on a good reward.

Usually, clients pay a fee for agency services: per cent from the transaction (2-5% from apartment price in case of sale and 50-100% from price of lease rate in case of lease). There are nofixed prices and price lists, because every real estate agency evaluates the quality of their work very differently. 

What are the types of brokers?

Usually, real estate brokers are highly specialized in big real estate agencies, namely they work with clients in their areas. A real estate broker often works with all types of operations in small agencies because of the lack of clients.  

If you decided to become a realtor, you should understand that you may be offered a position in different departments, for example: purchase and sales of apartments, lease or purchase of commercial property, department of residential lease.

Where you should go to work:

In commercial property realtors work with offices, shops, warehouses and other commercial objects. In big and promoted real estate agencies may sign on average 4 – 10 contracts per month.
 
In housing purchase and sales, where residential apartments are sold, a realtor usually signs up to 4 contracts per month in a good agency.
 
The frequency of signing contracts on the market of residential lease is much higher. But income there is not as high as in previous departments. In residential lease it is possible to sign on average up to 15 contracts per month.
 The frequency of contracts on the market of daily lease is the highest, usually upon condition that there are clients.You may sign contracts every day, but incomes are the lowest here – the fee is very low – 100- 500 UAH.

For whom it is better to work as a realtor:

Usually, it is recommended to work as a realtor, if you have a stable financial background in the beginning of work. This is about time, when you will study, because in the beginning your salary may be quite unstable.

What experience will help you master a realtor profession?

People, who previously worked in similar industries, adapt quicker in this activity, for example: sellers, sales managers, insurance agents and travel agents. Sometimes, educators, who have communication skills, also may easily master this profession.

Necessary qualities in this profession:

1. Communication skills. The most important quality for the profession of a realtor are communication skills, because this is a work with people and you will have to communicate a lot. By the way, a realtor often has to listen to information and communicate with clients on the topics absolutely unrelated to his job. Many clients often need to speak about their family or health problems, complain on ungrateful children, and tell about the illness of their cat or hamster… Realtor has to listen to each of them and sometimes calm, give advice or help them.
2. Flexibility and purposefulness. Such quality as flexibility will help you in your position and negotiations; creativity will help you find a compromise. Purposefulness of a young specialist will not allow knocking him over on this competitive market.
3. Ability to listen, politeness and tactfulness – these are also necessary qualities of a successful representative of this profession..

Advantages and disadvantages of the profession:

Advantages of a realtor’s profession

• High wage

If you have experience and a source of clients (usually from real estate agency), then we may considerprofession of realtor as a well-paid.

• No education or diploma required

Also, the important reason of popularity of this profession is that you do not need to study in a specialized educational institution to obtain a diploma of a real estate broker. It is enough to be communicative, goal-oriented and well-travelled; the rest depends on the real estate agency, which usually holds trainings for realtors that last for several months.

• Available a career advancement

In big real estate agencies career advancement is possible. An experienced and successful realtor may become a manager of group of brokers or a director of a department.

• Flexible schedule, you can easily take leave of absence

The big plus in realtor activity is flexible or freer schedule than in other professions. If in real estate agency has a specific timetable from start to finish, this means that usually your supervisor lets may give you leave of absencewithout problems as compared with some other professions. Of course, the rate of your wage is proportional to your work. If you want to receive good money, you will have to work hard at initial stages and even out of working hours. 

• Contacts and acquaintances

A real estate broker is a person, who communicates with many people every day and gradually acquires a large number of useful acquaintances and contacts.

• Change of scenery

A realtor’s job is characterized by a constant change of scenery and absence of monotonous routine. 

• Good experience

During one or two years of work, a realtor acquires invaluable experience, which helps him in any activity related to people and communications with people.

Disadvantages:

• Absence of a basic rate

According to many studies, a realtor’s profession belongs to a group of well -paid jobs, but usually it will not be a well-paid from the beginning. A realtor does not have a basic rate and his wage depends on the number of contracts he can sign.
Therefore, during the first months of work there is almost no financial stability, as it is hard to predict the wage, until a realtor receivesexperience. But during the first months a realtor may not necessarily earn little –often contracts and their numbers are unpredictable and sometimes random

• It is not easy as it seems

A realtor’s job is not as easy as it seems at first sight. Searching for clients on real estate market is usually a very difficult process, and you should obtain knowledge and experience on real estate market. Therefore, start working as a realtor without a real estate agency is usually unprofitable. You should choose a popular real estate agency because in big and famous agencies the client databases are much bigger, the work is arranged better and more advantages that are very important on the market in an agent’s work.

• Emotionally active work

A realtor’s job means working with people, so this profession is quite exhaustible emotionally. For emotional people, who use to take it personally, it will be more difficult to master this new work.

• Always connected

A realtor’s profession demands always being in touch. A turned off cell phone is a luxury, according to every experienced real estate broker.

What real estate broker should know and be able to do:

• A realtor should know situation, prices, features of real estate market, on which he works
• He should know how to conclude contracts related to real estate
• He should know how to process documents related to real estate
• He should know how to evaluate real estate

What should a broker do?

Not all intermediaries on real estate market may provide high-quality services or services in full.
We will try to prepare a maximum list of services provided by big real estate agencies:

Realtor may provide the following services:

1. Search for or selection of real estate:

• Arranging real estate visits
• Searching for a buyer / lessee for sellers – lessors
• Advertising real estate
• Arranging real estate visits

2. Counselling:

• Counselling on all issues as to real estate market

3.  Concluding a contract:

• Example: contract of advance payment, contract of lease, processing the preliminary contract followed by preparation of a master contract of purchase and sale or lease.

4. Professional negotiation:

• Agreement of positions, bringing negotiations to result, searching for compromise solutions, bidding.

5. Evaluating real estate.

6. Services related to security on real estate market:

• Verification of real estate history, practical tips and counselling. 

Are you interested in realtor jobs in a leading real estate agency of Lviv?

Realtor jobs in Lviv – go to our career section.