Everything about residential real estate brokerage
What skills and knowledge does a residential real estate broker need to possess? What is a typical day like? What about compensation? Is this area of practice for you? Continue reading to find out.
A residential real estate broker must:
- understand the economic factors that impact the real estate market;
- have an in-depth knowledge of the territory in which he plans to work;
- be able to estimate the market value of a property based on its construction and condition;
- analyze legal documents such as the land register, deeds of loan or sale, etc.;
- manage a budget and properly maintain records, registers and accounts;
- be interested in and at ease with math;
- be familiar with the laws and regulations governing real estate brokerage;
- be able to manage stress and meet deadlines;
- work long hours every week, with a variable schedule that includes nights and weekends;
- when faced with a potential impasse, look at every possible option to find solutions to everyone’s satisfaction.
What about the money?
You will not receive a salary as such. Your income will come from the remuneration you will earn, i.e. a percentage of the selling price of a property or a fixed amount agreed to in the brokerage contract. At the beginning, your income will be unstable and may not be what you expected. You may have to wait a few months before you receive your first payment, commonly known as “commission”. You can prepare for this by making sure you have a start-up fund; this will be very useful to meet your basic expenses at the beginning of your career. For instance, you may need some cash to pay for your licence to practice.