Real estate agent

Understand the Important Expressions Before Starting Your Real Estate Career

Real estate is an unpredictable industry where stakes are really high. Being a real estate agent is one of those professions where income is directly proportional to the effort put in. No, agents are not ensured a steady flow of income, but they have a bit more freedom. They also play a big role in helping a lot of buyers find their dream houses.

1. Setting Your Own Hours

The high level of independence that real estate agents enjoy includes making their own hours and not being tied down to a desk all day long. At the early stage of your career, a good deal of your time will be spent, creating your client base. This will include following up on every lead, setting up a business website and lots of marketing campaigns, cold calling, and many others. But as your client portfolio grows, you will get to enjoy the much-needed flexibility in hours. The diversity in working hours appeals to those who do not thrive well in a typical nine-to-five job setting.

2. Being an Expert

As a real estate agent, many clients will be relying on you to provide them with specific information and advice when finding their dream homes, commercial property, etc. Additionally, you will have access to a variety of skills, including writing contracts, negotiation, and home staging. Ultimately, being an agent can provide you with leverage in knowing the trends for successful real estate investments.

3. It’s a Social Job

In the real estate business, you can have your network work for you. Making good connections is an important part of the job. This is one of the main ways to widen your market and reach out to more prospective clients. If a career in the real estate business sounds perfect to you, here is a guide to some of the common terms you’re most likely to encounter after you’ve put up those homes for sale in Manor Lakes.

Fixed-rate Mortgage and Adjustable-rate Mortgage

Mortgage loan agreementA fixed-rate mortgage is the more common type of loan. It comes with a predetermined interest rate that stays the same throughout the life of the loan. This type of mortgage loan provides the borrower with more predictability and stability. An adjustable-rate mortgage (ARM) is a type of mortgage loan where the interest rate changes depending on market fluctuations. The most common ARM is for three, five, seven, to 10 years.

Buyer’s Agent and a Listing Agent

A buyer’s agent is an agent who represents the buyer on any property transaction. This agent shows the buyers the listing, negotiates in behalf of the buyer, and works with the buyer to close the transaction. On the other hand, a listing agent represents the sellers and the properties for sale.

  • Escrow – This has several meanings in the real estate world, but they all boil down to the different events that take place before and after the property keys are handed to the buyer. This is a term that agents, homebuyers, and sellers should have a complete understanding of before participating in any real estate transaction.
  • Turnkey – This is used to describe a lot of things, including products, services and even employees. In real estate, however, turnkey means that the property is ready for a buyer to move in, all appliances and fixtures are in working condition, and there is no need for big repairs or improvements.

There are so many reasons for choosing real estate as a career. Aside from having a flexible job where you can set your own schedule, the growth potential is huge. This career can pay as lucratively as the amount of time invested in it. Before making that career shift, having a basic understanding of important real estate concepts and terminology is important as it can help you in many future transactions.