Table of Content:
- What is a Real Estate Agent?
- Americans Purchasing Property Outside The U.S.?
- Top Performing Real Estate Brokerages In The US
Do You Really Want to Be a Real Estate Agent in 2023?
Tips For Being a Real Estate Agent
Like every job, some pros and cons come with being a real estate agent. But, like every other job, you can choose to make the most of the job's disadvantages and/or advantages with the right mindset. Will you be a listing or seller's agent or a buyer's agent or both? Here are a couple of tips for overcoming the challenges of being a real estate agent.
Improve Time Management With a New Skill Set
There can and most likely will be times when you exceed the 40-hour workweek, even when you have an extremely flexible schedule. To help manage your time, using a calendar or a planner to effectively manage your day can be the best tool under your belt. This can also be a great tool to help you visualize what you need to get done and when to determine what appointments and/or meetings you have coming up weeks or months in advance. Learning how to effectively manage your time makes achieving a fantastic work life all the easier.
Open or Use a Preexisting Savings Account
As we discussed previously in the cons list, a slow period in your work can result in a dent in your income. To make up for the potential loss, consider creating a savings account to help with cash flow so if you have to pull from the account, you can always feed the money you withdrew back in. It helps to create a budget to determine how much to save.
Widen Your Network of Clientele
If you have any troubles with a specific client, you can always reach out to other real estate agents. Seeking a mentor who has, like yourself, undergone similar experiences or challenges can aid you in different approaches to take to make the best of any situation you are in. It is always a good idea to get to know other real estate agents in your area, as well as the various ways that they work through all sorts of situations so you can add these tools to your belt!
- If you are considering any type of profession, it is of course smart to invest time in looking at all the pros and cons of said profession. What we mean by this is taking into consideration what said job can bring to the table for you, and whether the pros outweigh the cons. The same can be said for starting a career as a real estate agent.
- Weighing both the pros and cons of this profession can aid in you making a strategic decision regarding your future career. In this blog, we will be discussing all it entails to be a real estate agent before listing the pros and cons of this career while providing tips on how to potentially overcome challenges faced in this profession.
What is a Real Estate Agent?
Often referred to as a Realtor and/or a real estate broker, a real estate agent is someone who is a representative of sellers or buyers of real estate or property. Brokers tend to work independently, whereas an agent works underneath a licensed broker to represent clients. Real estate agents work off of commission, earning a part of the property sale price. Duties that real estate agents are often tasked with include administrative, research, and marketing duties. You will typically find agents providing both buyers and sellers with assistance, searching for open property listings, running advertisement campaigns, and scheduling property showings, amongst many other things.
- Real estate agents can specialize in commercial real estate or residential and sometimes handle both with a preference for one over the other.
Pros
Several personal benefits and advantages come hand in hand with being a real estate agent. Understanding the benefits that come along with being a real estate agent should be fully understood to determine if fulfillment can be found in this career. Here are some of the following advantages of being a real estate agent.
Flexible Work Schedule. When you are a real estate agent, you are typically in charge of your schedule to accommodate your lifestyle. With this type of schedule, you don't have to clock in or out at any specific time. For your personal life, seeing your hours and schedule can allow you more personal time with family and friends. This can be beneficial in the long run by providing a fantastic balance between your life and work and a link to satisfaction in your job.
Great Income. Real estate agents don't have an income cap, unlike other careers that top off after a certain amount. You can get your income worth with a knowledge of business paired with plenty of dedication. With this job, a raise isn't needed to have a set amount after some time.
Providing Help to Clients. As a real estate agent, you can find fulfillment in knowing that you will always be helping your clients find their dream homes and/or property. You will be able to partake in the joy of being present for a wonderful picture-perfect moment in a family's life.
Business Growth. Because you are your boss working under a licensed broker, you can have the ability to turn your real estate business as big or small as you want it to be. Like any business or hobby with lots of time invested in it, it has the potential to flourish. You can start as a one-man-party and later grow your business by hiring one or more assistants. It is also entirely possible to get your brokerage license.
Americans Purchasing Property Outside The U.S.
Are considering purchasing a home overseas and moving or owning it as a vacation rental? Buying property in a foreign country is a very different process than buying a home in the US. There are A LOT of details that go into this and it depends on what country you want to purchase a property in. As you start your process there are some important things to take into consideration before you start looking for your home.
How To Purchase Property Outside The US
Cost Of Living
If you are considering going overseas altogether then you need to consider the overall cost of living. Take all costs into consideration, not just the home. You need to think of all utilities, food, transportation, and medical care. All of these things look different in every country so you will have a lot of research to do. You want o get detailed and accurate numbers and compare them to your current situation to see if this move will benefit you. Even if you are just considering a vacation rental you still want to take time to consider these costs.
Ownership Laws
Some countries have restrictions on property ownership. In some cases, you will need residence permits or registration with a government agency to own foreign property. To better understand these regulations you will need to work with s real estate attorney that specializes in foreign transactions so you have all of the information upfront.
Financing
Financing might be the hardest part of purchasing a home overseas. Typically using an overseas bank will have high a high-interest rate and high down payment. There also can be requirements for specific insurance over your mortgage. The only other way to go bout your financing is buying the home with cash or a home equity line of credit on your current home. This isn't always advisable because then your primary residence is on the line if you default on a payment.
Taxes
There are always tax rules to consider with any purchase. It is very common to have a tax charge when you purchase or sell a home. Before you buy overseas you need to understand all of your tax requirements and implications so you can be prepared financially.
Timeline
The purchasing timeline between countries will vary. You need to consider this whether you are buying or selling. Consider all of the market conditions and know your legal rights when entering or exiting a contract.
In Conclusion
Before you start looking for your dream home overseas take all of these things into consideration so you know your legal rights and obligations. Surround yourself with the right people that work in this industry. Foreign real estate purchase is its niche. You will need the right insight and patience to do your due diligence before you enjoy your new lifestyle
.
Top Performing Real Estate Brokerages In The US
When you are looking to buy or sell a home, oftentimes the focus is on picking the right agent, but you may want o to consider the brokerage as well. The broker is what has the biggest influence on your agents and the agent's best practices. So, what are the largest real estate brokers and how well do they perform? Let's take look so you can decide if your agent and the brokerage they work for are the right choices for you.
Top Performing Brokerages In The US
- Here are some of the top-performing brokerages in the US, in no particular order.
RE/MAX
RE/MAX is one of the most well-known and oldest brokerages in the US. This brokerage is international and has over 100,000 agents. The large presence makes them notable and the productivity of the agents makes them reputable. They are known for having some of the largest sales amounts in the industry.
Coldwell Banker
Coldwell Banker is known for being a great pioneer in real estate franchising. Coldwell Banker is international and handles close to 1 million transactions a year. In 2022 they were the top performers in luxury home property transactions. This brokerage has been in existence since the early 1900s.
EXP Realty
EXP is known for being the largest residential brokerage in North America. This brokerage is international and is currently one of the fastest-growing worldwide. This brokerage is known for breaking barriers and innovating real estate through its cloud-based model that offers educational tools.
Century 21
Century 21 is a widely known name in the industry. This is a highly regarded company that was said to be cutting-edge, especially at the beginning of the 21st century. This brokerage has over 100,000 agents. Century 21 is a leader in the digital technology part of real estate and is said to be one of the most frequented real estate franchises online.
Keller Williams
Keller Williams currently has the largest amount of agents. This brokerage is based out of Austin Texas and is known for its 70/30 commission split. This is a big part of why they have gained so much popularity. This commission split has benefitted Keller Williams so much that the brokerage has some of the top working agents in the industry.
Prudential
Prudential has been around for over 100 years. It is one of the oldest real estate brokerages in the world. They are widely known for real estate investing and offer expertise in that area as well as financing. This brokerage is international and has the longest-standing reputation in the industry.
In Conclusion
You may have not known how important the brokerage is to the real estate agent and the effect it can have on their work outcome. Although getting to know your agent is the most important thing, it is good to understand who they are partnered with and how that can assist their education as an agent.
Again, this doesn't always mean the biggest and best will work the hardest for you. Sometimes individual brokers that have gone out on their own actually work harder as they don't have a big brokerage to fall back on.
- The choice between a real estate brokerage and an individual agent depends on your specific needs and preferences.
Working with a real estate brokerage can offer you a wider range of services, as well as access to a larger pool of agents and resources. Brokerages can also provide support and guidance to both buyers and sellers during the transaction process.
On the other hand, working with an individual agent can provide a more personalized experience, as they can offer one-on-one attention and have a deeper understanding of your needs. Individual agents may also have specialized knowledge of a specific market or type of property.
Ultimately, the best choice will depend on factors such as your budget, the type of property you are looking to buy or sell, and your comfort level with the agent or brokerage. It's important to consider your priorities and do your research to find the best fit for you.