| Becoming a Broker: Guidelines and a Day in the Life If you're giving considerable thought to becoming a real estate agent, it's definitely worth it to look into every element of the job before you make the decision: Some of the pros include the freedom to not work 9 to 5, and of course, unlimited earning potential. Sometimes an agent does hit the jackpot, perhaps grabbing an exclusive listing from a rich friend and then having an all-cash buyer walk into the first open house without a buyer's broker representing them. But that rarely happens. A complete deal takes months of back and forth between the cooperating broker, the attorneys from both sides, the mortgage broker, the seller, the buyer, and several other bit players. But if a broker has a busy schedule, finding time not just to make an appointment but to also accompany a client and be in time can be a very intense experience. When an agent is actually out on appointments, they have to concentrate on a large amount of different tasks. They serve as a shrink to counsel the buyer through the pros and cons of every property. It's a rough life, but somebody's gotta do it. As a seller's broker, an agent has to be accommodating to schedules and negotiate shrewdly for the sellers. There are also many possible cons to the job. A seller's agent concentrates on marketing the home, which they can do themselves or through their company's marketing department. They also negotiate on the seller's behalf, so they have to know by heart the state of the market and comparable properties in this area to obtain the best price for their seller. And no board packages for that listing—that's the buyer broker's job. Seller's agents can take a sigh of relief knowing that they sometimes have less running around, since the buyers' agents have for coming to them. Phew. Buyer's agents work around their clients' schedules, which could mean trying to schedule early morning showings (and begging other agents to go along with them) or scheduling late night showings (and begging other agents to meet them there). You'll work nights and weekends. An agent wakes up every day with a big smile on their face and a jig in their step, ready to face the world and hang out with their appreciative clients. Many aspects of a real estate search are contingent on specific demands from a client ("I need a washer/dryer or else!") but also their personality. For real estate brokers, everything is about reputation. If an agent has a reputation for being late, being obnoxious, or being extremely difficult, other agents might not even want to work with them. The best real estate agents work crazy long days and are constantly on their feet or on the telephone, looking for new company or following up with customers. If an agent is part of a team or has an assistant just for this purpose, this headache can be calmed a bit. Since a real estate agent is an independent contractor to a brokerage, their day doesn't usually include meetings with the management unless they need guidance on a deal or they've done something wrong. Not wasting someone's time is important to everyone—if an agent completely blows off an appointment, that might reflect badly on them for the rest of their career. Unfortunately for their customers, they might not know until it's too late that they picked a dud broker. Of course, if that obnoxious buyer's broker has a $10 million all-cash buyer. Such is NYC real estate. Smart agents also call their contacts to see how they're doing on their house search—"warm calling" people they know and even "cold calling" random people. Being a real estate agent is what you make of it. |
Saturday, 31 March 2012
Becoming a Broker: Guidelines and a Day in the Life
