Human history is witness to the numerous wars people have been fighting over the acquisition of land. However, changing lifestyles and appreciation for land has a lot to do with the introduction of modern real estate trading. The realty business is on the rise for several decades, mainly because of the addition of a commercial tag to it. However, the trade has been prolific because of the mediation of experts who practice in real estate marketing and sales. We’ll come to these professionals later in this piece. For now, it is satisfactory to understand that these professionals have a lot to do with the current growth of realty trade.
Furthermore, these experts have gained skills in their respective niche within the realty domain, and they prefer not to raid other practice areas. For instance, there are commercial realty experts who prefer not to deal with family properties, just the way residential realtors avoid practicing financial trading.
It is necessary to learn how these two differ. It is apparent from the terms that commercial and residential properties are fundamentally different. While commercial assets include structures that serve the sole purpose of business activities, residential properties, on the other hand, preferably serve family purposes. Evidently, the experts who practice these properties need skills that best meet the requirement of the concerning buyers and sellers. It can include following up with the market trends, cap rates, new listings, and of course, the necessary legal formalities.
By now, it is undeniable that there is no single profession that would have aided the real estate industry to achieve its current stature. So, what are these professions? Or rather, what sort of experts contribute to the successful trading of real estate?
Here’s a brief introduction to the professionals that are usually involved in property-related matters.
Real Estate Agents
A real estate agent needs no introduction. They are the most recognized professionals within the industry. Although the sole purpose of a real estate agent is to mediate between the buying and the selling parties, there’s a lot more to their profession that meets the eye. Read on to learn more.
Roles & Responsibilities
The days of real estate agents are not all the same, every day. Depending upon the demands of their customers, their duties keep on shuffling, and by the end of the day, they may even have to surpass their ordinary roles. However, there are a few roles that every realtor needs to fulfill. For example, a real estate agent will get your property listed across different platforms, take care of the paperwork, and negotiate with the prospects.
Typically, a real estate agent needs to be licensed by the relevant authorities to work and receive a brokerage. Besides, a proficient real estate agent would require to keep up with the recent trends in the market. This includes keeping up with the changing laws and undergoing regular educational courses to maintain their license.
The increasing inclination of the general populace towards owning a property is sure to impact the future of real estate agents. To add to this, the ready availability of finance options and the shift to nomadic lifestyle has surged the demand for rental properties, along with the ones available for purchase. Therefore, the demand for real estate agents will increase in the coming years.
Another commonly acquainted professionals in real estate matters are property managers. Though these experts, as the name suggests, are responsible for managing a property on the behalf of the owner, their roles do exceed their title. Notably, estate managers or property managers may be employed with a managing firm or work independently.
Roles & Responsibilities
A property manager is responsible for looking after a property, setting and collecting rents from the tenants, and looking into the renting process. Apart from this, they may also be required to deal with legal obligations concerning the property. For example, a property manager may need to deal with the evictions, conform to the laws involving tenants and owners and so on.
Usually, a property manager, like any other profession requires to attain a certificate of practice. And, since they are also needed to supervise the property and maintain the records with them for tax filing, this implies that they may also be required to learn taxing and legal skills to practice the profession smoothly.
With the increasing hype of wanderlust lifestyle, people are more inclined towards renting properties than buying. For example, people who need property management in Alexandria, have increased manifolds in some recent years. This is enough to explain that the future holds bright prospects for estate managers and relevant professionals.
Often during the sale of a property, it is crucial to have it evaluated by a property appraiser. Usually, these specialists provide a fair opinion for the value of the property, which the seller can use to ask a legit price. But, there’s more to it.
Roles & Responsibilities
Considering the job roles of a property appraiser, there are specific factors that these experts assess while evaluating a property. For example, they carry out a thorough inspection of the exteriors and interiors of the property, including the condition of walls, flooring, and furniture. Besides, a property appraiser would also estimate the value of similar properties in the area to give a fair opinion.
For property appraisers, the US Appraisal Qualifications Board has set minimum requirements, apart from the necessary training needed to acquire the license for the practice. However, the surrounding norms and prerequisites vary from state to state that encircles the courses and certifications needed to practice the profession in a given state.
Notably, the profession belongs to both the private and government sectors. Since these professionals are only sought after when buying or selling a property, their field of operation is limited. However, with experience, the annual income of a property appraiser may increase up to $60,000 and even more.
And, Real Estate Attorneys
Lastly, some specialized legal attorneys take care of any disputes or formalities involved in real estate trading. These professionals are not only usual with the legalities of land and property regulations, but also proficient with the current trends in the real estate universe.
Roles & Responsibilities
Out of all, the real estate attorneys are the ones that get to be the part of almost every type of transaction that is made within the industry. Simply because certain legal formalities are consistent with buying as well renting of properties, regardless of the purpose of the same. For example, renting or leasing commercial property requires filing appropriate permits and notifying the estate office about the occupancy of the new tenants. Similarly, renting a domestic property also needs certain obligations to be met. This brings us to the point that the roles and responsibilities of estate attorneys include filing documents, preparing wills, handling disputes, and also negotiating with the insurance in case of claims.
The first and the only most important thing that a professional estate attorney needs to fulfill is to acquire a bar license along with a certificate of practice. The applicants are required to undergo courses and appear for certification exams. Apart from this, there may be additional experiences needed to assess the skills of an estate attorney.
Since these professionals are involved in almost every transaction made in real estate, their demand can never seize. Whether a property is being rented out or being sold or purchases, having a legal attorney that specializes in the estate laws can save a lot in terms of money and time. And of course, the buyers, as well as, sellers can rest assured that they are guarded against any future disputes.
Like all other industries and trades, real estate also has its depths that need to be explored. Whether looking for a career in real estate or prospecting to invest in the sector, familiarizing with the professions that surround the industry is only in the best interests. However, the experts that may be involved in any transaction depends on the type and nature of the transaction. For example, people usually prefer involving a real estate agent alone, when making any real estate related transaction. Additionally, all other tasks are either handled by the agent him/her-self, or they may call in the other experts, such as a letting agent, to share their assistance for clients wishing to lease a property.
It has been observed that property aspirants prefer keeping only one point of contact. Apparently, the industry professionals have taken note of this consumer preference and accordingly catered with a collective team of real estate professionals. Owing to this trend, the real estate industry is expected to reach an evaluation of $160 billion by the end of the fiscal year 2019-2020. Given the fact that the professionals, as well as the investment of resources in the industry, are increasing with every passing day, the figures may even lack behind the actual revenue, as suggested by industry insiders. So, no matter what, the real estate industry is driving the global economy, and this is what developing countries are looking forward to emphasizing on.