Work in the Real Estate Industry - Coursework Example

Name: Course: Instructor: Date: Work in the Real Estate Industry Introduction The real estate industries provide people with numerous opportunities to meet a varied range of people while carrying out a diversity of different tasks and accountabilities. It involves assisting people with important decisions such as selling, buying, renting homes and offices and investing on property among others. The real estate industry demands skills such as confidence in oneself, and exceptional customer services. It requires working on the clock, working on the weekends among others considering the market and competition available. Real estate agents assist clients in leasing properties, managing businesses, valuing property, buying, and selling both commercial and residential properties (REIA). The Real Estate Industry The real estate industry is similar to the brokering industry. The real estate agency is growing steadily, which requires real estate agents who are also referred to as business transference agents (Butlin, 78). The real estate agency assists buyers and sellers in the market in the buying and selling processes. The agents are important in assisting to estimate the value of products while advertising them for sale. The real estate agents handle the potential buyer’s interviews, negotiations with prospective buyers and discussions among others. The sector flourishes due to the numerous relationships that must exists between the clients, customers and the real estate agents among other issues. Currently, the industry is highly competitive due to other sectors such as the brokering system among others (Jerez, 1). The sector needs the success of relationships with the customers and clients. The clients are both the sellers and the buyers. Those that do not have relationships with the real estate agency are perceived as the customers of the real estate agents. However, most of the states have laws that govern how the real estate agencies licencing requirements. The real estate agents often work as transaction brokers where neither the buyer nor seller is their client (Jerez, 1). Thus, their intentions are to facilitate the transaction deals by developing equal trust among the clients to ensure the buying, selling or renting activity occurs. The role of the real estate agents is to maintain and enhance the business quality. The real estate industry is responsible for offering information, all necessary information in the market to facilitate the selling and buying processes among others (Jerez, 1). It is responsible for growing shareholder engagements in the market through inventive asset communications. Thus, if offers leverage perceptions to the clients and customers that assist them in exploiting the developing behavioral and demographical tendencies. More importantly, it assists in exploring the concepts in the market to lessen risks and ensure supervisory management of business operations. The real estate industry has numerous employment requirements to ensure compliance with the legislation and agency practice. The employer and employee responsibilities and rights regarding conditions of employment. That is; the employer and real estate agencies must ensure employment conditions are in in accordance with the law. The employers and employees in the real estate industry must advance communication strategies. The tactics must be operative to safeguard that rapport with clients is accomplished, and ensures the client needs are identified effectively while providing accurate follow-up sequences on their business transactions while providing other forms of advice to guarantee effective and legal transactions. According to the Australian law, the personal presentation of the real estate agents and professional image of the industry must be in accordance with the standards of the industry and the agency. The skills of the real estate agents are determined in relation to the services the agents perform in the market and the industry competency standards, which ensure that training priorities are identified and needs met. Skills and Knowledge Needed in the Real Estate Industry Openings for on-going training to uphold currency of capability and grow expert and progressive skills and awareness are branded, planned and must be in accordance with the agency practice. For the real estate agents several skills and knowledge must be met. The skills include having the capability to transfer and relay with people from a varied social background, monetary and cultural qualifications. The agents must also have some analytical skills to understand documents effectively such as regulations that must be considered and met, licencing necessities, legislation, and work contracts. The agents must also be capable of applying risk organization strategies associated with instructing the customers on property auctions and property management decisions (Brounen and Koning, 203). It is also important that the agents possess some computer skills to assist tm in accessing important data sources in the agency, including receiving and sending mails, among other lodge standard documents. The skills should also be supported with problem solving and decision-making skills consistently with the law and ethical requirements for fair judgments. Literacy skills are also a necessity to ensure the employees understand and deduce texts efficiently including legislatures and ethical rules, and to formulate general information and documents while supporting the development of ethical and legal decisions in business transactions. The estate agents must also have some negotiation skills to make the best deals for their customers while dealing with the property transactions. They should also have the skills to compute and deduce information regarding rights and commissions. They must learn and have the skills to organize, plan and schedule their work while undertaking work-related responsibilities such as reviewing properties. Research skills also include classifying and finding documents/ information that relate to the real estate industry operations. Other self-management skills are necessary. They assist the agents to organize their work, meetings with the clients and supplying quality customer services and other contending demands. Most importantly, the real estate agents must have teamwork skills that assist in indorsing communication between sales teams, organizational teams and property management in the agency setting. Those working in the industry require knowledge regarding the agency and other responsibilities and rights for the employers and employee. Information regarding the ethical standards and other norms that relate to the real estate industry (Mani, Kim-Kwang Raymond and Sameera, 27). The information regarding the operations of the agency, law, and consumer protection law is also highly important to understand legislative limitations, licencing requirements among others. Benefits of Working on the Real Estate Industry The real estate industry gives the agents flexibility in setting working locations and hours. Thus, the agents work as individuals who are self-employed since much work as independent contractors. Thus, they set their working schedules, and their salaries are not limited since they depend on the business transaction deals that are successful (Australian Government). That is; most of the real estate agents get a basic pay as they agree with their employing agents besides the high commissions they earn. When working in the real estate industry, it is a way for businesses and employers to fulfil their corporate social responsibilities. That is; they work by helping individuals, buy, sell or rent commercial and residential properties. The agents are based on guiding and helping buyers and sellers among other activities. Real Agents The real agent’s staff have different agents such as salespeople, auctioneers and property managers and others as discussed below (Government of South Australia). Sales people: These individuals make up a large sector of the real estate industry and work mainly on behalf of the property vendors. The prime duty of the salespeople is to care for the client needs while been fair in all members of these transactions. That is; the salesperson must be fair to both the seller and buyer of the property. The fairness derives from ensuring the buyer buys a house worth the value set and that the seller gets a deal of what the property is worth. Other duties include appraising properties, marketing the property, negotiating the price of the house, search and introducing potential buyers to property sellers. They are also given the role of offering advice to both buyers and sellers regarding the conditions of the market. The sales people appraise properties, obtain property listings and networking with the legal representatives. Auctioneer: This is a licenced real estate agent and employed by a legal real estate agency. Thus, the auctioneer is a representative of a real estate agency that has employed him or her. The auctioneers have the role of conducting public sales, mainly on the site the property is for selling or renting. The role of the auctioneer is to interpret to the potential buyers the features of the property and the contract while answering any question the buyers have while making their bids. The auctioneers are thus, public figures of the real estate agency and have the potential of increasing its profits and profile to the market. Property manager: The property managers have the role of leasing, and managing properties. The properties may either be residential or commercial, industrial or retail. The managers have the responsibilities of selecting tenants, arranging repairs in the properties they manage, collecting rent, marketing properties, negotiating leases and advising property owners on how to set the appropriate rent or purchase price of a property. More importantly, when there are tribunal hearings for the property owner, the property manager represents them. Property managers in residential properties have the role of meeting the needs of the employees while commercially they oversee retail outlets. Body corporate manager: In the real estate business, the body corporate managers administer and control the common property. The BCM has other roles such as preparing and distributing minutes and correspondence. Managing and attending meetings, arranging repairs and general property maintenance, arranging insurance, collecting and managing funds, and advising property owners, and buyers regarding relevant changes to the regulations and legislatures that may affect their behaviors. Buyer’s agent: A qualified property consultant that acts solely for the sourcing of properties and representing the buyer throughout the buying process. The buyer pays the agent. However, these activities are licenced, where legally a buyer certifies the act of the buyer’s agent. Valuer: The valuer in real estate industry determines the value of the property based upon market conditions. Valuation of a property is important in providing calculations to provide land tax, stamp duties, municipal rates and other property loans and transfers (Warren-Myers). Valuation of property is important to develop insurance compensation, assessing mortgages and value of assets, and rent. It also assist individuals in making justifiable family law settlements by giving a fair value of the property. Support staff: This includes the administrative and receptionist’s personnel among other that are contributors of the real estate office. The roles of the support staff include handling enquires while answering the telephone. They engage in face-to-face communication with clients who come to the agency. They also provide receipts and receive rents among other things they are trained to perform or the job demands in the market. Conclusion The real estate industry is a flexible industry for the workers and employers. The industry demands more interpersonal and communication skills besides negotiation skills for effective transactions in the industry. The industry comprises of numerous roles and responsibilities thus, is suitable for numerous people. However, to succeed in the industry, several skills as stated above are a necessity since they allow the real estate agents to understand the law they must comply with for both the sellers and buyers among other clients in the market. The research above presents that working in the real estate industry demands much traveling, communications with people from diverse backgrounds and effective socialization skills. It is one of the industry that ensures corporate social responsibility is attained while working. It is a good career due to the flexibility in time, and salary in the industry. Works Cited Australian Government. "CPPDSM4080A -__ Work in the Real Estate Industry." Australian Government: Department of Education, Employment and Workplace Relations (2016): 1-12. online pdf. . Brounen, Dirk and Sjoerd de Koning. "50 Years of Real Estate Investment Trusts: An International Examination of the Rise and Performance of REITs." Journal of Real Estate Literature (2013): 197 - 223. Journal. Butlin, Noel George. Investment in Australian economic development, 1861-1900. New York: Cambridge University Press, 2013. Print. Government of South Australia. Real Estate Agents and Auctioneers. 19 5 2016. Online Article. 12 8 2016. . Jerez, Marlon. The Bokerage Industry: The Investor Online. 5 8 2008. Online. 12 8 2016. . Mani, Deepa, Choo Kim-Kwang Raymond and Mubarak Sameera. "Information security in the South Australian real estate industry: A study of 40 real estate organisations." Information Management & Computer Security (2014): 24-41. Journal. REIA. Real Estate Institute of Australia. A Career in Real Estate. 2016. Online. 11 8 2016. . Warren-Myers, Georgia. "The value of sustainability in real estate: a review from a valuation perspective." Journal of Property Investment & Finance (2012): 115 - 144. Read More