Tomescu, Julia - Realtor

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Contents

[edit] Realtor (Real-Estate Agent)

[edit] General Overview

Realtors are responsible for renting, buying and/or selling property for their customers. More specifically, realtors are responsible for studying and keeping informed about property listings, meeting and interviewing potential clients, taking clients to view homes that fit their needs/wants, discussing conditions of sales, and formatting and writing of contracts.[1]. Once a contract has been written up and agreed upon, realtors resolve any issues that can occur during home inspection, as well as ensure clients are satisfied prior to the contract being signed. Given the level of competition in the market, realtors need to be quick and efficient with their tasks. [2]


[edit] Job Duties and Responsibilities

Realtors interview clients and coordinate appointments to show potential purchase offers (homes) that fit the client's requirements (needs and wants) and financial resources[1]. In addition, realtors guide clients through the market conditions, prices, mortgages, legal requirements, and act as the medium between the buyer and the seller during negotiations to make sure that both parties are satisfied[1]. Advertisement, open houses, and participating in listing services are key to a realtor in order to promote sales of properties and sell themselves and homes. Studying the commercial, industrial, agricultural, and residential area of the homes is important because realtors need to be able to present that information to the potential buyers.


[edit] Typical Workday

Realtors need to be flexible. A realtor spends a lot of time both in their office as well as on the go. When a realtor is on the go they are either showing properties to potential customers, meeting with clients or visiting new homes for that are for sale[2]. Although being on the go is important for a realtor they also have many responsibilities to complete at the office. Office works consists of doing research for clients and managing contracts. A realtor’s day is dynamic because they need to be flexible in working around their customers schedule and in order to provide the best service possible[2]. Realtors often work for more than 40 hours a week so that they are available for their clients. Given that clients often have full-time jobs, realtors need to be available most nights and weekends in order to accommodate the needs of their clients[2].


[edit] Educational Requirements and Other Qualifications

In order to become a realtor you need an Ontario secondary school (OSS) diploma or equivalent, or be at least 18 years of age and achieve a minimum 50% on the admission test developed by the Ontario Real Estate Association (OREA)[3]. Courses are offered through e-learning correspondence or in-class sessions. The first part of the program consists of 4 courses including (1) overview of real estate as a professional career, (2) how property is registered, (3) types of property ownership, and (4) conducting both residential and commercial real estate transactions from listing the property to final sale[3]. Once the intial part of the program has been completed an individual can apply for registration as a real-estate sales person with the real estate council of Ontario. Following registration, an individual must complete the articling component of the program as well as three additional in-depth courses covering essential real estate topics[4]. In order to keep your license it is mandatory to pay for license renewal every two years ($350), continuing education fees ($44), and insurance fees ($400/annually)[3].


[edit] Related Skills, Interests, and Abilities

Realtors must be capable of working independently in order to successfully complete with in the absence of constant supervision[2]. Strong Organizational skills are effective time management[5]. It is also imperative to have good interpersonal skills because clients want to have an agent that is easy to get along with, pleasant, and trustworthy. Of course, realtors are required to have impeccable sales skills because they need to convince customers to let them handle their listings and facilitate client purchasing[5].


[edit] Relevance of Psychology Undergraduate Degree

Two elements from undergraduate training in psychology that are relevant to the realtor profession are having knowledge about personality and individual differences and statistics. The second year personality course teaches students about how to be aware of differences individuals' needs in relation to their temperament and personality. Therefore, this course can help realtors because it educates them to understand the different needs of their clients and to be sensitive to those needs. Statistics courses offered in second and third year can help realtors better understand how to collect and analyze data, as well as track and present market trends to their clients.

[edit] Salary Potential

The Government of Canada lists the average annual salary for a realtor in 2015 at $45, 157[6]. This annual salary has gradually increased as it was $43, 196 and $44, 679 in 2013 and 2014, respectively[6]. The annual salary varies a provincially based on location, including areas that are rural or urban. For example, realtors working in urban areas can often have a higher annual salary compared to realtors in rural areas because urban areas have a higher population and, therefore, a greater opportunity to sell homes[6]. In addition to their salary, realtors make a 6% commission on the sales of homes/properties[6].


[edit] Job Outlook

2000 to 2008 jobs increased sharply and increased moderately between 2008 and 2012. Housing resale market will not increase as rapidly as in the past. Realtor jobs will increase only slightly in the next few years[6].


[edit] Link to A Trustworthy Website About Realtors

www.servicecanada.gc.ca/eng/qc/job_futures/statistics/6232.shtml[6].



[edit] Notes and References

  1. 1.0 1.1 1.2 Real Estate Sales Agents. (2004-2015). Retrieved from: http://www.myplan.com/careers/real-estate-sales-agents/description-41-9022.00.html.
  2. 2.0 2.1 2.2 2.3 2.4 Job Description for A Realtor, Painter. (2006-2015). Retrieved from: http://jobs.lovetoknow.com/Job_Description_for_a_Realtor.
  3. 3.0 3.1 3.2 Become A Real Estate Salesperson. (2015). Retrieved from: https://www.orea.com/OREA-Real-Estate-College/Become-a-Real-Estate-Salesperson#prettyPhoto.
  4. Parking My Real Estate License. (2015) Retrieved from: www.realestateparking.ca/index.php/faq/parking-my-license.
  5. 5.0 5.1 Featured Real Estate Agent Jobs. (2015). Retrieved from: http://resources.alljobopenings.com/real-estate-agent-jobs.
  6. 6.0 6.1 6.2 6.3 6.4 6.5 Governmant of Canada. (2015). Retrieved from: www.servicecanada.gc.ca/eng/qc/job_futures/statistics/6232.shtml.
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