The real estate market is, no doubt, one of the most competitive industries in the country. Nevertheless, many new real estate agents get certified each year to get a piece of the pie. What most new agents find out is that they simply can’t do it all. The most effective way to make it in the industry is to specialize within a sector of the real estate market. So what kind of real estate agent should you be? The following list includes a couple of factors that you need to take into consideration when choosing your specialization.
Buyers and Sellers
Although you might think that real estate agents help people both buy and sell, the fact is that many tend to choose one over the other. This is because the processes involved in selling and buying a home are very different and, thus, require different skills. Real estate agents helping people buy a home must be master negotiators. They are often in charge of contacting both the homeowner and his or her real estate agent to craft a deal. Sellers must be well connected and have an eye for detail in terms of what can sell and what doesn’t. However, if financial gain is your main focus, then helping people buy a home for a large commission cut might be your best bet, according to The Mortgage Reports.
Types of Homes
One of the most common things that homeowners look for in a real estate agent is his or her past work. Homeowners with larger and more expensive homes will tend to gravitate towards agents who have completed large deals before. According to MP Realtor Group, many potential buyers prefer a real estate agent who specializes in a specific price level. Thus, if it’s your priority to get into the big-deal real estate sector, then you might want to focus on homes with large values attached to them. Usually, these consist of million-dollar-and-above homes.
Although illegal in some states, dual agents actually exist. These types of agents basically represent both the buyer and the seller at the same time. According to Stimmel, Stimmel & Roeser, dual agents tend to be controversial. However, they are often a means to close deals as fast as possible as you are not having to contact, wait, and negotiate with another agent.
Entering the real estate industry can be a very profitable way to achieve financial stability and enjoy an exciting career. However, choosing the route you want to take might be a little daunting for someone just starting out. Therefore, it is recommended that new agents adhere to the list above to begin making an educated decision.
Here’s another article you might enjoy: 3 Things You Absolutely Need to Get Started Buying and Selling Homes