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Career Prospects - Real Estate Management

Completing an international bachelor degree that prepares you for the real estate industry will open a host of career possibilities!

If you are confident, love dealing with people, thrive on working unconventional hours and want to enter a highly rewarding industry, working in real estate might just be your dream career.

However, it is also a risky industry that requires h
igh ethical standards from its practitioners. After all, you will frequently be involved in high value transactions that might represent the most important financial decisions ever made by your clients, so treat them with respect.

Generally real estate agents (or realtors) lease, manage, value, buy and sell residential, commercial and industrial property or businesses on behalf of their clients. To be successful requires dedication, professionalism and a real commitment to deliver superior customer service.

Real Estate Agent

Most real estate agents deal with residential property such as houses and apartments. Others specialize in investment properties aimed at generating a profit for their owners such as shopping centers, apartment complexes, office blocks and hotels. As a real estate agent you act as a negotiator between the owner and the buyer - brokering an agreement until both parties are satisfied about the price and conditions of sale.

Once a realtor has been appointed, he or she usually starts a marketing campaign aimed at potential buyers. Interested parties are taken to view the property and the agent supply information until the property has been legally transferred to a new owner. The realtor gets paid a commission for his or her services.

Real estate agents are also involved in the letting of property and act as a go- between for the landlord and the tenant. Their tasks include drawing up a lease agreement, collecting the rent and maintaining the property. To be successful you need to have an engaging, but firm personality.

Valuer

A valuer determines the value of a property based on the market conditions at a certain time. His or her clients include banks, various government departments, insurance companies and property developers or owners.

The information valuers provide are used to assess mortgages, value assets, to determine insurance compensation, to calculate land tax and municipal rates, for law settlements and finally to establish the value of properties that are up for sale.

Property Manager

Property managers lease and manage retail, residential, commercial and industrial properties on behalf of the owners. For instance, large corporations or government departments often contract property managers to look after

the housing needs of their employees or to provide space for business outlets. Like a realtor, the property manager is involved with the selection of tenants, drawing up lease agreements, advising on rent, collecting the rent, maintaining the property and administers repairs.

Body Corporate Manager

The body corporate manager’s role is usually to manage the “common area” of a subdivided building such as a block of flats on behalf of all the owners. He or she gets instructions from the body corporate committee and tasks include scheduling meetings, advice on the funds needed to maintain the building and surrounding garden or parking areas, ensure the building is appropriately insured and make sure bills such as water and electricity are paid. The body corporate manager also advises on new legislation or municipal regulations that might affect the property.

Auctioneer

Auctioneers conduct public auctions - usually on the site of the property. However, their responsibility extends far beyond merely conducting an auction. It includes evaluating the property, gathering information and photos for the catalogue (a brochure describing the property, viewing times and conditions of sale), advertising the auction, taking bids, announcing the outcome of the auction and oversee final signing of the contract.

Buyer’s agent

A buyer’s agent is a real estate consultant who works exclusively for buyers, representing their best interest when purchasing property. The agent will advise the buyer on current market conditions, research the property in the area, sort through listings and make suggestions that correspond with the client’s needs. They also handle the negotiation process and are present at the closing of a deal.

Business broker

A business broker acts as intermediate between the seller and the buyer and can act for either but not both at the same time. If you wish to buy a a property, a broker will assist in assessing it - telling you for instance if the price is too high or advising you to step away if the seller is not providing full financial disclosure. The broker will also negotiate the transaction on behalf of the buyer and assist with the paperwork. If you wish to sell, a good broker will help you with reading the market, determining the proper value of a property, negotiate the deal and sort out the legal and other paperwork.

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