We all know that real estate agents are there to assist people who want to sell or buy property. But if you are considering a career in real estate, there are other options. Do you know what the difference is between a real estate agent and a real estate broker? Do you know what an escrow officer is taking care of?
It’s time to learn more about a few types of jobs in the real estate industry:
1. Real estate agent
As you may have guessed, this is one of the most popular types of jobs in the real estate industry. A real estate agent can be in charge of helping homeowners list the properties they want to sell, or they can help buyers find the perfect home, negotiate, and move forward with the transaction.
Real estate agents can specialize in selling residential properties, commercial properties, or investment properties. People who want to buy property will probably start by contacting a real estate agent.
As a real estate agent, you are mainly working based on the commission of your property sales. Depending on how much you sell, your income may fluctuate from month to month. During certain months, advancing your commissions is preferred by some real estate agents.
2. Real estate broker
Real estate agents who have been working in the industry for some time can choose to study some more, and to become real estate brokers. A real estate broker can do everything a real estate agent can do, and more.
Perhaps the biggest difference between the two is that real estate brokers can choose to work independently, or they can hire a team of real estate agents to sell property for them.
3. Real estate clerk
Real estate clerks don’t need a license to do their work, but they do need to have some relevant experience and to have an interest for real estate.
Real estate clerks are usually employed by real estate brokers, and part of their job is to handle paperwork, to type property listings, and to maintain records for the real estate agents in their team.
4. Real estate appraiser
A real estate appraiser is there to assess the improved value of a property by comparing it with other properties in the same area. They will also inspect properties, photograph their interior and exterior, and take note of their unique characteristics as well as the characteristics of their neighbourhood.
Real estate appraisers usually work within a community they are familiar with, which helps them estimate the value of the properties for sale.
5. Real estate consultant
A real estate consultant’s job is to advise people who are interested in investing in commercial or residential properties. They help their clients make informed decisions.
They can either represent sellers or buyers, and they will give helpful advice to their clients and assist them with the transaction. Real estate consultants need to be aware of what is going on in their local real estate market.
6. Real estate manager
Real estate managers can also be called property managers. Their job is to manage the properties that belong to investors who have been well advised by real estate consultants.
They have to maintain the value of the property they manage, but they can also advertise the property, collect rents from tenants, and hire lawn care services, cleaning services, plumbers, electricians, and other contractors.
7. Loan officer
A loan officer can work in different industries, but when it comes to real estate, their job is to determine if an applicant can get approved for the mortgage they are asking for.
Loan officers often work with real estate agents, since most buyers will need a loan to be able to buy property. Loan officers are there to help make real estate transactions go as smoothly as possible.
8. Escrow officer
An escrow officer acts as an impartial third party during a real estate transaction. They are there to help sellers and buyers close the deal after they have reached an agreement. These types of jobs in the real estate industry aren’t very common, but they are still in demand.
Part of the job of an escrow officer is to hold on to the check of a seller who has made an offer until a contract has been negotiated between them and the buyer. They are also responsible for overseeing the final paperwork of a completed transaction.
9. Foreclosure specialist
A foreclosure specialist either works for a bank or for a real estate company. When a property is being reclaimed by a bank because of a non-payment, they are there to facilitate the process for everyone involved. They can advise homeowners, and determine if there is a way their property could be saved.
They can also help the lender with the foreclosure procedures, or help the new buyer of the property that has been reclaimed.
10. Real estate lawyer
Finally, a real estate lawyer can be hired to make sure that all the legal documents needed for a real estate transaction have been drafted properly. They can prepare different agreements, and review the transaction.
If a real estate dispute occurs, real estate lawyers will represent their clients before the court and fight for their best interests. They can also help with foreclosure procedures.