Real Estate Broker v. Salesperson – Know the Difference

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When contemplating your entry into the real estate industry, you will be faced with many choices. Training is one of these choices, and can be accomplished easily through a program such as that offered by Allied Real Estate Schools. But when it comes to traveling the real estate business path after you become licensed, you can decide whether to work as a real estate agent, or move on into a real estate broker position.

 

What Brokers and Salespeople Are

Both real estate brokers and salespeople are real estate agents. As real estate agents, they can advise buyers and sellers on real estate issues. Both brokers and salespeople have received formal real estate training and have taken the appropriate exams for their careers.

 

Where the Differences Begin

Brokers are independent and can work for themselves or other brokers. For the real estate salesperson, they must work under a broker and can continue to do so indefinitely. However, the salesperson may want to gain experience by taking courses and examinations in order to become a broker. This way, a salesperson can become his or her own boss.

 

Training… and Training Some More

The training you receive as a real estate salesperson depends upon where you are in the country. The educational requirements may require that the agent be of a certain age (usually 18) and that they pass a minimum amount of college level real estate courses. As a real estate salesperson, you will receive focused training on the legal and ethical side of real estate. But as a real estate broker, you will be required to have more training based upon one of the three paths that can be taken to become one:

  • A four-year degree in real estate and passing a broker’s exam
  • Two years of agent experience, in addition to eight college-level courses at an approved real estate school (like Allied Real Estate Schools), plus the broker’s exam
  • Membership to the legal bar and passing the broker’s exam

Please note: requirements vary by state. Please check with your state agency to see what requirements you need to complete.

Additionally, the exam for broker’s is typically longer and more challenging than the real estate agent exam.

 

Responsibility

Because brokers are more qualified than real estate salespeople, they are also more liable and legally responsible for mistakes when dealing with clients. This means that mistakes made by agents or salespeople are also the broker’s responsibility.

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Real Estate Brokers - The Traits of Niche Expertise

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As a real estate broker, it is important to find your niche among the competition. A special focus on one or two niches within the market can help set you apart to become the go-to person for real estate transactions. Along with real estate broker education and training from an accredited school such as Allied Real Estate Schools, and membership in real estate broker associations, a niche gives you insight and knowledge into special issues and solutions clients may face. Real estate brokers who take advantage of their niche have several traits in common that you can apply to your own business.

Clarity and Tenacity – Top real estate brokers are usually focused in one or two niches, because becoming an expert in an area helps them stand out. A quality of such brokers is focused clarity and tenacious discipline with their business, from lead generation strategy to obtaining the results they want through a developed business plan. Careful tracking of lead origination and statistics that include marketing campaigns and Web site activity go a long way toward knowing the market. All aspects join together as one toward success for the focused real estate broker.

Flexibility – The ability to move with the changes can help you embrace new tools and technology that will help you adapt in the market. The range of client ages plays a role here, especially with younger generations looking for digital and mobile applications that allow them to sign documents and make transactions through a cloud-based system. On the other hand, older generations may not use computers and wish for all transactions to occur on paper. By adapting to the client, rather than forcing the client to adapt, you put yourself at an advantage in an ever-changing real estate world.

Character – Character says a lot about your personal standards. Do you subscribe to a level of integrity that is honest and helpful to others? Attracting high-quality clients starts with your own qualities. Being able to determine if a particular client is or is not in line with your business character can help keep you from participating in a transaction that goes outside your integrity or area of expertise.

Honesty – Being honest with yourself involves recognizing which opportunities are beneficial to you, and which are not. In turn, this can help you build upon strengths rather than concentrate on weaknesses. Honesty can also help you steer clear of which deals are appropriate for you, and which ones you should avoid.

Joy – Studies show that even if you do not feel like it, smiling can lift your spirits and endorphins. So go ahead and have a little laugh every day, enjoy something funny, and feel good about what you are doing – helping people with some of the biggest lifetime transactions they will ever have. It is also a good idea to give yourself a little present now and again for reaching your goals. A small treat can make a difficult day better, while a larger item can be a gift to yourself for reaching a major milestone.

Additionally, adding a real estate designation to your expertise can help boost your niche expertise. A real estate designation can help you increase earning potential, demonstrates professionalism and helps differentiate you from the competition. Allied Real Estate Schools has the following designations to help you do so:

·         FHA Specialist – Give clients more options for financing their homes!

·         Short Sale Specialist – Short sale markets comprise up to 80% in certain areas

·         Contract Forms Specialist – Know which form or contract is needed and when

·         Networking Specialist – Learn which social technologies can help your business grow and prosper

·         Green Specialist – Know green attributes and amenities in the properties you list and show

Add value to your own personal brand and niche. Find what you enjoy doing within the real estate field and own it. The above-mentioned qualities can help you accomplish this.

 

 

Real Estate Brokers Find Opportunity in Nevada License

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The Nevada real estate boom in the late 2000s had real estate professionals scrambling to obtain their licenses in the Silver State. However, as real estate is cyclical in nature, the boom exploded and all became quiet for those who gambled on the big opportunities afforded by the Nevada market. Now, as years have passed, the opportunity for success is once again rising for real estate brokers, especially those who already have a strong presence in California.

Obtaining a Nevada real estate license is a smart move for brokers who already work within the California market. Being that many Californians are looking for new opportunities outside of the golden state, especially if they run a business, now is a good time for real estate brokers to also hold a Nevada license.

A comprehensive Nevada real estate license training program such as the one offered by Allied Real Estate Schools is a good place to start. The course covers necessary education including:

Nevada Real Estate Principles, Practices, Procedures, Law and Ethics – This includes the 90-hour pre-licensing requirement and the state exam preparation materials. Topics covered include Agency, Brokerage, Contracts, Leases, Appraisal and more.

Nevada Real Estate License Exam Online Prep – The Nevada online exam preparation materials give real estate professionals a fast and easy way to review important real estate concepts. The course includes materials such as hundreds of questions and answers, customize exam questions and practice tests to help student prepare for the state exam.

Opportunities to Explore With Nevada Real Estate

The residential and commercial markets are beginning to rise once again after the downslide of the late 2000s. In particular, commercial real estate is predicted to experience decent growth throughout 2014.


Commercial Real Estate

Southern Nevada Land Market 2014

It is predicted that the Las Vegas Valley will garner interest from companies who want to move there. This translates into employment growth and, subsequently, housing demand. Land prices are slated to be a smidge higher for 2014, at least until it is seen how the influx of employment opportunities pans out.

Office Market

In 2013, Las Vegas’ city office market posted net absorption of 1.46 million square feet, which almost bests the 1.9 million square feet seen in 2006. Office vacancies also saw a drop from 25-percent to 22-percent. Expect 2014 to see big call centers moving into office property.

Industrial and Retail

The industrial market is growing stronger for 2014 as companies secured leases of 2.4 million square feet – a level not seen since 2004. Additions of several distributors and a gaming manufacturer have helped push vacancy rates to 10.2-percent in the fourth quarter of 2013, which is down from 2012’s 12.5-percent.

For the retail sector, strength is the game. Vacancies hit 13-percent and then met a downward slide to 11.5-percent. Experts say that the rate will probably stay above 10-percent for the next few years.

Gaming

New resorts are slated to break ground in 2014, added to the expansion of the gaming market to 3-percent. Higher activity with land purchases is also being seen, as people become open once again to the possibilities for development.

Residential Real Estate

The average sales price for Las Vegas homes in the metro area was $160,000 in January – a 25-percent higher figure than what was seen in December 2013. High housing affordability of 86-percent helps make the residential real estate market more appealing for businesses moving into the area, as it allows their employees to better afford housing.

Dual licenses can help position real estate brokers for opportunities that expand outside of the California market. By moving from The Golden State and into Silver, these professionals will be at the forefront of the continued growth predicted for Nevada real estate.