Land agent

From CEOpedia | Management online
Land agent
See also

Land agent is a term for a person who was mainly involved in the sale of the land. This term was popular in England in 18th-19th century. Today's land agents also sell a real assets. Therefore, nowadays this people are called real estate agents or brokers. Estate agent is an intermediary between people who want to sell a property and people who want to buy it. Broker also often cooperate with lawyers and bankers. Therefore, today's land agent must be confident and very comunicative person who don't have problems with starting new relation and learning other languages. He also should manage his time well, because he plans his own work and time (T. Waller, D. Nafte 2007, s.31)

Main tasks of estate agent

The main task of estate agent is looking for a property for sale or information about desire to buy. If client grant a permission, the agent sets the market price by comparing the prices of other properties. Next, broker prepares a sale offer and promotes it. If there is any information about someone who desire to buy an estate, agent should meet them to find out what they actually need and how much they can pay. When clients are interested, agent prepares agreements and documentation. They often use help of lawyers. The brokers earn mainly from commission on sales. Often the amount of commission depends on the agents themselves (W. Patton 2012). However, there are several factors that affect on the high of agent's remuneration, for example:

  • the area in which the agent works - agents in large cities generate more income compared to agents working in the provinces,
  • the experience - an agent with longer work experience inspires greater confidence,
  • the working weekends - many customers prefer to meet on weekends when they do not have to go to work,
  • the belonging to the state's Realtor association and membership in clubs/professional organizations - thanks to this, agents inspire greater customer trust, appear more credible, and expand their contacts,
  • the holding a broker's license,
  • the level of job satisfaction - a motivated and satisfied employee is more involved and does his job better (G.S. Sirmans, P.G. Swicegood 1997, s.173)

How to became a real estate agent

Person who wants to be a real estate agent needs to have some personal skills. Many of agents work as a self-employed, so they have to manage their time very well, be flexible and keep yourself motivated. Good organization is the key to success in this profession. Real estate agent should balance work with their free and family time. Communication skills are also important. Real estate agent should be a good listener. He should also be able to express his thoughts clearly. This is important because a large proportion of clients do not know professional terms. A person who wants to become a real estate agent should be focused on continuous learning, because nowadays technological progress is fast and new technologies are constantly appearing (M. Clayton 2013) University degree is not require to become a real estate agent. Person who wants to be an agent needs a license. In order to have this license candidate has to pass an exam. This exam is setting by the Estate Agency Affairs Board. Therefore, in every estate agency there are training. Candidates are called trainee and work with experienced employees. They help agents in different duties, thanks to which they acquire the knowledge needed to pass the exam (T. Waller, D. Nafte 2007, s.35). A real estate agent who wants to be a broker needs to and extra educational course. To pass exam candidate have to know Real Estate Law very well. To get a license of broker, agent also have to run business for a specified time (L.E. Moll 2014)

References

Author: Paulina Jurusik, Justyna Niemiec, Aleksandra Marcinkowska