How to Become a Successful Realtor: Activity Scheme, Pitfalls?

Of course, you can also become a real estate sales agent and gain the necessary experience by hiring a long-established agency. If you are interested in becoming a successful real estate agent, you must perform the following actions.

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Step One: Learning the Law

According to most real estate agents, you should first study the latest versions of the civil, family, and Tax codes.

You should not think that it is enough to find a dozen or two suitable articles in the codes and remember them so that you do not open the texts of laws later.

One will have to look into the texts of codes and other by-laws all the time. The state regulates the buy and sale of real estate and severe financial arrangements to an incredible extent. If a novice agent does not have a legal education, it will be difficult for them to understand the legal logic.

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Step Two: Collective Intelligence

The next most promising step for a novice realtor will be to join the Association of real estate professionals. Other large cities have similar associations.

As a rule, due to state activity’s weakness in the coming era, people self-organize for mutual help in one or another event. Such influential amateur organizations are very replacing a functioning state environment. And a realtor can already show the example of self-organization to many other small businesses.

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Of course, you can not join an Association — especially since such an entry is not cheap. But associations have advantages that are quite difficult to produce themselves. Here are some benefits of real estate associations:

• Prompt and free notification of changes in the relevant legislation for a realtor, almost weekly (!). For an extra but small fee, associations organize lectures and seminars voluntarily;
• Having your lawyer and notary to tell members of the Association is free of charge;
• Availability of a free daily updated database of sold and purchased real estate;
• Regular self-organizing voluntary meetings of agents to exchange experience.

Important: Notifications of changes in legislation are a signal beacon that a novice realtor cannot do without. It is characteristic of the state to introduce new certificates or restrictions on real estate on a very regular basis.

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Step Three: You Find a Client, and We Explain the Rules

Everyone else knows how and where to find «direct» clients who want to sell or buy real estate and how to organize a viewing of apartments or houses.

It should only be noted that if a «direct» client is identified, contracts are concluded without notarization. But they should be kept as the Apple of your eye since this is the only documentary evidence of your tax base’s size.

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According to the accepted practice, the buyer (not the seller!) of the real estate pays for the work of all participating realtor in the transaction in the total amount not exceeding 5% of the transaction price.

If there are two realtor — from the seller and the buyer — usually, the named percentage of commission is divided in half. Thus, each realtor can enter into a separate contract for their own, say, 2.5 %.

About all this, the realtor must notify «his» home buyer immediately.

Also, a realtor, finding a «direct» client, must educate him about all the other legislative nuances they need to know by heart. Let’s say the seller pays a state fee of 1% of the transaction price — but if the apartment was purchased less than three years ago, then as much as 5%. Non-residents will have to pay as much as 15% duty.

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In this article, we have named only the most basic nuances of realtor work. For a beginner, the above will be enough to assess the degree of responsibility for the work of a realtor.

It is also important to warn customers that the contract can be concluded on a notarial basis and a simple bilateral basis. Experience shows that it is not realistic to get an adequate court decision (in case of what). Thus, the best solution is to notarize the cost of distribution between the buyer and the seller of the house.

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All this needs to be explained to the «novice» (inexperienced) client before the contract is concluded. It is necessary to tell also:

• about certificates, their prices, terms of manufacture and places of receipt;
• The seller has paid duties and income taxes, and the buyer has contributed to the Pension Fund;
• no formal right of citizens without a current license to pay for goods in a foreign currency;
• The buyer’s need to register the act of buy and sale, house permit in government agencies;
• it should also be noted that during the preparation for the transaction and after its completion, the real estate agent should always be ready to clarify questions that usually arise from clients continually. Since this is included in the list of his direct duties.

Step Four: Help

The seller should theoretically collect information on the property for sale. Often working landlords do not have the opportunity once every eight hours to leave work for downtime in three-hour queues.

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Thus, the realtor’s power of attorney to collect such certificates is issued since he is directly interested in accumulating knowledge and experience in these institutions. Collection of certificates to them free of charge. And the price of documents is usually provided by the seller of the apartment.

Conclusion

Of course, some realtors provide all these nine circles of hell to pass only to the sellers of housing. But in this case, you will not have to rely on the transfer of your «from hand to hand.

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As a rule, past clients tell you as a realtor to friends who are going to sell or buy a home. According to statistics, this type of communication is the primary way real estate agents search for «direct» clients.