Real estate can be a very rewarding field to work in, but you also have to remember there can be long hours and weekend work involved, so make sure you weigh this up when deciding whether this is the job for you.
Real estate is subject to market fluctuations so while business may be booming one year it may change quite dramatically the next. It is also a very competitive field, which depending on your personality may be a really good or a really bad thing.
It helps for real estate agents to be the kind of people who are outgoing enough to happily pick up the phone and speak to strangers. The real estate agent is the go between for the buyer and the seller and so they need to be able to easily conduct conversations between the two at all times. They will also be in charge of open houses and need to greet the potential buyers who are coming for the inspection. Because of these aspects of the job, they need to be good at communication and have a likeable personality.
If this doesn’t sound like your cup of tea, there are plenty of other career options within the real estate field that you can consider. These are:
An auctioneer is the person who conducts the sale of the property on the spot, usually at the site of the house or property. An auctioneer must become qualified and understand the codes of conduct for an auction.
Photo: Keoni Cabral
An auctioneer is required to answer potential bidders questions regarding the property, discuss the features of the property and also explain the contract before starting the bidding.
A property manager is the person who looks after a rental property, whether it is residential or a business. They are in charge of marketing a new property for lease, checking a tenants suitability and background for a property, collecting the rent and arranging any repairs that are required. They can also conduct site inspections and negotiate leases and rates.
The knowledge required for this job is similar to a real estate agent who is selling property, and that is an understanding of the market so they can set a reasonable rental price. As with a real estate agent, this person needs to be a clear communicator as well as have a friendly personality as they liaise between the different parties.
Body Corporate Manager
A body corporate manager is in control of the common area of a shared property such as a block of units. The body corporate manager arranges repairs and maintenance to the building, as well as arranging insurance and they are in charge of managing and attending meetings, which includes writing up the minutes. They need to keep up-to-date as they also advise any changes to relevant legislation and regulations.
When a person wishes to buy property, they can hire someone called a buyer’s agent. The buyer’s agent acts on behalf of the buyer and will source properties and represent them throughout the purchasing process. A buyer’s agent needs to be licensed and certified before they can practice this profession.
A valuer is the person who establishes the value of a property. The value is determined by factors such as what features the property has as well as the current condition of the market. A valuer may work separately to real estate agents in Melbourne (and indeed around the country) and are often employed by places such as banks or property developers.