What do I need to look for in a Real Estate Professional?
Buying or selling a home is not an easy task. In fact it’s a very lucrative one that’s why needing someone who has the qualities can “make not break the deal.”
First of all let’s define a real estate professional. According to the ‘The Free Dictionary by Farlex’ a real estate professional usually refers generically to a trained and licensed person who makes his or her living in some aspect of buying, selling, or managing real estate.
The IRS has a specific definition applicable to whether one is exempt from the passive activity rules. For IRS purposes; a real estate professional is any person who meets the following requirements:
- More than half of the personal services the taxpayer performed in all trades or businesses during the tax year were performed in real property trades or businesses in which he or she materially participated
- The taxpayer performed more than 750 hours of services during the tax year in real property trades or businesses in which he or she materially participated.
So technically a real estate professional must be of age (above 18 or 19) , completed a pre-license education, pass (of course) the real estate license examination, has undergone training and makes his/her living in buying , selling or managing real estate.
However, as clients, we know there are defining marks to look for in real estate professionals that will work for us. So we’ve come up with a list of qualities a real estate professional must possess.
Knowledge of the real estate market.
It should be considered mandatory for a real estate professional to have up-to-date knowledge of the real estate market. If possible continuous education and training should be part of his/her qualifications. He/ she must have the initiative to research on real estate trends and economics.
Build a network of connections.
To be successful in this real estate one should have or build a wide network of connection in their field. The list of connections may include real estate agents, brokers, potential buyers, sellers, mortgage loan officers, home inspectors, appraisers and all other people involved in the real estate industry. Tantamount to their success is the people they work with.
An interest in real estate, houses, architectures and properties.
This is what I call the heartbeat. It is one thing to be educated in a particular field but to have the heart to understand houses, why the clients want to purchase, invest or even sells ,and know the history behind the properties requires an in depth interest. Normally I’ve come across clients who would ask my opinion on a particular house or architectural build. Being able to show a greater understanding does score brownie points.
A real state professional must be very attentive to detail specifically the needs of the clients. Along with that is to be able to be organized, proactive, and observant. You must be on top of all the deals, transactions, and processes being made in order to meet deadlines, avoid extensions, and create an image of being dependable.
A real estate professional must have the drive to market his/her clients’ properties and the tenacity to follow up to prospective leads. It requires a lot of hard work, being smart and using your time wisely.
Honesty and Integrity
In any career a foundation of honesty and integrity is a must to ensure a long and successful one. Your clients and peers must be able to see that you are reliable, adheres to the code of ethics of your profession and practices high ethical standards.
Great working personality/ Team Player
A great real estate professional is a team player, confident, great attitude, and derives fulfillment from helping others
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