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A real estate agent is usually paid only when they have sold a house. While the economy and market trends play an important role for an agent, there are other ways to increase the chances that a real estate agent will make money in this business.
1. When listing houses
A buyer’s agent works primarily with people who are looking to buy a home. The agent searches for potential homes and reaches an agreement with the seller for the client. But a listing agent helps the seller price their home, prepare it for sale, list the home on multiple listing services, and negotiate offers.
2. By selling real estate owned homes
REOs are houses that have been foreclosed on and the banks take possession of that house. Banks often assign these properties to real estate agents for maintenance, marketing and sale. An REO agent is responsible for these properties as the owner is usually not available. In addition, since there is a constant flow of listings, the sale of these houses provides good income for the agents.
3. By selling short sales
Short sales are homes owned by owners who cannot sell their home for enough money to pay what they owe to the bank. As a result of this, these sellers resort to convincing their banks and lenders to charge them a lower amount that they must repay. The listing agent helps the seller communicate with the bank and also with the legal paperwork involved.
4. By completing broker price opinions
Broker Price Opinions, or BPOs, are reports compiled by real estate agents that are similar to an appraisal. A BPO report is primarily used to determine the value of a home. It also consists of statistics and comments to further help sellers. Real estate agents provide their services for the preparation of said document.
5. Being property managers
The job of a property manager is to manage rental properties for investors or owners. They manage the collection of the rent, the maintenance fee and the accounts. This ensures that the agent receives a steady income every month.
6. Being authorized agents
Being a licensed real estate agent actually helps agents save a lot of money. This role has a great advantage, since the agent benefits from commissions when buying or selling a property.
7. Being Commercial Real Estate Agents
The commercial market and the residential market are as different as apples and oranges. Commercial agents work for businesses, while residential agents work on commission. Since commercial properties can sell for a higher price than residential properties, real estate agents can take advantage of this.
One major merit of being in the real estate business is that there is a steady stream of good income. But real estate agents are also known to have their drawbacks, so do your research before hiring one.