Real Estate Careers


The real estate industry is made up of many interrelated businesses which all contribute something to the sale of real property. Many interesting and rewarding career opportunities exist in these related fields. Following are descriptions of some of these opportunities:


APPRAISING

Individuals who have achieved, through experience or education, a certain level of expertise in establishing the value of real property may enter the file of appraising. Appraisers are hired by lenders, sellers and buyers, and probate courts to set the value of certain parcels of property. Users of an appraiser's services are looking more and more to appraisers who meet certain educational and experience requirements and the lucrative assignments are going to appraisers who continue their education and employ up-to-date equipment in obtaining their information.


TITLE COMPANIES

Almost without exception, a title guarantee and/or title insurance is required on all sales in our area. Briefly, this requires an examination of the records or history of the property. Title companies employ sales representatives who call on real estate offices to generate business for their company...title examiners who do the actual court house search work and escrow personnel who handle the volume of paperwork necessary to complete a real estate sale (getting final papers signed, getting tax information and pro-rating taxes having documents recorded and issuing final checks for payment of mortgage and other costs involved with the sale). Demand is high for people in this field.


MORTGAGE COMPANIES/BANKS/SAVINGS & LOANS

Lenders are also interested in creating business among real estate companies and also use representatives to call on these companies to sell their various mortgage plans. Many times, these reps also act as loan officers, taking the mortgage application and watching over the processing of that loan application. Lenders also use escrow personnel to handle the paperwork during the processing period.


REAL ESTATE COMPANIES

You hear about legal secretaries and medical secretaries but rarely do you hear about real estate secretaries yet there is a big demand for experienced real estate personnel. Offices usually employ a capable secretary to handle the paperwork required to process the sale through the lending and closing states. There is also a demand for secretaries to handle the records required for property listings and to input this information into the multiple listing service computer. Other duties include handling advertising, keeping commission records for sales staff and general office responsibilities. Experienced gained in a real estate office can open doors to other jobs in the escrow departments of lenders and title companies.


Career opportunities exist in other real estate related fields such as:

SURVEYING

Individuals determine the exact property lines of a parcel and determine that there is no encroachment of buildings onto adjacent properties.


TERMITE INSPECTORS

Individuals inspect dwellings for termites and other wood destroying insects. Home inspectors - individuals inspect properties for defects in structure and systems.


EDUCATORS

With all the emphasis on professionalism and education in the real estate industry, training programs which are beneficial to real estate people are in demand so are people qualified to teach them.

If you would be interested in more information on job opportunities in these fields, contact one of the companies listed in the phone book under appraisers, title companies, loans or mortgage loans, real estate, etc. or call the Akron Area Board of REALTORS®.


REAL ESTATE AS A CAREER...Definitions

Following are definitions for words which may be unfamiliar and may help you understand the information furnished:


REAL ESTATE AGENT (SALESPERSON)

Licensed to engage in the sale, rent or lease of real property. Many are residential or commercial sales. License is valid anywhere in the State of Ohio. Must work for an individual with a broker's license (real estate broker).


REAL ESTATE BROKER

Licensed to operate a company and hold licenses of real estate agents. May collect commissions, establish bank accounts for funds collected in connection with real estate sales and rentals, advertise properties listed for sale with broker, solicit and train real estate agents to affiliate with company.


REAL ESTATE COMPANY

Firm operating under individual with broker's license which may have any number of real estate agent affiliated with it. Provides deskspace, phone facilities, forms, signs, training and secretarial services for agents and receives a portion of the commissions paid by property owners for the sale of their properties.


REALTOR

Real estate salesperson or broker who is member of the local, state and his national REALTOR® associations. The REALTOR® subscribes to a Code of Ethics and submits his or herself to binding arbitration by a committee of their peers. REALTOR® membership provides access to educational opportunities, current legislative and other information which may be beneficial to the member in their day-to-day business. The National Association of REALTORS® is the largest trade organization in the nation. Not all real estate salespersons are REALTORS®.


LISTING

Contract between the seller and broker which sets forth the terms under which a broker could earn a commission paid by the seller for the sale of a specific parcel of real estate.


COMMISSION

Payment for the sale of real estate earned by service performed by a broker or salesperson holding a listing on a property. Amount is negotiated between the seller and broker. Commission is paid by the seller (usually from the proceeds of the sale) to the broker--broker then divides that commission with the sales agent based on the policy of that company.


BROKERAGE TRANSACTION

Sale which involves agents who work for two different companies. For example, Company A may have the listing and the property may be sold to a buyer obtained by Company B. The agreed upon commission is split between the two companies based on mutual agreement (usually commission is split 50/50).


CONTINUING EDUCATION

Hours of approved educational courses which are required to maintain a real estate license. Courses are governed and approved by the Department of Commerce (Ohio Division of Real Estate). 30 hours of continuing education are required every three years. Of the 30 hours, three hours must be devoted to the topic of Civil Rights.


MULTIPLE LISTING SERVICE

Computerized system which provides members with access to all listings, entered into the system by other member companies. Contains information on price, terms, room sizes, lot sizes, tax information and special features.