Job Responsibilities
I specialize in brokering lodging properties such as hotels,
motels and resorts. Getting listings, seeking investors,
negotiating agreements and concluding transactions. We
ananlize, "appraise" and deliver "Opinions of Value" enhancing
our knowledge & credibility, as well as that of our Company as
being the most reliable source for information & expertise. Time
is spent visiting potential target properties or motivated
purchasers. There is also time spent in seminars, workshops,
conferences and Industry functions. This occupies my weekday
times from 7 AM to about 5 PM at the office. Additional work can
and often occupies hours at home, evenings or days at functions
or even an occasional weekend day. Transactions can be concluded
for properties within my home State, or other States or Countries
through parties licensed in those other areas. I deal with
individuals, partnerships, corporations, public Companies, REITs
and off shore investors. There is also a network of known &
reliable brokers with expertise in the same field of endeavor.
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Job Requirements
In order to negotiate, or even mention, price, terms, features or
any factor of an available property, one must have a current real
estate license in the State of their operation. In California,
there are mandatory classes before licensure for a Salespersons
License, other courses within one year of licensure, in order to
qualify for a valid license. Every 4 years, a licensee must
complete 40 hours of Continuing Education, including certain
mandatory courses. These courses are held in public & private
schools, such as colleges, through private firms authorized to
hold classes, as well as on the internet so as to validate
attendance & grades of participants. To obtain a Brokers license,
there are additional courses to be completed and periods of work
to qualify. All courses can be taken at times convenient to the
participant, providing that they come within the mandatory
periods set by the Department of Real Estate (DRE). Only a Broker
can receive a ciommission. Any salesperson must then work through
a licensed Broker in order to receive compensation via a
commission. As a licensee, one can work on sales of land, single
family residences, multi-residential (apartment buildings),
office & industrial sales & leasing, hospitality, mobile home
parks, business opportunities and financing of real estate.
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Uppers
Benefits of the job (not in order of priority):
1) Work at my own schedule
2) Take time off if & when I please
3) Ability to work with the "movers & shakers" of this Industry
4) Interface with other Borkers working in ths Industry
5) Elect to change what types of property to work on
6) The excitment of getting a listing, tendering a clients offer, obtaining a
buy/sell agreement & closing escrow
7) Compensation by commission is unimited
8) Ability to work at any age
9) Prestige of being identified with ones speciality
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Downers
1) Can't make a sale every day. Someimes many months between
sales.
2) When not closing an escrow, no payment. No salaries.
3) Unrealistic or dishonest clients and, occasionally, Brokers
4) Making a client understand the business aspects, rather than
the emotional aspects, of a potential deal
5) Determining the actual financial capability of a buying client
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Lifestyle
This position allow s me to practice my former profession as a Pharmacist on
weekends, or by taking days off from the office. I also do hiking and
birdwatching on weekends, during Holidays and on vacation. I own a condomiunium
and have three grown daughters who I meet with often. I have friends who I
socialize with for dinners, movies, shows and othet outings.
While at work I usually wear a tie & jacket, except on casual Fridays or when
showing properties in the outdoors. When making appointments to visit properties
or clients, it is best to schedule those meetings at times other than peak travel
hours to avoid rush hour traffic and maximize productive time. I always have
business cards on hand & liberally give them out when appropriate.
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Compensation
All compensation is via commission fees. Sometimes there are long
periods between paydays. It is necessary to set money aside in
reserve for those bleak periods. There is always the commission
split with the "house" and, sometimes, fees to those who brought
the subject client or property to your attention. It is possible
to generate consulting fees outside of actual transactions. As an
independent contractor I receive no benefits, but have access to
research, secretarial, internet & phones at no charge to me.
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Advice to Jobseekers
Anyone entering this field, should have a reserve fund for fixed
expenses and daily needs for at leastr six months after
commencment of employment. As a novice, or without a real estate
license, one can be an assistant or "runner" for an agent or
group, to learn the idiosyncrasies or language of the Profession.
The real estate market will continue to be active, in good times
and bad, for an indefinate time. An aspiring individual should
interview with several companies for a comfortable fit from all
standpoints. Meet with active agents and ask pointed and numerous
questions.
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