When you hear the word professional do you think of a Real Estate Agent? Maybe you do, but most people probably think of a Doctor, Lawyer, Dentist, Pilot, or maybe sports star.
To understand why Real Estate Agents are professionals it is important to first?understand the 5 characteristics of a professional and how these apply to a Real Estate Agent.? These characteristics are listed below.
- Extended education
- Theoretical body of knowledge
- Provides a specific service
- Members have autonomy in decision making and practice
- Profession has a code of ethics
- Holds a Certification or License (I added this one)
First, extended education.?To become a Real Estate Agent the person must further their education by taking approved courses that educate them on the real estate industry.? Many agents are required to take 120 hours of educational courses before they are allowed to take a?state approved test to get licensed.??Once licensed,?Real Estate Agents must take continuing education classes every year that keep them up to date on the changing housing market.? These pre and post licensing classes focus on state and national laws, real estate law, mortgage law, title and land knowledge, and common practices.
Second, a professional must have a theoretical body of knowledge.? Contrary to what many people might know, not everyone can become a licensed Real Estate Agent.? As mentioned above every agent must gain and understand the laws, rules and regulations that are tied to the real estate and mortgage industry.? These laws continue to change along with the housing market, so a real estate agent must continually study and increase their knowledge about the industry they are in.
Third, provides a specific service.? Real Estate Agents help clients buy, sell and rent homes and property, residential and commercial.? Many homeowners think that they can complete this service as effectively as a licensed Real Estate Agent. They try to sell their home For Sale By Owner (FSBO).? Unfortunately FSBO?s rarely work out to the benefit of the homeowner.? They end up wasting a lot of valuable time trying to do it themselves.? The National Association of Realtors has provided the following statistics.? Out off all homes sold in 2011 FSBOs only accounted for 10% of those homes sold. Homeowners trying to sell FSBO said some of the most difficult tasks were getting the right price and understanding the paperwork involved.? Selling a home is a legal process with many legal documents.? A licensed Real Estate Professional understands the market and all the paperwork involved.
Fourth, a professional has autonomy in decision making and practice.? Most real estate agents work for themselves and run their operations as a business.? These agents have the freedom to make decisions that will change they way they market themselves and homes.? While agents typically run their ideas and decisions by their client, they are usually given the freedom to make the decision that they fell is most necessary to get the home sold.
Fifth, a professional has a code of ethics.?Real?Estate?Agents have the option to be a?member of an organization like the National Association of Realtors.? If they choose this path they are required to follow their strict code of ethics.?Even if the agent is not a member of an outside organization every agent must live by and follow the rules and laws set forth by the state agency that regulates their licenses.?If an agent does not follow these laws there are serious consequences, including license revoked, fines, and even jail time.
Sixth, a professional holds a certificate or license.? All Real Estate Agents are required to take and pass national and state tests before they are granted a license to practice.? This license proves to the state and community that they are competent and able to perform activities involving real estate.
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