Real estate agents and mortgage brokers are perhaps the key players that make the world of buying and selling properties tick. Serving critical roles in the real estate industry, both facilitate their clients in acquiring residential or commercial properties, yet their specific duties starkly contrast. By aiding buyers and sellers in navigating the property market, real estate agents help in finding or selling a physical property, while mortgage brokers assist buyers in securing the necessary financing for property purchases.
Ambition, a charisma to match, incredible patience, and an inherent trustworthiness are qualities that can help one succeed in the competitively cutthroat real estate industry. If you have an eye for design, detail, and can creatively showcase a house and its features in an engaging manner, you might have the makings of a successful real estate agent.
Depending on whether they're representing a buyer or seller, the responsibilities of a real estate agent can vary immensely. To enter this profession, a background in sales or marketing, a high school diploma, and a license are fundamental prerequisites. Extended education in housing laws and finance, although not a necessity, can provide a competitive edge.
Keep in mind, the job frequently demands long hours and exhaustive days of property showings, often not resulting in instant sales. Real estate agents must show flexibility in their schedules to meet their clients’ needs, which often extend to nights and weekends.
According to data from PayScale.com as of May 2022, a weekly, biweekly, or monthly salary is offered by some agencies, but most real estate agents earn commissions based on the sale price. The potential earnings for real estate agents tend to grow with experience.
Switching gears to mortgage brokers, these professionals devote most of their day to their computers or phones rather than touring properties. Their role involves finding the best mortgage rates and terms for their clients, necessitating a deep understanding of lending institutions, interest rates, and loan terms.
Like real estate agents, mortgage brokers need to adapt their workday to suit their clients' schedules, and require equal doses of perseverance and patience to source lenders for borrowers. This profession frequently requires dealing with rejection from lenders while attempting to secure loans.
Backgrounds in sales, marketing, or finance are common among mortgage brokers. Besides a high school diploma, prospective brokers must take the national SAFE Mortgage Loan Originator Test, and a state-specific rules and regulations test to earn their licenses. They could earn a regular salary as well as commission-based compensation determined by the amount of mortgage secured.
Remember, whether you aspire to become a real estate agent or a mortgage broker, the journey to success is enchanted by resilience, patience, and a driven personality.