Real estate consultants and realtors play very different roles in the housing market, though their duties and responsibilities might overlap at times. A consultant usually advises clients on building or investment activities in the market. A realtor helps clients buy or sell properties. Both professions typically require a real estate agent or broker’s license in any state. You obtain one by completing an accredited course and passing a state exam.
Consulting Industry
Real estate consulting firms provide research, analysis and advising services to clients such as construction developers, investment banks, mortgage lenders, materials producers, builders and property investors. Some consultants provide services to many types of business or investors, while others specialize in a particular type of client. As a consultant, you can either work for an established firm that already provides these services or start your own business.
Consultant’s Role
As a consultant, you typically start a relationship with a new prospect by meeting with him to discuss objectives. For example, a property developer might need to learn about the viability of putting in a new strip plaza, while an investment bank may want to diversify into real estate investments. After learning of the client’s objectives, you prepare necessary research tools and set out a schedule to perform and report on research. For the property developer, your research may involve site-based visits, meetings with community officials and local real estate professionals, as well as secondary research compiling data that provide direction on broader trends in regional property development.
Listing Agent Realtor
Realtors usually fall into one of two different categories — real estate listing agent or buyer’s agent — though some do both. A real estate listing agent helps a property seller list a home or business for sale. She then enters the property in the local real estate multiple listing services and markets the property within the community. When a buyer wants to see the property, the agent informs the seller. The agent helps manage the review of offers and counteroffers, and finalizes agreements on behalf of the seller. You typically get a 3-5 percent commission on the sale, which you might split with a brokerage.
Buyer’s Agent
A buyer’s agent works with clients looking to buy a home or commercial building. A primary responsibility in this role is to research properties that meet the client’s parameters, and then show the client the properties. While agents sometimes offer insights and recommendations on properties and offer prices, the buyer typically directs the preparation of an offer to buy. During negotiation you help facilitate offers and counteroffers until both parties agree to a contract.
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