How To Become A Successful Real Estate Agent In Nigeria. Want To Become A Real Estate Agent? Check This Post Now.
Do you have your eyes on real estate business? do you want to become a reliable real estate Agent in Nigeria? then you have come to the right platform for this information. In This article, I am going to give you useful and valid information on how you can become a successful real estate agent in Nigeria. Let’s get started.
What Is Real Estate?
i know at some point or the other, you must have heard of real estate. do you know what it really means? well, Real estate is simply a property that has buildings or lands on it. most times, real estate is associated with the crops and minerals invested on the property.
Generally, real estate has to do with housing especially in this part of the world. one thing you should know is that real estate is quite different from personal property. personal property has to do with properties that are not permanently attached to the land.
Real Estate Agent Definition
In a lay man terms, a real estate agent is anyone that is in charge of selling or leasing out a landed property. in more complex words, a real estate agent is a broker that represents a seller or a buyer of real estate or a real estate property.
Usually, a real estate agent works under a broker who is licensed. there are different types of real estate agent. some of them are:
1. Seller Agents
A seller agent is popularly called a listing agent. they are usually contracted by the owners of a landed property to be able to help with selling or leasing out their property.
2. Buyer Agents
A buyer agent is one that helps people that are interested in buying a landed property in purchasing them.
3. Dual Agents
From the name, one would have guessed the kind of agents these are. Dual agents, are agents that assist both a buyer and a seller in transacting on a landed property. a good agent must be able to be honest with both the buyer and the seller so that his license can be protected.
usually, there are some rules that apples to dual agents so that they can be fair enough when dealing with these transactions. most times, there are always conflicts of interest in dual agency. this is the reason most people do not opt for it.
Real Estate Agent Commission
Real estate agent commission is one of the ways real estate agents are paid. These commissions are based on a certain percentage from the selling price of a landed property. One commission is usually split into four parts. This is between the agent and the broker for the seller and the agent and the broker for the buyer.
Every commission depends on the kind of agreement they must have had from the onset. sometimes, it is quite uncommon to see commissions being flat fee rates.
Real Estate Agent Job
Many people have often asked of the job of real estate agents. for this, have highlighted below some of the jobs or things that are expected of a real estate agent:
1. A real estate agent is expected to provide guidance as well as assist buyer and sellers in marketing and purchasing property under the best terms and conditions.
2. A real estate agent makes comparative market analysis to that the estimate of a property’s value would be determined,
3. A real estate agent helps in proposing solutions to a client’s financial needs that relates to landed properties.
Although there are other duties and roles of a real estate agent, these few listed above happens to be the most important of them all.
Real Estate Agent Salary
Do not be deceived, most real estate agents are not paid salaries. they often earn their income through commission. hence, the amount of money they would make per month or per year depends on what exactly they sell as well as their agreement.
Real Estate Agent Vs Broker
There is a kind of relationship that exists between a real estate agent and a broker. let us examine the kind of relationship they keep. the kind of relationship these people keep usually explains how a real estate agent is paid.
Most real estate agents work under a real estate broker that makes sure that real estate agents comply with the state as well as national real estate laws. it should be known that agents that not allowed to receive commission directly from their clients. Every commission must be paid to a real estate broker. it is the broker that then splits the commission with the agent.
it should be noted that a real estate agent as well as a real estate broker cam be called a Realtor if they are both members of the National association of Realtors.
Real Estate Agent License
All real estate agents have to work with a license under a real estate broker. if you see a person that claims to be a real estate agent and does not have a license, be careful, such a person is most likely fake.
For one to be able to get a real estate agent license in Nigeria, you must first be at least 18 years of age. you would then need to get a certified application form, apply for license through zonal offices. it should be noted tat these applications comes with a price attached. it is not free!
Frequently Asked Questions (FAQs)
1. How Do Real Estate Agents Get Paid?
Real Estate Agents make most of their money through commissions.
2. How Much Money Do Real Estate Agents Make Per Year?
The amount of money a real estate agent would male per year is usually based on the number of transactions they complete as well as the commissions involved.
3. How Would I Know A Good Real Estate Agent?
Usually, you would know a good real estate agent from how hard working and how serious they take their business. they would also be very good at what they do.
4. Where Do Real Estate Agents Work?
Real estate agents usually work with leasing agents, home buyers, listing agents as well as other agencies that relates to the sale of properties.
5. Are Real Estate Agents Brokers?
Some real estate agents are brokers but most times, real estate agents work under a real estate broker.
6. Is It Difficult To Get A License As A Real Estate Agent?
No, it is not difficult to get a license as a real estate agent. all you need to do is provide all the forms you have been asked for as well as other requirements.
7. How Often Do Real Estate Agents Work?
Usually, a real estate agent should work on weekdays but it depends on the kind of agreement you have with a client. some clients might want a real estate agent to work during weekends.
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