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Knowing Your Way Around The Real Estate Business

Jun 1, 2008
There are different types of real estate, and there are various ways to invest in them. It is essential to combine these two factors in a means that suits your particular needs. For example when renting a house, it is an easy way to get started, and reliable long-term return on investment. But being a landlord is tedious, and you generally wait a long time for the big pay-off. Rent-to own houses meanwhile is beneficial when you buy, then sell as rent-to-own arrangement, you get higher rent payments, and the buyer is usually responsible for maintenance. Again, bookkeeping is tricky. So better be cautious on the kind of real estate investment you are planning to hold.

A real estate career covers a wide range of job possibilities with immense potential for advancement. Real estate agents and brokers are mainly responsible for looking for properties that meets the buyer's needs. An understanding of property tax laws and financing options is a must for them, as well as being able to effectively market properties that need to be sold. They spend most of their time on-site with clients, often working longer hours. Salaries of real estate agents vary widely since most of them work on commission basis some enjoy a fixed monthly stipend with incentives for every call made. Brokers hold management position so they may earn a bit.

A successful real estate career entails good negotiation skills and the ability to work with the public. He must be flexible; one advantage of a real estate career is that you can manage your own schedule, but you must be prepared to adapt to the demands of your clients' schedules. Other valuable skills include organizational thinking, above-average mathematical skills, adeptness in computer and digital technology, and effective presentation skills. To ensure that you'll refer clients to dependable specialists, real estate professionals must be able to build a network of people in the industry as well as those in related professions, lawyers, mortgage lenders and insurance agents.

All state necessitates real estate agents and brokers to have a license. This is obtained by qualifying in a written examination and must be renewed every one to two years after attending continuing education courses. A real estate broker's license also obliges the candidate to have experience in the business and a minimum training program. Real estate appraisers' requirements for licensing qualifications differ by state but must be consistent with the standards set by The Appraisal Foundation, as stated by the US Department of Labor. Property assessors' license may be issued if they meet the licensing criteria determined by an assessor board at the local or state level.

Property owners who are having problems with their mortgage payments are approached by a person representing themselves as a mortgage consultant/foreclosure service. He then offers to help these homeowners and convince them to transfer the title or deed to them. They assure the owner that they can give credit at the same time asking that they pay the mortgage payments directly to them. In some cases, they will also try to collect a fee before they assist the homeowner, or worst they may obtain a second loan on the property, take the proceeds and leave forcing the resident to be evicted.
About the Author
Jon Caldwell is a professional content manager. Much of his articles can be found at http://realestatedailyguide.com
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