Learning real estate

Working in real estate, one thing becomes clear, and that's the difference between how those of us in the industry view the market, and how the general public thinks about real estate. I have blogged before about how it is the responsibility of the the likes of our agents at CENTURY 21 to keep the general public informed and up to date in all aspects of real estate, and it will always remain one of the industry's primary roles.

CENTURY 21 prides itself on providing clear, expert advice to people making real estate decisions, but in order to do this we ourselves need to ensure our training is up to date, and that we too are informed. That said, there are a few key differences between training real estate agents, and teaching the general public about real estate. 

One interesting aspect of real estate is that there are actually many non-licensed individuals who are actively involved in real estate sales and property management. There are many examples of private individuals wishing to negotiate and purchase real estate, and there is no requirement that these people even use an agent, much less be licensed. I regularly see property for private sale, as I’m sure you do, and likewise, if an owner wishes to lease or sell his own property on the open market, he may do so without the requirement for any education in the field of real estate. 

What’s also interesting about public interest in real estate is that one of the primary focuses is the profit-making potential of the industry – basically the mentality of if I buy a house today, how can I make it pay for itself and how much will it be worth in the future? Those of us who have made a career in the industry know that the real estate market is an imperfect market, and as has been evidenced only recently, is capable of being a volatile one. No two pieces of real estate can ever be considered identical, and there will always be properties will be priced higher or lower than an individual thinks they ought to be. For a member of the public with an interest in real estate, the goal should be to educate yourself in the markets that interest you, then make offers when you sense a bargain. 

Whilst historically real estate tends to be a slow and steady performer, lending itself to long-term investing, a lot of the public want an investment program that’s based on win-win opportunities. By that I mean there is no need to take advantage of others in order to prosper at real estate. For many reasons some sellers are highly motivated to sell their property and if they are motivated enough to be flexible on their price or terms or even both, it becomes possible to find a solution that benefits all parties.  

At the end of the day, regardless of your level of interest in real estate, the key to a good outcome in is a good education in the beginning, and your local CENTURY 21 agent is the best first step to get that education happening.   

 

Posted by Charles Tarbey on 05/05/2009 at 10:01 AM | Categories:

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