Want to know how the Australian Real Estate Industry functions? Check out this article to get an insight into the working of the Real Estate Market.
When asked about the Real Estate Industry, as a layman, you would think about a person who buys or sells properties. However, there is a lot to this industry other than what meets to eyes.
There are a lot of activities that a person associated with this industry performs. Read this article till the end, and you will get to know so much more about the Real Estate Market.
What is the Real Estate Market?
You might be aware of what a Real Estate is. Now, let us first know what the Real Estate market is.
The Real Estate market is a crucial driver of the Australian Industry. The Australian Real Estate industry mainly consists of institutions and professionals dealing with selling, buying, renting, management and investments of real estate properties to meet the property needs of Australia.
The value of these properties keeps on changing due to economic factors. The professionals from the real estate market help the clients to ease the process of dealing with the properties. They charge a fee for their services and earn profit from it.
Impact of the Real Estate Industry on the Economy
The property industry is one of the largest Australian Industries. The real estate industry has its supply chain, which includes firms, contractors, building supply companies and several professional service workers.
They develop their economic activity by meeting the increased demand for the goods and services required to create, regulate and organise the property. The growth in the real estate industry impacts the economic activities of all these participants.
What does a Real Estate Agent do?
Real Estate Agents provide their expertise on the trends of the local property market and help people to trade in properties.
A buyer’s agent represents people who are seeking to purchase a property. A listing agent represents people wanting to sell the property.
These agents work on behalf of their clients and execute a real estate transaction promptly and accurately.
Now, you must be thinking about how these agents earn money from these activities.
The answer is – Real Estate Agents charge a fee or commission for their services. The amount is flexible and is usually paid as a percentage of the ultimate selling price of the property.
This commission is usually 2 to 4% but may vary depending on the other factors that an agent may consider while charging a fee.
Managing a Real Estate Business
There are a lot of tasks that a real estate professional has to perform apart from buying and selling of properties. Below are some of the primary jobs that a property agent has to perform:
1. Be Aware of the Local and Regional Market Trends
A Real Estate Agent works as an advisor for clients who are willing to trade in properties. To provide accurate guidance to the client, the agent needs to keep up with the market trends as well as the industry news.
2. Research the Listings
Property professionals need to stay updated about the active, pending as well as sold listings so that they can attract a potential client easily.
3. Legal Paperworks
The agents have to help their clients with legal works as well. They prepare, submit and file paperwork such as property documents, agreements and so on.
4. Property Valuation
A real estate agent usually provides its client with a detailed report about the market value of the property they are interested in. This detailed report is known as property valuation in perth.
5. Communicate with Clients
In the current time, it is essential to keep your business updated. Social media marketing plays a very vital role in the growth of your business. Communicating with the customers can really gain you remarkable potential clients.
The above mentioned are some of the primary roles that a real estate professional performs. Of course, there are a lot of other tasks they are supposed to serve. The next time you have a conversation with someone about the Real Estate Industry, make sure that it is just not about buying and selling.
Thank you for reading!