Any real estate transaction involves numerous individuals working together to achieve a common goal. Real estate careers branch far out beyond the role of a typical real estate agent or broker. Prior to getting into the field of real estate, it's wise to know all of the options available to you.
Real Estate Agent
Real estate agents work in assisting consumers and investors in the buying and selling of residential, investment and commercial property. The real estate agent facilitates the locating and negotiation aspects of a real estate transaction.
A loan officer is the individual who will work up and service financing options for residential and commercial clients. The loan officer facilitates the paperwork processing of a real estate transaction.
Real Estate Appraiser
A real estate appraiser will assess the improved value of a property based on specific enhancements. The appraised value is determined by reviewing other properties in a specific area or subdivision that have recently sold. A real estate appraiser should be analytical and detail-oriented.
The escrow officer in a real estate transaction gathers all of the information from a lender and conveys that to buyers and sellers of property during a closing transaction. The escrow officer must act as an uninterested third party to a transaction but facilitates the most important piece, which is closing and delivering keys.
Many people believe that commissioned agents and loan officers will receive the full percentage of a transaction. In fact, both parties have to split the commissions with their broker, so the commissions can wind up being a much smaller amount.
Real estate is a very demanding and stressful industry. Talk to other professionals prior to making a career change about the good and bad associated with these professions.