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Careers in International Real Estate
Real estate is a burgeoning career field both in the United States and overseas. It offers many opportunities to professionals from both a financial and career development and expansion perspective. A real estate professional can specialize in a certain area (i.e. residential, commercial), or go into a arm of real estate, such as appraisal or property management. Once the basic skills are acquired, they can be applied in any location throughout the world.
Real Estate Broker/Residential
Real estate agents represent both buyers and sellers in the real estate transaction process. Both the buying agent and selling agent will then receive a commission, in exchange for representation. In the United States, this commission is around 3 percent of the property's selling price. This amount might vary based on the country you wish to work in.
To become a residential realtor in another country, you should be able to speak the native language of that country with at least basic fluency. You also need to make sure that they are a member of International Consortium of Real Estate Associations, which will allow you to practice with your current real estate license.
Real Estate Broker/Commerical
Commercial realtors specialize in selling commercial properties such as hotels, office space, retail, industrial and restaurants. Commercial real estate agents must analyze regional market conditions and the overall business economy to give clients the best information possible in choosing real estate. As an international realtor, this means you must have a very solid foundation of knowledge about the economic conditions and trends of the area in which you are working.
International commercial realtors need to acquire all the same documentation and certifications as a residential realtor would, plus additional certification due to the client base they work with. The rules and regulations vary on a country-by-country basis.
Often an owner of a property will hire professional property managers to look after their real estate investments. Managers take care of customers, find renters, establish rental prices, and coordinate leases. It will most likely be fairly easy to become a property manager in another country as long as you have a basic work visa for that country. It will be mandatory to be able to speak the language at a high level and understand the culture of the area.
Laura Petrolino has been writing professionally for over 12 years. She owns and operates her own public relations and communications firm and specializes in government relations, development, communications and public affairs.