The real estate market is rapidly changing due to the fast development of the online environment and new technologies. Buyers and sellers can now meet online (due to platforms like Zillow or Trulia), without going through an agency and they can negotiate legally binding contracts without even having to meet face-to-face (due to tools like Docusign and others).
Does this mean there won’t be a need for real estate agents and brokers in the near future? The thought has definitely gone through some people’s minds, especially beginners, but there’s nothing to fear. Both new and veteran agents have something that cannot be obtained online – compliance to the rules and regulations imposed by Federal and State authorities. Plus, they have knowledge of the market and properties only specialists can have.
Therefore, anyone who wants to make sure they buy the right property or that they get the right price will always go through an agency. If you still have doubts, here’s how compliance in real estate and proper career management are at the core of every successful career in real estate:
What is Real Estate Compliance?
Real estate compliance is a mixture of federal, state, and local laws, rules, and regulations that define how a building is supposed to be and function. It’s also about the compliance standards real estate professionals must meet when selling, renting or buying properties on behalf of their customers.
These rules and laws can (and do) have an impact on the final transaction, insurance policies, and many other aspects. However, it is difficult for someone without thorough real estate knowledge to understand and know them all, which is why there may be legal consequences if the transaction doesn’t go through a professional.
Furthermore, real estate compliance laws are still in development, so new rules can pop up overnight. Therefore, it is the job of the real estate agent or broker to make sure the property they are currently managing is compliant and ready to be sold. Plus, compliance rules also keep brokers in check and make sure homeowners are protected against fraud or deception during the transaction.
Career Management
New agents don’t have that many customers (at first, at least) so it’s easy to do everything without any outside help. When you’re just starting, it’s exciting to take care of every aspect of the job from meeting with customers to running market analysis and taking care of the papers. Everything is new and exciting, and you can learn a lot from this experience.
However, as your career evolves, you will get to work with more customers, each with their own demands and preferences. As soon as you reach this stage, it’s time to think about a management solution to help you stay in charge of all the projects. Tools like Project Management software or task organizers are great but you may also want to get an assistant who can apply the compliance in real estate rules and check for any misalignments.
This way, you can keep refining your craft as a real estate agent or broker while also making sure the customers are fully satisfied. In summary, there is a strong connection between new technologies, the classic rules of real estate, and becoming a successful agent.
Wrap Up
Real estate is a challenging and dynamic environment, so newcomers may have it a bit tougher than in other domains. However, if you follow the rules and regulations drilled into your head by courses, exams, and brokers, you will have a solid foundation to support your future efforts.
Real estate agents who stay compliant and respect the core of rules that are defined by federal and state authorities have an amazing chance at becoming successful.
