A real estate agent usually gets paid when he/she isselling a house. While theeconomy and the market are important factors in the success of a real estateagent, there are other ways that an agent can make more.
1. Listing Houses
A buyer's agent is for those who are looking to buy ahouse. Agents visitpotential houses and work with sellers to negotiate a deal. Listing agents assist sellers in preparing their house forsale, pricing it, and listing it on multiple listing sites. They also negotiatethe offers.
2. By Selling Real Estate Owned Homes
REOs are properties which have been foreclosed on andtaken into bank ownership. Banks usually give these properties to agents to market,sell and maintain. An REO agent managesthese properties, since the owner might not be available. These properties are a great opportunity for agents to makea living because there is always an adequate supply of listings.
3. Short sales
Short sales are homeowners who cannot sell their home forenough money to pay back the banks. The sellers resort to persuading banks and lenders to lowerthe amount they must repay. The listingagent helps the seller communicate with the bank and provide all documentation.
4. Complete Broker Opinions
Broker Price Opinions (or simply BPOs) are reports realestate agents compile. They are similar to appraisals. BPO reports can be used todetermine the value of a home. This reportincludes commentary and statistics that can be used to assist sellers. This document can be created by agents representingproperty.
5. As Property Administrators
The property managers manage rental properties forhomeowners and investors. They collect rent and manage maintenance fees. Each month, the agent will earn a steady income.
6. To be licensed agents
Agents licensed to work on the property market can helpsave substantial money. Agents earn commissions for the sale or purchase property.
7. By Being Commercial Real Estate Agents
The residential and commercial markets have very distinctcharacteristics. Commercialagents work for companies while residential agents get paid commissions. Commercial properties can be sold at a higher cost thanresidential property, which gives real estate agents more opportunity to makemoney.
The best part about the property business? It's steadyincome. There aremany disadvantages to real estate agents so be sure to do your research beforehiring one.
