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in Mortgage Data - 16 Jan, 2017
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Comparison between real estate agent and mortgage brokers

 

In case you are in a dilemma of choosing between being a real estate agent, and being a mortgage broker. Then look no further as this is exactly what this article is all about. This articles in designed so as to help you make some logical decisions in your choice of the two impressive careers.

A career as a Real Estate Agent

Education requirements

The minimum requirements that are needed to get your career started as a real estate agent is a high school diploma. Furthermore, having experience in sales or marketing background will be an added advantage. Getting the additional education in real estate financing and law are also required by some agency. It is also vital for you to have a real state license which is obtained by sitting for exams.

Personal traits and skills

Before you choose this career, ensure that you have some core competencies and characteristics that are required of a real estate agent. Some of these include being an outgoing personality, and also a desire to be helpful, maturity as well as trustworthiness.

Patience is also another trait that one must possess in this career path, as it involves going long hours and days of showing houses or properties to prospective buyers without making a sale. One should also be able to sacrifice one’s free time, as most potential buyers will come around during their spare time which is usually during the night or on the weekends.

What Real Estate Agents Do

The real estate agent not only shows commercial property or homes to prospective buyers, but he also finds resources, studies and keeps abreast of the real estate market and he also acts as a form of liaison between the purchaser and the seller and sometimes helps a customer also secure financing.

Compensations for Real Estate Agents

Although a few agencies pay real estate agents nominal salary on weekly, bi-weekly or monthly basis, most companies prefer to compensate them after a sale which is based on an agreed percentage of the sale price. Also, the compensations that real estate agents get tend to increase along with his experience.

A Career as a Mortgage Broker

Education requirements

Before you decide to take the path of a career as a mortgage broker, you should have a background in sales or marketing, be familiar with credit reporting and credit-worthiness criteria, a knowledge of how lending institutions operate, be proficient in Mathematics, as well as an excellent verbal and writing skills.

Personal traits and skills

You must be an outgoing person who has a desire to be helpful. A good mortgage broker should be able to analyze financial concepts and also provide his clients with the necessary information on how a mortgage works and also what the customers can do so as to improve their credit and also become eligible for better mortgage rates.

Just like the real estate agent, one needs to be patient, and it also involves working for long hours. Their prospective clients are also usually not available during the regular working time, as most of them also have time at night, or during the weekends just as the real estate agent’s prospective buyers.

What Mortgage Brokers Do

Basically, mortgage brokers act in the interest of their clients so as to get the best rate on interest and terms for a mortgage, either on a commercial property, or even a private residence. They need to be regularly updated on the latest interest rates and loan terms so as to give their customers the best deals ever. Also, good mortgage brokers develop relationships with favored lending institutions.

Compensation

Mortgage brokers usually earn a nominal salary, and in addition to this, they also get some form of commission based on agreed percentage of the mortgages secured. Also, they more experienced a mortgage broker is, the more he gets to earn.

In conclusion, you should compare both the similarities as well as the differences that exist between both the real estate agents and the mortgage brokers, and how they fit into your personality. You should also bear in mind that being a real estate agent is less concerned about financial details and the tedious work of studying credit reports and lending contracts that the mortgage brokers get involved in, see how : mortgagebroker247.com.au.