Getting Familiar with Real Estate

Ben Reid

2/22/17

English 3rd

Mr. Piatik
 The thrill of the real estate business comes from its big money and big deals. Real

estate agents control their own destiny; they determine how much or how little money they

make. Donald Trump, who started out with one million dollars, invested in real estate and

grew into a billionaire business tycoon and now President of the United States of America.

He exemplifies the thrill of the real estate business. The real estate business contains many

jobs that suit many different types of people, and most of them reward employees with high

salaries and numerous opportunities​. A real estate career consists of showing properties,

filling in contracts, negotiating deals and many other things. The history of real estate, the

education needed, and the life of a real estate agent are all important things to familiarize

yourself with before getting into the real estate business.

The history of real estate in America started in the colonial period with the big cities

Boston and Philadelphia. These two cities arose as two of this most important ports because

of their densely populated cities supporting the need for goods. New York had not arisen yet

because of the devastating effects of the American Revolution, but around 1790, the French

Revolutionary War increased the need for American production. As a result, New york

exploded and became what it is today; however, this did not just happen out of luck. New

York’s position as the closest port to the open ocean made it easily accessible for boats

bringing in goods from around the world and also boats exporting products to different places.

Its position also provided a great place for immigrants to relocate and come into

America(ebsco), and that's what business and real estate revolves around, people. Without a

large number of people, the demand for houses, land, goods, etc. falls drastically. New
York’s large population made it the central hub for real estate, and they were the first to make

commercializing land into a big business.

New York set the tone for real estate and their strategies have stood the test of time.

One of New York’s most influential strategy is to build in strategic locations that attract more

people to sell as many properties as possible. The influence New York has had on america

presents itself everywhere. Almost every American housing development mirrors a scaled

down version of New York. The developers find a good location near businesses, like malls,

grocery stores, or schools, which attracts many people and influences them to move to that

area or specific development. The developers then pack as many houses on their lot as they

can fit by squeezing in as many people as possible which maximizes their profits. This again

resembles the patterns created in New York, attracting and appealing to as many people as

possible to populate an area which makes it grow and creates more profit.

To become a real estate agent you need to know all aspects of real estate. For example,

how to estimate property values, how to put a house on the market, and what to list it at. You

would also need to know how to advertise, what techniques to use to get your name out in the

real estate business world, and an extensive understanding in all aspects of business and

money management. The more knowledge you have going into the real estate business, the

easier starting out becomes, and the progressing in the future becomes easier as well(stillwell).

Getting the right education and taking the right classes is a very important step in becoming a

real estate agent.

A great college to attend is the Terry College of Business, which is located in Athens,

Georgia. The Terry College of Business started in 1960 and is a very prestigious college
which has made the top five rankings for business and real estate since 2005. This college

prepares its students for the many different jobs of the real estate business by offering over

one hundred different majors related to the real estate business. Terry College covers many

job topics such as real estate development, real estate investment, real estate finance, real

estate valuation, and real estate law. Some real estate jobs that they prepare their students for

include commercial real estate agent, appraiser, financial analyst, risk analyst, and real estate

broker. To get into Terry College of Business, students must write a three hundred to four

hundred word essay explaining their interest in a career in real estate. Students are also

required to take a standardized test called the ETS proficiency profile which covers reading,

writing, critical thinking, and math skills. Terry College of Business also provides many

opportunities for students wanting to find internships or jobs. Right after graduation,

students’ resumes are sent to firms all across the country and Terry College works on trying to

find them positions and getting their names out in the real estate world to potentially be

discovered (Brookes). Not many colleges around the world show this type of dedication to

their students.

On the other hand, some people might not want to sit in a class and learn about

business and real estate, or maybe they would just like to stay at home and get a degree in real

estate. Georgetown University’s online program provides a way for these types of people to

get their start in the real estate business. Georgetown University offers many online courses,

for example, Ethics in Action, Real Estate Fundamentals, Foundations of Real Estate

Finance, Foundations of Real Estate Law, Foundations of Real estate markets, Foundations of

Real Estate Accounting, Development and Construction Project Management, Structured

Finance, Impact of Globalization on Real Estate, Sustainable Development and Construction.

All of these courses can be completed through a two year online program.

It can prove quite difficult in gauging what these courses are actually about from just

their names. The Development and Construction Project Management course covers how to

manage the time of certain projects so that they are completed on time, managing the cost of

the project so that it does not come out over budget, and managing the employees involved in

the project to make sure everybody is working together to complete the goal in a timely

fashion. Impact of Globalization on Real Estate shows online students how to interact with

foreign investors and how the foreign real estate market and American real estate market both

differ from and relate to each other. Foundations of Real Estate Markets explains how

students should analyze certain situations that dictate the real estate market at any given time.

The students will look through the eyes of different people in the real estate business, such as

buyers, and learn about the position they are in, are they in a family or just one person looking

to buy. The students will also learn about the locations of certain buildings and what business

it is, what services they are providing or the products they are selling, how those services or

products all impact the market, and at what price the products or services sell for at any given

point in time (Georgetown University).

Becoming a real estate agents also requires passing a licensing exam. To be able to

legally sell properties in a state you have to pass an exam that proves you know the

procedures for brokering a property deal between a potential buyer and seller. Once you pass

this exam, however, you are not in the clear. Before you are allowed to get out on the streets,

you have to also compete some training courses. These courses often go over specific
procedures that a real estate agent must know before they can broker deals for properties, but

typically can be completed quite quickly(BLS). Once a potential real estate agent completes

these two tasks, they are ready to get out on the streets and start as a real estate agent.

A day in the life of a real estate agent includes many different tasks that require a

range of different skills. Real estate agents have to appraise properties they are looking to sell

in a way that they can produce a more desirable price than their competitors yet still make

money. Real estate agents have to show properties to different clients, talk to them, influence

them to buy, come up with advertising strategies such as putting up signs, hosting events,

making commercials, etc to get their business’s name out so buyers will know to buy from

them(stillwell). On the other hand, a real estate construction manager has to check up on the

progress of the project, make sure it is getting done on time, and add up the costs within the

project to make sure it doesn't go over budget.

The salary of a real estate agent can vary . The real estate agent really dictates how

much they make by how hard they are working, how many properties they are selling and the

price of each one. Some external factors do come into play, such as the company they work

for, the state of the economy, and the area in which they are working. The percentage that a

real estate agent will take away from each sale depends on the company that they work for

and the specific role they have within that company. The state of the economy, both nationally

and statewide plays a big role in how much a real estate agent makes. When the economy is

slow, real estate agents naturally make less money because American citizens are less like to

spend their money and more likely to save it instead. When the economy is on the rise, how

much a real estate agents makes relies solely on how well they are doing because people are
more likely to spend their money. The location in which the agent is trying to sell in dictates

the prices each property will go for. More desirable locations will fetch the real estate agents

more money.

The real estate business also provides many different working environments for those

who work in it. There is a lot of movement involved in the real estate business, which can be

seen in both the transactions that take place and in the environment that real estate agents find

themselves in. Since most of the work that real estate agents do involves properties in many

different areas around their location, real estate agents spend a good amount of their time on

the roads. This means that they must take their work with them in the car. It is essential that a

real estate agent have a working cellular device and it is recommended that they have a

portable computer as well because of the amount of time that they are on the road; however,

real estate agents are not expected to only work from their car. Most real estate agents work

for a real estate business which has a central office that they all report to when their agendas

are clear. These offices can be set up in a variety of different ways. Some offices are set up

like a traditional working space with cubicles and offices and some offices are laid out like a

modern company with open spaces and common areas for the employees to enjoy. The offices

serve as a space for the real estate agents to search for new clients, meet with potential clients,

draft and fill out paperwork, meet with other employees, mediate negotiations between buyers

and sellers, and search for new properties they are interested in representing (BLS).

The real estate business is a very intense business. Many real estate agents reported

that they work over 40 hours a week. Most of these real estate agents worked part time, but

there were also others who reported that they were working part-time as an agent while also
pursuing a separate career. Almost half of these real estate agents reported that they were self

employed, while the other half reported that they worked for a real estate business. Regardless

of whether they were self-employed or not, all real estate agents are part of a very competitive

working environment. Everyone in a certain area is competing for the same properties and the

same clients and the amount of properties and clients that they receive depends on their

performance. If a real estate agent cannot compete with the other agents in their agent they

will not be able to attract new potential clients or properties and will most likely go out of

business (BLS). As a result of this competition, the real estate business can be a very stressful

business for people to work in.

The history of real estate started in New York City. New York expanded because of its

great location on the open sea for ports, the French Revolutionary War that sparked a huge

demand for goods, and the influx of immigrants into the city who were buying houses in the

city, getting jobs, and buying imported goods. Some of the good colleges for getting into the

real estate business include the Terry College of Business and Georgetown University. The

Terry College of Business provides a ton of great opportunities for students looking to pursue

and of the many different positions in the real estate business. Terry College provides an

environment that is conducive to students who want to study and get the college experience.

It also is great for getting a job in real estate after graduation with all the internship options

and the dedication that they show for their students by mailing out their resumes all across the

country. Georgetown Online University is great for students that would like to stay at home

but still want to get a great education and a vast understanding of different jobs in the real

estate business for a low cost. After getting an education, potential real estate agents then must
pass a licensing exam and complete some training and then they can become an agent. The

day in the life of a real estate agent is complicated and includes a lot of different tasks, the

tasks pertaining to all different fields in the real estate business, such as project managers who

check in on job sights to see what is done and what needs to get done. They typically work on

the road but also usually have offices that they can return to in order to complete other work.

All real estate agents work in a competitive environment so working well under pressure is

essential. While it is a stressful business, it is also a rewarding one, and those who are able to

withstand the pressure often become very successful .

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Becky, Stillwell Email Interview 2 February 2017