Real estate commands one-fifth of the world’s wealth and as such the primary real estate market opens up a humungous field to associated service providers.
The real estate industry outsources its non-core business mainly to concentrate on its core competencies of acquiring and developing of real estate. These service providers essentially play a strategic role, one that simplifies a customer’s real estate transactions as well creating a satisfying career. Lets take a brief look at some of the important real estate services offered by real estate professionals.
Brokerage Services: are offered by a licensed real estate broker. Brokers are independent business persons who sell real estate owned by others, they also manage and rent properties for a fee. Mortgage brokers arrange for financing for a prospective buyer which often is a major factor contributing to a sale. Brokers have an in depth knowledge of the laws governing real estate, zoning regulations, current market trends regarding property and market value of a property. Since most clients are not aware of the business of real estate it is a wise decision to utilize the services of a licensed broker. Fees for a broker are paid as a commission from the proceeds of a sale.
Real Estate Appraisal Service: The real estate appraiser essays many functions in the real estate business. His primary duty is to evaluate the condition of the property, the current market trends and based on that work out a fair market price of the property. The appraiser’s work is an impartial contribution to the transaction between two parties. An appraiser’s services are essential to obtain a proper market value of a property. The appraiser is also a licensed real estate professional.
Real Estate Home Inspectors: Services of a home inspector are now increasingly demanded by potential customers to inspect the current condition of a residential property put up for sale. The primary areas of inspection are the foundation of the house, roofing, mechanical systems, plumbing systems, electrical systems,water pipes,flooring etc. In short,all areas of a house which ensure a smooth living experience are inspected.
A home inspector also suggests certain improvements if necessary. An inspector needs to have a professional expertise about construction process and building to give an informed opinion about the overall condition of the property being evaluated. The home inspector is licensed by the state to perform his duties.
Real Estate Sales Service: If you need to sell a property then the services of a real estate salesperson are required. After a home inspector submits his report the agent will inform the client of the complete sales procedure and also suggest means to improve the position of the property for sale. Apart from performing a thorough market analysis, they inform you of the recent sales in your area and the present market rate of similar real estate. Since real estate agents are working in the field their networking capabilities provide you with a wide range of genuine buyers and screen out unwanted distracters. A real estate salespersons service are necessary to navigate the complex process of sales and ensuing documentation. A real estate agent is a fully qualified and licensed professional.
Real Estate Leasing Service: If you have a house or property you would like to offer for rental purposes then you should procure the services of a real estate leasing service. One advantage of using this service is that it reduces the hassles of a landlord.
Most leasing services also extend to managing tenants by asking them to complete a comprehensive lease application. Every tenant is thoroughly screened by checking against nationwide landlord/tenant records. Tenants are also asked to submit written records of employment.
Using this service would ensure that you remain a landlord without the attendant troubles. A percentage of the collected rent is paid as charges for the service.
Service Management Of Condominiums and Co-operative Associations: The owners of the cooperative associations often outsource the day to day managerial tasks to real estate service provider whose duties are comprehensive. From fiscal management to administrative/clerical the tasks performed by a association managing agent are numerous and varied.
The services performed by a association managing agent include building maintenance, to perform regular inspection of the property, supervise activities of other service contractors. His fiscal duties include accurate maintenance of accounting records,to prepare a operating and capital budget,pay bills from association funds, deposit receipts,collect assessments,send late notices and take part in annual audit and income tax preparations.
His clerical duties include maintaining resident contact lists, mail periodic notices to residents, assist the board in administrative policies, manage insurance policies,prepare and file forms, reports and returns as required by law. He also supervises all association personnel as well as maintaining their duty records.
A property management agent would have similar duties as an association agent , but since condominiums are a world apart from residential and rental properties the service changes accordingly. A property management agent may manage rental flats or a block of apartments or even a private residence.
A property management agent for a rental property would supervise renting of apartments, screen all tenant applications, maintain files and records of the property including resident files, service contracts, payroll records. He will also hire and train personnel`,supervise on site management and inspect the property on a regular basis. Conduct rent surveys to keep rent at market rates.
He would approve and pay all bills, prepare monthly financial reports including all rents received, all deposits collected and all expenses detailed.
A property management agent for a private residence would inspect the property on a regular basis, hire service personnel, manage repairs wherever necessary, maintain outdoor landscaping, oversee gardening,indoor air-conditioning, plumbing, central heating systems and all duties which ensure the smooth functioning of a home.
Development Services: offered by real estate development agents for development of property in the initial construction stages. This service includes strategic site selection and analysis. Detailed construction strategies based on the owners perspective. Proactive site planning to expedite the development process and reduce costs. Obtaining municipal approvals and preparing necessary documentation.
Title and Home Warranty Services: are essential when purchasing a new home or property. These service providers ensure that your new home is legally yours following closing. The Title Company will research your property’s prior ownership history and once the results are in, allow you to buy a title insurance policy. Home Warranty services protect against forged deeds, claims by unknown heirs, inaccurate descriptions of boundaries and any other fraudulent acts.
Research and Analytic Services: process and analyze commercial real estate across all income classes and geographic markets. Help identify new investment opportunities, understand market conditions and predict emerging trends.
The services provided by the real estate business are varied, suiting the needs of the most finicky client. These services are essential in that they ease the difficult process of the real estate business for clients not aware of the complexities of the real estate market.