Practice Chapter 1 - Getting Started in Real Estate

KEY TERMS

California Association of
REALTORS®
caravans
daily planning
employee
goal setting
independent contractor
inventory
mentor program
multiple listing service
must-buy buyer
must-sell seller
National Association of
REALTORS®
Office Procedures Manual
100 percent commission office
Realtist
stratified marketplace
will-buy buyer
will-sell seller
workers' compensation insurance

 

LEARNING OBJECTIVES

This chapter explains what it means to be a real estate professional and the importance of evaluating your actions from an ethical point of view. You learn about the unique nature of the real estate marketplace and the many alternatives available to you within the real estate profession. You also learn the importance of understanding the broker/salesperson relationship and how to prepare yourself to choose a broker affiliation based on your specific needs.
You learn about the importance of a positive attitude, the training opportunities open to you and the knowledge you must gain for success. This knowledge includes learning the available inventory, understanding office procedures, basic computer literacy and an understanding of taxes as they relate to real estate sales.

WHAT IT MEANS TO BE A REAL ESTATE PROFESSIONAL

It has been said that without the first real estate salesperson, human beings would still be living in caves. While possibly overstated, the real estate profession has played a significant role in improving the living conditions and lifestyle of our citizens.

Although we deal with a product-real estate, namely the land and that which transfers with it-the human factor of identifying and fulfilling the needs of others is the dominant emphasis of the real estate profession. You only reach success in the real estate profession by first successfully meeting the needs of others. Real estate is, therefore, more a people than a property profession. Your understanding of people and their motivations will determine your future as a real estate professional.

This is a profession that you can be properly proud of because in its practice you guide buyers in making the largest purchase of their lives and one that will become a significant part of their lives, their home. You guide sellers in selling what has likely become more than just real estate: a place of memories, their home. For the buyer as well as the seller, home purchases are important in both emotion and dollars.