The real estate business is a real deal business that has been in practice for quite a long time. Although these types of businesses are dealt with mostly in person, with passing time, this field is also being digitized. It is inevitable that from landowners to brokers, to buyers, to real estate agents all look for their bit of profits. Thereby there is a need to get formal training in this field to optimize the relatable business. Before getting into the required training to excel in this industry it is vital to get acquainted with real estate and terminologies related to it.
4 kinds of the Real estate:
1. Residential real estates:
It involves new constructions as well as resale homes. The most general category is single-family homes. The category has a wider range from condominiums, co-ops, townhouses, duplexes, triple-deckers, quadplexes, high-value homes, multi-generational to vacation homes.
2. Commercial real estate:
It includes shopping centers and strip malls, medical and academic buildings, hotels, and offices. Flat buildings are often pondered commercial, albeit they’re used for residences. That’s because they are owned to produce income.
3. Industrial real estate:
It involves manufacturing buildings and property, as well as warehouses. The buildings are often utilized for research, production, storage, and distribution of products. Some buildings that distribute goods are pondered commercial real estate. The categorization is important because the zoning, construction, and sales are handled differently.
Land includes free land, working farms, and ranches. The subdivisions within free land include undeveloped, early development or reuse, subcategorization, and site assembly.
In addition to knowing the types, it is also advisable to understand its working.
While buying a property in Australia, it is advisable to always use a licensed agent who can guide the buyer neatly. The Real Estate and Business Agents Act levies demands and requirements on certified agents, which preserve both buyers and sellers by creating a source of legal redress in the event of an error, loss, misrepresentation, or negligence. The act preserves down payments paid by buyers and prevents conduct which could be deceptive to buyers, and is supported by disciplinary procedures and a Fidelity Guarantee Fund. Nevertheless, the act doesn’t apply to private sales where the agent is not involved.
Now let’s narrow down to the Real Estate business in the context of Australia. In order to work in Australia in the Real Estate field as a licensed person, one needs to obtain a Real Estate License from their state/territory’s real estate licensing authority. Each state has specific land licensing requirements that include meeting minimum education requirements.
Although there might be some colleges conducting Real Estate business, Unique College of Technology (UCT) in Australia ensures that the trainers provide the students with the best value, experience, and education. It sets very high selection standards regarding professional and industry experience, qualifications, and attitude.
This qualification reflects the role of real estate professionals who apply knowledge of land practice, legal agency and compliance requirements, standard ethics, and consumer choices to perform land functions.
The course is for people working in residential as well as business property, including business broking, and stock and station transactions.
People who hold this qualification are associated with: analyzing data, industry intelligence, and leads to identify prospects, developing, building, and maintaining connections with landlords, tenants, vendors, and buyers, providing advice to landlords, tenants, vendors, and buyers on the sale, purchase, or lease of commercial, residential, stock, and station, and property real estate, implementing systems, forms and documents to ensure landholding agency transactions are compliant with regulatory specifications; controlling risk to agency and agent, and illustrating high standards of ethical practice, organizing, admitting and controlling the ethics of trust accounts to minimize customer and agency risk, initiating, supporting, implementing, and terminating contracts with landlords, tenants, vendors, and buyers, including auction, building, and promoting the agency and individual brands.
After successful completion of this course, the student becomes eligible for titles such as:
Auctioneer, Stock, and Station Agent, Business Broker, Business Agent, Franchise Broker, Property Manager, Body Corporate Manager, Real Estate Agent, Real Estate Representative, Real Estate Salesperson, Sub-agent, Property Portfolio Officer, Buyer’s Agent.