Real Estate Business In The US

Business | 2020-12-12 23:00:50.0 | By Sunita Pathak

Are you interested in buying a house or do you want to sell your current house? If not, are you bored with your 9 to 5 job? If your answer to any of these questions is yes then, you must have adequate knowledge about the real estate before you step into any of those.

What is Real Estate Business?

Real Estate business, in a simple way, is the business that is related to the land and property. In real estate businesses, land and properties are either sold, bought, or managed. It requires several processes, requirements, and human sources to meet the rules and laws for real estate.

How Real Estate Works In The US?

Different countries have different real estate rules and they go by different methods and processes. While, in the USA real estate business works in collaboration with the agents, brokers, or realtors. But wait, does it mean that you cannot buy or sell any property in the USA without the brokers? The answer is simply no. This means that people do have their rights to buy and sell houses personally without going through any brokers. You might ponder, then why is there any need for brokers and agents?

Related: 5 Businesses That You Can Start With Less Than $5000

Well, though the properties and lands can be traded personally, going through the brokers is a way easier option. When trading personally, there are a lot of legal processes and documentation that needs to be done. Choosing personal trading over brokers is the same as avoiding the fastest route shown by Google Maps and driving through the longest route. Well, who wants to go through the longest route?

This is the reason why the real estate investing is so popular in the USA. Out of 100 people getting the million dollars of a tax return in the United States, around 70 people are from the real estate business.

How To Start A Real Estate Business?

1.Contract needs to be signed



This is the initial stage of the real estate business. When a homeowner or a landowner decides to sell the property, they first need to contact the agents and brokers. The scenario for contacting the dealers is different than how it used to before. Due to digitalization, one can easily find brokers browsing through the internet and social media like Facebook, Instagram, Linkedin etc. Then the agents and the owners sign the contract for the agent commission. This contract ensures that the commission for the agent is secured once the house is sold.


2.Posting or listing the property in Multiple Listing Services (MLS)



After contracting with the agent, the agent now makes the home publicly available to other agents and buyers. The agents are free to post the property on their personal websites or other posting platforms. In addition, to attract more visitors and thus buyers, the agents give the advertisement of the property in various other websites and social media like facebook, twitter, instagram.


3.Visibility of the property to buyers



As sellers and brokers run after giving the advertisement and posting the properties, at the same time, buyers are hunting for the best home of their choice. Visibility of these properties in different websites and social medias, create an easy platform for the buyers to contact the dealers or the agents to get some more detailed information of the property. But before, due to the lack of the internet facilities, the agent of the buyer had to search for the property and show it to the buyer to make the best choice. But now, buyers are independent, saving some extra agent cost because of the internet availability.


4.Offer is made by the buyer



Once the buyer is satisfied with the house he/she was looking for, the role of the agent of the buyer comes into play along with the agent of the homeowner. They negotiate the prices and other criterias and finalize the sale.


5.The House/ Land Inspection



The inspection of the house is very important before the buyer buys the house. The full inspection of the house is done to repair any seen or unseen damages or destructions. The inspection is done in collaboration of both of the agents to make sure there are no issues as soon as the buyer buys the house.


6.Ultimate step to end the procedure



Before the house is handed over to the buyer, there are certain documentations that need to be issued and signed by both buyer and seller. The documents include, but not limited to, final statement addressing the closing costs, a document showing the ownership of the house, a deed allowing the title transfer and bills showing all the included costs during the processes.


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