Real Estate Broker

What is it Like Being a Real Estate Broker

On this episode of the Unboxing Careers Podcast, Greg Zakowicz unboxes the career of a Real Estate Broker with Lauren Herskovic

Guest: Lauren Herskovic is a real estate broker at Moda Group, specializing in helping home buyers and sellers in the (greatest!) city of Chicago. Lauren is passionate about her work with clients, focusing on educating her clients, constant communication, and utilizing tried and true systems, making a seamless and (dare we say it?!) fun experience for her clients.

What does a real estate broker do? Lauren Herskovic, a real estate broker at Moda Group in Chicago, discusses the intricacies of a career in real estate, including the differences between agents and brokers, the educational requirements, and the value that agents bring to clients in today's market. Lauren shares her insights on the real estate industry, navigating economic fluctuations, essential skills for success, common misconceptions, and advice for those looking to enter the field.

A career as a real estate broker involves far more than just showing houses and closing deals. Brokers serve as trusted advisors, negotiators, and problem solvers for their clients. Whether helping buyers find their dream homes or guiding sellers through the complexities of listing their property, brokers must be knowledgeable about market trends, legal requirements, and effective marketing strategies.

Their responsibilities include:

• Assisting clients in buying, selling, and investing in property
• Conducting market research and property valuation
• Marketing properties through listings, social media, and networking
• Negotiating contracts and guiding clients through the legal and financial aspects of transactions
• Coordinating with attorneys, inspectors, lenders, and title companies to close deals successfully

The job is dynamic, and no two days are the same. A broker might spend the morning at a listing appointment, the afternoon at an inspection, and the evening negotiating an offer.

The educational requirements for becoming a real estate broker vary by state. In Illinois, Lauren completed a 45-hour course and passed a challenging exam, and then completed another 45 hours of education within the first two years of being licensed. While the coursework covers important topics like fair housing, it doesn't fully prepare you for the day-to-day challenges of the job.

This is why many new brokers seek out a mentor, to learn the practical aspects of the job, like identifying potential problems with a home.

Today, many buyers start their search online. However, Lauren emphasizes that a broker's value goes far beyond simply finding a property. Especially in a competitive market with limited housing, a broker offers crucial expertise, such as:

• Market knowledge: understanding different property types and neighborhood nuances.
• Strategic Negotiation: crafting winning offers in a competitive market by networking with other agents.
• Transaction Management: guiding clients through inspections, working with title companies, and handling insurance.
• Unbiased Advice: helping sellers prepare their home and set realistic prices.

Lauren also underscores the importance of networking and building relationships within the industry. She noticed that transactions were smoother when working with agents she knew and trusted. Building a network can lead to more opportunities and give clients an advantage.

While real estate offers exciting opportunities, it also comes with its fair share of challenges. Brokers do not receive a steady paycheck; instead, they rely on commission-based income. This means financial instability, particularly for those just starting in the field. Furthermore, long hours and high-pressure negotiations can make the job stressful and emotionally demanding.

Other challenges include:

• Long and unpredictable hours, often including evenings and weekends. Lauren stresses that work-life balance requires setting boundaries and being proactive in planning personal commitments. Agents must be flexible, accommodating client schedules, while also maintaining their personal lives.
• Emotional highs and lows due to the competitive nature of the business
• Managing difficult clients and navigating stressful negotiations

Successful real estate professionals learn to manage these challenges by staying organized, maintaining a strong network, and continuously improving their knowledge of the industry.

It's essential for real estate professionals to be financially savvy. Lauren emphasizes the need for financial planning, especially because income can fluctuate with the economy. She advises against spending commissions impulsively and suggests hiring a financial advisor to manage finances. She warns against the common…