What is Residential Real Estate?
Residential real estate refers to properties which can be resided in.
It is quite a broad term, and there are many different types of residential. The most common types of residential properties are houses, units/apartments, villas, townhouses, duplexes. Rural properties less than 20 hectares (with a residence) can also be a type of residential property.
Residential properties can be under torrens title, freehold title, or strata title (depending on the type of property).
When people think of real estate agents, it is common to relate this to residential property.
Types of jobs in Residential Real Estate
Working as a Residential Property Manager means you are responsible for managing tenancies. The property manager will collect rent, conduct inspections, negotiate lease renewals and rent reviews, arrange repairs/maintenance. Depending on the agency you work in, a Residential Property Manager may also look after the leasing functions. A good Property Manager will be organised, empathetic and have great communication skills.
It is becoming more common for Residential Real Estate agencies to have a separate Leasing agent. A leasing agent will advertise properties for lease, show these properties to prospective tenants, negotiate lease terms, and vet applicants. Once a tenant has taken occupancy, the leasing agents job is usually over at this point, and the property manager will then take over. A successful Leasing Agent will usually have good people skills and be well organised.
A Sales Agent is employed to sell property. This includes sourcing new listings, negotiating between buyers and sellers, and showing properties. It is becoming more common for Sales Agents to have an associate working with them. In order to be a successful Sales Agent, you need to have good negotiation skills, be a people person, have confidence in yourself, and great communication skills. Sales Agents will encounter more ebbs and flows in the Residential Property Market than other agents in the office. Commission is paid per sale made, meaning that their income can be directly affected by the market.
Administration/ Office Manager/Marketing
Offices may offer roles specific to administration and/or marketing duties. Some common duties in these roles can include answering phones, assisting with paperwork, booking appointments for agents, liaising with photographers, arranging advertising (online and print) etc.
Types of skills needed to work in Residential Real Estate
A residential real estate agent will ideally have a large skill set – although if you are starting in an entry level role, you will learn a lot on the job!
Some skills which are beneficial include:
- Well organised
- Have empathy
- Good listener
- Positive personality
- Good customer service skills
- Emotional intelligence
- Professional attitude
- Professional presentation
- Strong negotiator
- Good written and verbal communication skills
- Be able to solve problems and not shy away from them
- Ability to work both in a team and independently
- Good time management
- Ability to prioritise tasks