Are you wondering how you can become a real estate agent in Kenya? The good news is that it is easy; you first need to understand what this industry entails to be able to become a professional real estate agent. Real estate is an industry that has gained a huge fan base over time. Everybody wants to own a house, whether in the central city or the outskirts, irrespective of their financial capacity. Individuals and even big companies are investing in this industry, and competition is gaining momentum fast. This shows this career has the potential to grow; hence you are on the right track. We have researched this field and now ready to serve you with definitions, information and complete details about becoming a realtor in Kenya.
Why Choose the Real Estate Industry in Kenya?
The real estate industry has emerged as one of the massive contributors to this country’s economy. To add up, housing is among the main big four agenda that the government chooses to focus on. People are running into purchasing land and property because of the simple golden fact that land will always appreciate. Despite that fact owning a home frees you from spending too much on rented property that at the end of the day, you will vacate. Hence, more Kenyans are seeking to get the best insight from realtors on what remains the optimal choice for their real estate needs. To be a successful agent, you need to understand and be intentional about the local property market and the process of buying and selling property.
Starting Learning Now, YouTube is a Top Resource
A career in real estate provides you with an opportunity to own a home or make a profit while helping people own homes and property. It has several categories, and if you can master this skill, you can earn from it. With the advancement in technology, we have barely scratched the surface in exploring the potential of the internet. Real estate classes are currently not in the formal educational curriculum; therefore, one ought to outsource knowledge on what it entails. YouTube is a platform that genuinely reckons this statement.
Yes, you read that right! Successful real estate investors have over-compulsively compiled their testimonials and experiences while starting in the industry and placing them on YouTube. You should take your time and go through those videos; you honestly won’t be a beginner once you are done with 4 or 5 videos. On the bright side, YouTube videos are available in many varieties, and you are free to choose whichever video resonates with you most. Different languages, different speakers, among others. Gurus in this field have also published books that educate individuals on property buying and selling. Taking your time to go into those old libraries will give you a heads up on how the industry works. They may be old school, but the content is gold.
Benefits of Becoming a Real Estate Agent in Kenya
- Flexible schedules
- You can own a home
- Getting started is quick and does not require large capital
- You know the prevailing market places
- Your income is not limited to hourly rates. It depends on your effort to convince a prospective client.
- The satisfaction of helping people
- The opportunity of meeting many different people helps grow a social circle, although you should know how to establish those very much needed professional boundaries.
Real Estate Agent Personality Traits
To be named as one of the best realtors, you need to be dedicated and patient since this might take time. Remember, with the increase in population there is a need to carter for the high demand for accommodation and housing. Other essential characteristics of real estate agents include:
- Negotiation and selling skills
- Good communication skills
- Intrapersonal skills
- Strong organization skills
- Willingness to take on responsibility
- Willingness to travel and explore out of the office includes having a ready travelling bag, an insurance policy, and even a valid driving license.
Real Estate Average Salaries in Kenya
A real estate’s agent salary also known as a realtor in Kenya ranges around 6,500 Kenyan Shillings per month. This is a promising figure to anyone seeking to earn in this sector. However, to reach there, you need to be determined to make sales regularly.
Commonly Used Terms By Professionals in the Real Estate
You have heard it before, every industry has its language, and real estate’s is no exception. For you to become a realtor, you should learn what language is used and master it. Who needs an agent who does not understand foundational bits about the real estate industry such as terms used? While the terms in the real estate industry are countless, here are some of the popular terms that every realtor should be conversant with.
- Real estate – This entails land and any structures on it, along with its natural resources.
- Real estate agent – This is a licensed professional or business that sells and rents outbuildings and property for clients. They are paid on commission upon each sale they make. Synonyms include real estate broker and realtor.
- Equity – This is the difference between the market value of a property and the money you owe the lender. It is the amount you receive after selling out a property.
- Mortgage – A mortgage is a way to get a home using a loan. The borrower approaches a bank and takes a loan to purchase a property and pay it back in instalments over some time.
- Down payment – This is the amount of money a borrower pays to a lender as a show of faith. It is usually a percentage of the home price.
- Landlord – A landlord is an individual, company or entity that owns real estate. They subsequently rent and lease the property to someone else.
- Tenant – This is a person (renting party) to whom property is leased to.
- Property flipping – Flipping is when a real estate investor buys the property that is housed for the need of reselling.
- Rentals – This is the act of renting property.
- Rent – This refers to a payment made by a tenant to a landlord in return for the use of land, apartment or office. This rental agreement lasts typically for 30 days.
- Lease – Like rent, a lease is also payment from a tenant to a landlord for use of their property but lasts for a more extended period, for example, six months, eleven months, or even ten years.
- Buyer agents – This is a real estate professional who guides a buyer through the process of purchasing a home.
- Listing agent/seller – A listing agent is a realtor who represents the seller in a real estate transaction. As the name says it, a listing agent lists the home for sale and works on the seller’s behalf to sell the house at a price and under terms that are best for their client.
- Dual agency – This is a listing agent who represents both the seller and buyer in the same real estate transaction.
- Pre-approval letter – It is a letter from a mortgage lender indicating that the lender has reviewed a buyer’s finances and will approve them for a home loan of a certain amount, pending purchase of the property.
- Pre-qualified letter – A prequalification or preapproval letter is a document from a lender stating that the lender is tentatively willing to lend to you up to a specific loan amount. Sellers frequently require a prequalification or preapproval letter before accepting your offer on the house.
- Contingency – A contingency is a provision in a real estate contract that makes the contract null and void if a particular event occurs. Think of it as an escape.
- RPA (Residential Purchase Agreement) – A residential purchase agreement is a binding contract between a buyer and seller that outlines the details of a home sale transaction.
- Appraisal – A real estate appraisal is the process of creating an estimate of value for a property. An appraiser refers to the professional third party who determines the market value of the real estate.
Advancing Your Real Estate Career in Kenya
Notably, becoming a realtor is a lucrative career in Kenya, and it is bound to become better in the near future. As with any normal career, it has its risks which if one overlooks, they may not be able to reach the climax in this career. Notably, realtors can work solo, come up with their agency or work in an agency that deals with selling property. As a beginner, it would be best to work in an agency as they have already established their target clientele. After a few years, you will have gained your network of clients and venturing out to be on your own would be a good move. Becoming a real estate agent in Kenya entirely depends on your passion and ability to make sales after learning the nitty-gritty in this industry. Visit BomaLink to find realtor job opportunities and others in Kenya.
Interested in other fast growing career fields in Kenya? Click here to learn how to become a programmer in Kenya.