A real estate appraisal or property valuation is the process of determining the value of the property on the basis of the highest and the best use of real property (which basically translates into determining the fair market value of the property). The person who performs this real estate appraisal exercise is called the real estate appraiser or property valuation surveyor. The value as determined by the real estate appraisal is the fair market value. The real estate appraisal is done using various methods and the real estate appraisal values the property as different for difference purposes e.g. the real estate appraisal might assign 2 different values to the same property (Improved value and vacant value) and again the same/similar property might be assigned different values in a residential zone and a commercial zone. However, the value assigned as a result of real estate appraisal might not be the value that a real estate investor would consider when evaluating the property for investment. In fact, a real estate investor might completely ignore the value that comes out of real estate appraisal process.
A good real estate investor would evaluate the property on the basis of the developments going on in the region. So real estate appraisal as done by a real estate investor would come up with the value that the real estate investor can get out of the property by buying it at a low price and selling it at a much higher price (as in the present). Similarly, real estate investor could do his own real estate appraisal for the expected value of the property in, say 2 years time or in 5 years time. Again, a real estate investor might conduct his real estate appraisal based on what value he/she can create by investing some amount of money in the property i.e. a real estate investor might decide on buying a dirty/scary kind of property (which no one likes) and get some minor repairs, painting etc done in order to increase the value of the property (the value that the real estate investor would get by selling it in the market). So, here the meaning of real estate appraisal changes completely (and can be very different from the value that real estate appraiser would come out with if the real estate appraiser conducted a real estate appraisal exercise on the property).

Real estate agents are professionals who help in connecting the buyer to the seller. A lot of real estate agents also do rentals wherein they connect tenants to landlords and even maintain the property on the behalf of the landlords. The real estate agents work by linking together the two interested parties and charging a commission for their services. For sales, they charge commissions only to the seller but for rentals (i.e. agent managed rentals) the commission is charged to both parties involved in the transaction. Real estate agents generally calculate their fee as a percentage of the selling price (in case of sales) and as part of the rent (for rentals). People who want to sell/let their property leave the details of their property with the real estate agent (and in fact, even leave the keys of the house so that the real estate agent can arrange for viewings without them getting into any hassle). The other interested party (i.e. the buyer/tenant), gets access to this information by contacting the real estate agent. That’s how the real estate agents become a hub of information.

A lot of home seekers (including real estate investors) use the services of real estate agents not just for getting good deals but also getting them quick. Since real estate agents are probably most familiar with the market situation in their region of operation, it makes sense to approach them to get an idea of the going rate for properties in that region. Real estate agents would generally know the prices of various properties of different types and at various locations in the region.

A property seller can possibly get a few thousands more for his/her property by using the advice received from a good real estate agent. A good real estate agent will also analyze the needs of a home buyer/tenant and provide suggestions on what kind of home could be available to them within their budget. So a good real estate agent will not just throw a list of available properties to the buyer/ tenant but will actually discuss their needs and make a suggestion. This, in fact, works in the favor of real estate agent in two ways. Firstly, if the real estate agent is able to sell the house they get their commission and secondly, if they make the buyer happy too they earn a good reputation (and hence more business).

However, it is worth noting that real estate agents work on seller’s behalf. So, beware if they are trying too hard to sell a property.

Real estate brokering is known as a very lucrative business and a lot of people are working as real estate agents throughout the nation. Not only are they making good money, they are also contributing to the society in a way i.e. by helping the sellers in selling their property and at the same time helping the buyers in buying a property. So, can anyone start real estate brokering? Well, not really.

A real estate license is a pre-requisite for becoming a real estate agent. However, obtaining a real estate license is not difficult. In most states, the qualifications for getting a real estate license are very minimal. So you should first check the eligibility criteria for obtaining a real estate license (rather pre-license) in your state. The real estate license eligibility criterion includes things like the minimum age limit (which is generally around 18-21 years of age) and educational qualifications (which is mostly high school or a bachelors degree).

Once you know that you satisfy those real estate license (pre-license) eligibility criteria, you can go ahead and enrol for a pre-license training. There a number of real estate schools that offer real estate license training. Some real estate schools offer online training for real estate license. Choose a course that is spread over a sufficient duration of time e.g. 1 year so that you are able to grasp the concepts properly (after all you want to become a successful real estate agent and not just another real estate agent). You will be taught a number of topics as part of your real estate license training. All this will help you develop a basic understanding of real estate and various aspects related to real estate (e.g. real estate law, deeds, contracts, ownership transfer, etc) Once you have undergone this real estate license training, you will be required to undergo a state exam. After you pass this exam, you will generally need to undergo another training on state approved courses. And that’s it, you can now get a real estate license which is worth that effort (as you will find in a couple of years of starting real state brokering). Most states also require you to go for continuous education after you have received your real estate license. However, this is a just a few hours every few years.

A real estate license is what you need to start your career as real estate agent. But your success after that will be dependent on how seriously, ethically and smartly you carry out your job.

If you’re thinking about selling or renting your property on your own to help save on some of the fees associated with a real estate agent, stop and consider this:

Your profession is something other than real estate. Maybe you’re a mechanic, a businessman, a singer, a teacher or a repairman. Regardless of your profession, chances are high that you’re not an expert in the field of real estate. So why wouldn’t you pay a fee to someone who is?

People come to you for some type of service and pay you a fee for your expertise because you know more about a particular subject than they do. While you might think that real estate is different, there are many aspects you may not have considered.

Do you know the market well enough to price the property at a high enough value? Do you have connections that can help you reach buyers outside of your local sphere? How about the legal aspects; are you sure you know enough to cover yourself and your property legally in case something falls through?

While there are some advantages to selling or renting yourself (which we’ll cover in a later post), there are many times when it’s better to pony up the fee and let a qualified real estate agent help you out.

At WallOasis.com, we’re always eager to help new clients list and find the perfect properties. Our customized user interface makes it simple for you to upload photos and insert details about your property to the site so that users can quickly find it and figure out how to contact you.

When you sign up with the site to list properties for sale or for rent in Virginia or any other state, be sure to add in your Facebook, Twitter and LinkedIn details. We’ve made this very easy to do, and it gives users more ways to contact you and find out about what you’re selling or renting.

Don’t forget to upload lots of photos, too! If possible, take and upload more than two or three, so you don’t get inundated with requests for photos from people interested in your listing.

Finally, if you have any issues with or questions about the site, don’t hesitate to contact us! We’re eager to help connect motivated buyers and sellers across the globe!

WallOasis is constantly working to be more user-friendly and keep up with what our customers and users want. One of the recent changes we’ve made is to revamp the user interface of the site to make it easier to navigate and easier to list properties.

In celebration of the new look and direction, we’re now offering 3 free $25 Amazon gift certificates for anyone who registers on the site and posts at least 3 listings. This will run through the end of the year, and we’ll randomly select people from each new batch of users who sign up!