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Future of Jobs: Why A Career in Real Estate is Your Best Bet
February 15, 2023 by Brianna Yparraguirre
Technology is the greatest discovery in mankind. If it wasn't for its existence, the world can never achieve globalization and modernization. Technology is also the reason for society's comfort with housing, cure for diseases, and faster transportation services. In short, technological advancement delivers a good performance in terms of making people's lives easier. One of the prominent examples is the advanced cure for the Covid 19 pandemic. Although the pandemic still affects people's lives today, its impact is not as lethal as its first surge. Moreover, compared with the Black Plague which lasted for 7 years. Hence, healthcare professionals and technology worked hand-in-hand to play a significant role in reducing the virus's impact in the 21st century.
Technology is replacing human workers
Despite the contributions of the technology, the downside of its usage drives the downsizing of work opportunities. And many machines or technologies are replacing the human workforce immediately. Renowned economists, John Maynard Keynes, and Wassily Leontief, already anticipated that this would happen wherein machines or artificial intelligence will pave the way and replace the workforce. According to Monster.co.uk, The most important technological development since the industrial revolution may be robots. Robotics has always been used in the automotive industry, but experts now predict a growth in their use. Many people aren't aware of how significantly robotic automation will affect every commercial sector over the next 10 years, despite the fact that they work in a range of different industries. And this is evident as the labor market today is continuously dropping. For example, the job responsibilities of mailmen are officially replaced by emails.
According to the forecast of Zippia.com, by 2030, new technologies might eliminate 73 million US jobs, or 46% of the total number of jobs currently in existence. 37% of Americans are concerned that automation would force them out of work. Only jobs that are hazardous or unhealthy for people are acceptable to 85% of Americans for automation. This would be alarming due to the rapid advancement of technology. Manyika (2017) added that the fundamental character of labor is changing as a result of advances like automation, digital platforms, and others. Understanding these changes can aid in the advancement of workers, company executives, and policymakers.
Adaptability: Human's greatest trait
In the wise words of Diana Farell, a continual learning and reskilling mindset need to be adopted by society, with a focus on more demand-driven vocational training, team-based skills, and cross-functional and disciplinary integration.
The positive attributes of humans are they are continuously evolving. Adaptability has been one of the best traits of mankind. As it allowed people to look at things from a different perspective and learn new things in order to survive. Once again, the pandemic had a massive impact on the global economy and challenged mankind's adaptability With the travel restrictions, downsizing labor force, and shutting down of businesses. Most in-demand jobs were halted like pilots, and flight attendants and the hotel industry and culinary industries were highly affected as well. Now, many workers strive to learn something that they are not familiar with in order to sustain their families. Most of them jumped to online shopping or e-commerce to generate income in the comfort of their own homes during the lockdown. Others worked as virtual assistants, call centers, and social media marketers as well.
Unfortunately, many college students had difficulty going back to their designated education courses since most of them had to postpone their lives as students and had to do a fair share of work in order to sustain their expenses.
The year 2023 is a beacon of hope for everyone as everything is regulating back to normal. Moreover, according to labor statistics, the country's employment rate improved to 95.5 percent in October 2022 from 95.0 percent the previous month. In October 2022, employment was anticipated to be at its greatest level since January 2020 and back to pre-pandemic levels.
Not all professions will be eliminated due to technological advancements.
There is good news! Not every profession will be replaced by artificial intelligence. There are professions that still require soft skills in order to execute a successful sale. One of these professions is becoming a real estate agent. Hence, a career in the real estate industry will secure a good future and job security. Moreover, as long as a person is good with their communication skills and the way that they can persuade a client or potential buyers, they can definitely work in real estate.
A person's educational attainment is not a hindrance to becoming a real estate agent
The real estate industry is not typically strict with educational background. Even if the individual only finished high school and has a high school diploma. Although a college education is typically not necessary to become a real estate agent, it does help job candidates stay competitive and relevant. It suffices to have a higher education or bachelor's degree in a related field, such as business, finance, or another. Just like working in the call center industry. Anyone with a different college diploma can pursue the profession. But applicant with a college degree is more prioritized even if he or she is a newbie.
Moreover, there are freelance real estate agents as long as they acquired their real estate license to practice their profession. The important aspect of being a real estate agent is the ability to communicate and adapt to different people that they encounter. As long as they have a pleasing personality and are easy to work with. Moreover, communicating effectively drives more connections with previous clients. Which makes it a more promising job opportunity. It’s a good sign that a real estate agent gets clients' referrals since it is an indicator that they build trust and relationships with their previous clients.
In summary, being a real estate agent is about knowing basic knowledge about real estate and becoming a people-person since social skill is an important aspect of engaging with clients.
Real Estate Industry: Investment in Human Capital
Investing is the process of purchasing assets that appreciate in value over time and offer returns in the shape of income checks or capital gains In a broader sense, investment can also mean devoting time or resources to bettering others' lives. But in finance, investing refers to buying stocks, real estate, and other things of value with the intention of making money or capital gains. People invest money in real estate since it is a high-demand passive income which is a good opportunity for financial stability and security.
Real estate agents are honing their own human capital development since it is intangible, human capital that cannot be directly bought or sold. It receives little financial press as a result. According to Ben Le Fort (2021), Human capital is a greater asset than real estate as he believes that being a people person leads to sales and closing a deal in the real estate industry. Some of the most crucial human capital that real estate agents must possess are loyalty and timeliness as well as assets like education, training, intelligence, talents, and physical and mental health.
Financial capital should be a hedge for human capital, which should be a major motivator for an investor's portfolio requirements. Clients prefer real estate agents that are easy to work with since most investors are meticulous with their purchasing property.
Requirements to become a Real Estate Agent
Becoming a real estate agent is not as challenging and difficult as board licensure professions like health professionals such as physicians, nurses, and physical therapists accountants. Even industry professionals such as engineers, marketing, architects, accountants, financial advisors, and legal consultants. Moreover, attaining basic knowledge of resources will give an individual scope or even a tip of an iceberg in terms of pursuing a career as a real estate agent. Being a people person and having an optimistic character are some of the most crucial skills needed in the real estate industry.
A real estate salesperson is defined as "a duly accredited natural person who performs service for, and on behalf of, a real estate broker who is registered and licensed by the Professional Regulatory Board of Real Estate Service for or in expectation of a share in the commission, professional fee, compensation, or other valuable consideration" by Republic Act 9646, also known as the Real Estate Service Act of the Philippines.
Real estate salespeople are not obliged to take any qualification exams administered by the Professional Regulation Commission, or PRC, according to the Real Estate Service Act. The real estate salesperson should be accredited by the provided board or the PRC rather than pass an exam. The salesperson must fulfill the requirements in order to receive accreditation.
A real estate agent must possess a high level of organization skills since clients have different preferences with house options that they might opt to visit during open houses. In addition, opening open houses is quite exhausting since the real estate agent is solely responsible for organizing and managing the interior to make the simulation smooth and bearable for potential clients. Real estate is also working with clients with financial institutions in order to verify that they have sufficient amounts to start their real estate investment plans.
Although some real estate companies are providing training for agents. However, the benefit of working in real estate as a freelancer is that the agent has full control of his or her work schedule. Moreover, they have the authority with declining clients that they feel like clients that are incompatible or hard to work with. But the downside of working as a freelancer is the lack of connections and referrals.
How to get a Real Estate License?
There are a variety of requirements that a person must meet in order to be accredited as a real estate agent in the Philippines, including the following:
A person must be a citizen of the Philippines.
An individual has successfully completed 72 units, or at least two (2) years, of postsecondary coursework.
Good moral character and "not having been convicted of any crime involving moral turpitude." is crucial
A person who has successfully completed real estate brokerage seminars and training courses from a recognized real estate brokerage training provider, which are equal to twelve (12) credit units.
The next step is to meet the requirements for accreditation from the Professional Regulatory Board of Real Estate Service if the person has met the qualifications. The following paperwork is necessary to obtain a real estate license:
A photocopy and the original of the NSO birth certificate.
A photocopy and the original of the NSO marriage certificate (applicable to married females only).
Original NBI Clearance document.
After completing at least two (2) years of tertiary study or college, present an authentic, notarized Certificate of Educational Attainment.
Twelve (12) credit units of training/seminars from a recognized real estate brokerage training provider, original and notarized certification.
A photocopy of the supervising real estate broker's PRC license with three signatures is required (the license's validity cannot be less than six months when the real estate agent applies for or renews accreditation).
Certificate/Cedula of Community Tax, original and copy
A passport-sized photo of oneself with a white background; a name tag with the full name must be placed underneath the photo.
An ID issued by the government.
Completed real estate agent accreditation application form.
Once a person possesses all the necessary paperwork, they can submit the real estate agent certification application. The following steps will explain how to submit the accreditation application:
Complete the application form, and send it to the Application Division (located on the 4th Floor Annex Building) at the PRC Central Office and Regional Offices processing counters for pre-evaluation, together with the necessary supporting documentation.
Go to the Legal Division (on the second floor of the Main Building) to have the document notarized.
Proceed to the cashier, who is on the ground floor of the main building, and pay the Php450.00 payment fee there or at the regional offices' cashier's windows.
"Submit the completed application form and the necessary documentation to the Application Division at the Regional Offices, situated at the specified counter on the 4th floor."
When everything is finished, check the PRC website to see if the application has been approved or denied.
Difference between Real Estate Agents and Real Estate Brokers
The major responsibility of a real estate agent is connecting buyers and sellers to assist in the sale of real estate or real property is ultimate. Agents are professionals in the field who complete licensing requirements, take and pass all state-specific courses, and are licensed. In real estate transactions, an agent is capable of representing both buyers and sellers. Additionally, an agent is employed by a brokerage and is unable to work on their own.
On the other hand, real estate brokers are real estate agents who successfully complete additional schooling requirements and obtain a state real estate broker license. Brokers, in contrast to real estate agents, are free to work alone, establish their own firm, and employ other agents.
Technologies will not replace Real Estate Agents
As mentioned the real estate industry requires soft skills or good communication skills in terms of getting close relationships with clients in order to seal a deal or even get referrals from them. And this aspect cannot be replaced by artificial intelligence. Technology cannot completely replace emotions. According to Sarah Barlow, the human element of leadership and communication cannot be replaced by technology. Humans are naturally able to comprehend another person's feelings and how they affect them in their daily lives.
Although technology is also a benefit to the real estate industry. Take Crown Asia's house and lot for sale. The property features smart home technology. The Smart Home model from Crown Asia invites visitors to the future of real estate homes by allowing them to control the lights, the air conditioning, and the safety locks on the doors. Enter the model of the Lladro Smart Home.
Related Blog: How to Recruit and Retain Real Estate Agents