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A real estate consultant agreement is used to hire an independent contractor to provide real estate advice to a client. Depending on the situation and their expertise, the consultant may be required to give suggestions regarding the purchase, construction, renovation, or sale of property. The terms of the agreement will include the scope and duration of the assignment, the consultant’s compensation, the division of expenses, and any commission or retainer they may be entitled to receive.
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What is a Real Estate Consultant?
A real estate consultant is an expert in their field who can analyze investment opportunities and provide objective recommendations to their clients. Consultants are most commonly hired to provide advice regarding the purchase, sale, or leasing of real property. They can also provide consultation services for the development and construction of properties.
Real Estate Consultant Vs. Real Estate Agent
Although a real estate agent can also provide consulting services, there are clear differences in the two roles:
A real estate consultant doesn’t need to be licensed or a member of an association and works in an advisory role to their clients. They do not list, sell, or purchase property as a consultant.
A real estate agent must be licensed and join the local, state, and national real estate associations. The agent’s job is to list, sell, or purchase property on their clients’ behalf.
Types of Consulting Services
General Consulting
Provides consulting services to corporate real estate groups, business owners, lenders, trusts, and corporate real estate groups, generally performing analyses, lease advisory services, market research, and portfolio management.
Property Development
A property development consultant advises developers on market trends, potential building sites, and project feasibility.
Real Estate Investment
Helps to manage a client’s real estate investment portfolio by researching potential property investments and providing a risk analysis.
Residential Purchases
Consults individuals on the purchase of a residence, providing objective recommendations.