Permanent lenders provide long-term mortgage financing, which repays the construction lender, for major real estate projects when construction is complete and certain leasing goals have been reached. All major insurance companies have real estate lending departments. Most property is sold or leased with the aid of a real estate agent who is employed by a broker. In California, real estate agents and brokers must be licensed by the Department of Real Estate. Some of the agents and brokers duties include finding potential buyers and lessees for listed property, showing property, and negotiating sale or lease terms agreeable to both parties.
Agents generally specialize in either residential or commercial properties.
Commercial brokers work with corporations looking to buy or lease facilities as well as anyone wishing to buy investment properties. Commercial agents analyze property values, income-producing capabilities, and other market conditions to structure acceptable lease or purchase terms. The demand for commercial and residential real estate brokers is expected to increase in economically developing regions of the country. They may also prepare cost analyses and feasibility studies for proposed projects. While appraisers may work for banks, specialized appraisal firms, insurance companies, and real estate developers, many are independent practitioners.