I have always loved browsing the open homes listed each week in my local area. I am obsessed with interior design and love seeing property transformations. If you’re like me and love all things real estate, it stands to reason that you might be looking to make a career out of it. There’s a whole range of ways that you can get into the industry, so to help you choose your career path, I’ve put together five incredibly rewarding options to explore.
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When someone says they’re a real estate agent, most people assume they deal with residential properties. But depending on your skill-set and areas of interest, you might be more suited to working with businesses to find the perfect factory or office space.
Commercial real estate agents need stellar research skills as they often have to gather and present statistics and data about the geographic region. They also need to be excellent negotiators to find a win-win deal for the owner and the renter or purchaser. These skills continue to be vital in drafting a legal contract of sale or lease agreement.
Have you always wanted to be the next Chip and Joanna Gaines and flip houses for a living? It is possible to make money this way, but you need to be savvy. First, it is crucial to buy at the right price. The only way to make a good profit is to find a bargain property.
Do your research and work out areas likely to attract substantial capital gains. Often the most successful house flippers have a trade or extensive DIY experience, allowing them to do much of the work themselves. Whatever your level of experience, it’s important that you know your limits. With this in mind, it’s a good idea to start with a small project and work your way up.
Real Estate Broker
Becoming a broker is the next step on many real estate agents’ career paths. If you have been working as a realtor, you may choose to do further study that qualifies you to manage additional technical aspects of the sales process. You may decide to manage multiple agents within a real estate office or work independently on the buying or selling side. Brokers are paid by commission on completion of the sale, and there’s good money to be made.
If you’re a master of organization and love multitasking to get things done, then you might want to look into a career as a property manager. In this role, you are responsible for the effective management of a real estate entity, and you can work in a commercial, residential, or mixed lease environment. This is a career that would see you doing a little of everything – basic accounting, sales, marketing, some administration, and a whole lot of project management.
Real Estate Investor
Another fantastic way to get involved in the property market (even if your primary career is elsewhere) is to invest. Remember, you can invest in both residential and commercial properties, and each has its pros and cons.
Commercial properties are often more affordable and offer higher returns and longer leases. Meanwhile, residential loans are easier to secure, and the residential market is less sensitive to economic turmoil. If you don’t have the capital to purchase a property at this stage, you could try investing in a real estate focused exchange trading fund or EFT instead.
There are so many opportunities within the real estate industry – you just need to take the first step!