How to Turn Your Passion for Real Estate into a Prosperous Career
In the modern, post-pandemic world, one area of business and industry, both in the United States and internationally, that is always guaranteed to be both necessary and ever- expanding is that of real estate and property management.
Naturally, people are always going to need a place to live, and even with the rise of working-from-home businesses, there is always going to be a market for commercial tenancies and business residents.
So, if you are someone who is fascinated and passionate about all things real estate, continue reading to learn how you can turn your passion for real estate into a prosperous and successful career. There are three fantastic options to consider.
Brokers & Agents
In the United States, as of a 2020 study, a real estate broker can make, on average, around sixty thousand dollars every year, with real estate agents bringing in around forty thousand dollars.
Real estate agents require a professional and accredited license to operate, either through working for a larger company or else working on a freelance and self-employed basis.
This role essentially involves helping both sellers and buyers of properties. Real estate brokers, on the other hand, are responsible for arranging the transactions themselves and hold, arrange and oversee individual negotiations between buyers and sellers.
One exciting and potentially incredibly profitable career path to maximize and utilize your passion for real estate is to consider a career in property management, either on a residential and private level or else a professional and commercial basis.
Building a portfolio, especially when starting out with your own property management business, takes a lot of hard work, dedication, and proverbial blood, sweat, and tears. However, such a career pathway is just as rewarding as it is challenging.
The best entry-level jobs for people who are focused on the pursuit of a career in property management in the US is as follows:
- Hotel Front Desk Clerk
- Self-Storage Clerk
- Maintenance Assistant
- Public Storage Team Leader
- Back Office Support
- Front Office Clerk
Become a Landlord
One great way to fulfill your passion for real estate could see you taking a very passive role instead. Becoming a landlord offers you plenty of perks.
It enables you to earn a passive income source, you get tax deductions, and it is a safe investment. However, there will be plenty of responsibilities you will have. One of those will involve ensuring the property is suitable for tenants to live in.
This can be a very full-on job, so it is recommended to actually reach out to a property management business to handle this all for you.
Real Estate Wholesaler
If you are someone who is looking to enter the real estate industry quickly with a view to flipping houses and making substantial amounts of money as quickly as possible, then one career you should certainly, at the very least, look into is that of a real estate wholesaler.
Essentially, there is a clear and linear process to how real estate wholesalers operate with each individual property, which follows this basic framework:
- Source a property that is in need of a great deal of work and that the current owners want to sell as soon as possible.
- Hold talks with the current owners and convince them to sell the property with your contract in place.
- Work out the ARV on the property after the value of the repairs and assess each and every renovation need.
- Sell the property for a profit.
If you also have a passion for DIY and interior design, this could be the perfect career for you.