Real Estate There are many ways you can get into real estate. I will list a few of the more popular ones. Become an agent/broker, appraiser, property manager, home inspector, or an investor. Each one has its own way of making money. All of them tie into one another in one way or another. This article should touch base on what to expect from each one. To go in to more detail you could click on one of the links or banners. That are located to the left and to the bottom. Agent/Broker Like any profession or calling, real estate isn't for everyone. Far from just driving buyers around or placing for sale signs in yards, the daily routine of a real estate agent involves many interactions with title companies, other agents, brokers, attorneys, home inspectors, appraisers and more. Then there's the marketing and paperwork activity to top it off. The complexity of a real estate transaction and the large amounts of money involved are things that concern most home buyers and sellers. Part of your value to them as a real estate professional is your knowledge of the process. Helping your clients with contracts, negotiations, inspections, and closing processes is a large part of your job. Continual education to keep up with laws and the market is a big part of the life of a real estate agent. Be your own boss. Most real estate agents are independent contractors. They set their own work schedules, develop their client base, decide on their marketing methods and grow their business as their own. Your business growth is all up to you. There are no limits for growth of your real estate business. Couple a good attitude with a superior work ethic and you can realize fantastic rewards. You'll need to incorporate good business skills and develop effective marketing. It's all in your hands. Excellent client service will yield future rewards. In the "2005 National Association of Realtors® Profile of Home Buyers and Sellers", we see that 66% of home buyers said they would definitely use their real estate agent again or recommend the agent to others. It's a huge benefit of this business to be able to reap future business from the good will of past customers (clients). So pay as much attention to the nuts and bolts of the job and to customer service as you do to marketing. You'll see great results later. Your business can be as large as you like. The real estate business offers huge potential for expansion from your "one person show" beginnings. As an agent, your income is controlled in large part by the time you invest. Grow your business by adding an assistant, or several. Or you can get your broker license and build a brokerage, sponsoring agents to leverage your potential. Develop a plan to provide the "good life" later. If you decide to develop a brokerage business, it's possible to structure it for sale at any point in the future. Using good business practices, the value of your brokerage business will grow and be a marketable retirement asset. Appraiser Learning how to become a real estate appraiser and building a career starts with an introduction to the work itself. Real Estate Appraisers will either work for themselves or are part of a larger company. Many work for lending institutions, including banks and mortgage companies. Appraising property is necessary before a bank or other lender will approve a mortgage for a home buyer. Appraisers will look at many factors when examining a properties value. These would include size of the property and the land, age of the property, general condition of the property, the surrounding area and neighborhood, market value of similar homes in the same area. A real estate appraiser needs to pay attention to detail and be good with numbers. Gaining expertise through experience and training is the key on learning how to become a successful appraiser and building a career. Each state has criteria that must be met to become state licensed in appraisal. Most states require work experience and educational requirements, including passing state exams. Many states allow for appraisal online course learning. Taking an online course offers the flexibility to study on your own time. Most states require a minimum 90 hour pre-license course, followed by a proctored exam. This means that after you have completed the appraisal course, the school administrator will arrange a local proctor to arrange a test setting under that person's supervision. These appraiser courses follow the Uniform Standards of Professional Appraisal Practices (USPAP) and their rules and guidelines. The majority of the appraiser course will teach the fundamentals of real estate appraisal and how to evaluate properties effectively and professionally. Continuing education or CE is required after you are state licensed. Many of these courses can be delivered online. State requirements for initial training and continuing education vary. Property management Real Estate Management is a field in which people agree to manage properties such as apartment complexes, homes, condominiums, commercial and industrial complexes and malls. They are usually real estate brokers. The size of your property management business is really up to you and your networking success. You can focus your efforts on smaller properties such as apartments and townhomes or go after larger projects such as shopping malls. Some of the duties and responsibilities of managing properties are record-keeping, collecting rent, showing the rental property to prospective tenants, running credit and background checks, reporting to the owners, preparing leases and rental agreements, advertising vacancies, paying insurance, paying taxes, and hiring and training building personnel. There are typically these kinds of property managers: Individual Building Managers - Manages a single property and is employed directly by the owner. Individual Property Managers - Manages multiple properties for several owners. They may work as part of a property management firm, real estate organization, or even may own their own firm. Resident Managers - Manages an apartment building. Usually resides on the premises of the property being managed, and is employed either by a real estate broker or the owner. Becoming a property manager is not like most careers which require lots of formalized education. It's actually the kind of job where you can work your way up. However, if you would like to begin a bit further up the line, a Bachelor's Degree will get your foot in the door as an assistant property manager, regional manager, or a leasing consultant for a large community. Even with a formal education, though, learning how to become a property manager requires and places emphasis upon actual experience in the field. That is what generally moves you up and increases your chances of success. Home inspector Home inspection is a great career opportunity, particularly for those with experience in light construction. With the increased price of real estate, and the accompanying low mortgage rates, more and more homebuyers are opting for inspections. That said, people wonder what is actually involved in becoming a home inspector. Home Inspection will continually be the source of excellent career opportunities for those interested in job security. The need is great because real estate transactions have a history of eluding the effects of wavering economics. Most homebuyers count on a home inspection to make a sound purchase, making home inspection a sound career choice for the right person. Investor The key to investing in real estate is all in the deal. If you do not get the property at a good price you can not expect to make very much. You can find deals at auctions, bank owned, forecloses, and motivated sellers. Always negotiate the best deal to maxiumize your earnings. Then simply find buyers or renters for your property. It is up to you how you want to run your investments. Come up with some creative ways to get the deals done. You do not always need money to make a deal. There are many legit courses out there that will help you. Just make sure if this is a route your are going to take. You follow what they have to say. Do not buy the course thinking you are automatically going to make money. Take everything they tell you and put it all together to make a reasonable living in real estate. Even with todays slumping economy you can make even more money in real estate then in a good working economy. Remember the key is when you buy the property. This will set you up for success. Take advantage of everything you can learn. Check out the Forum
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