Many people today choose to pursue a career in real estate because they’ve heard it’s a great way to make a quick buck. They’re right about one thing – real estate is a very lucrative career choice. However, it is by no means easy or a shortcut to success. For a successful career in real estate, you’ll have to work hard but, trust us; it’ll pay off in the long run!
If you’re considering a career in real estate, you need to know about the different options available to you. Like every career path, real estate too has different specialties and different strategies for people to employ. Below, we’ve listed the different options available to you if you wish to do business in the real estate industry.
Invest to hold, more popularly known as buy to hold, is a long-term real estate business strategy where investors buy a property to keep it with them. This strategy can further be divided into two types.
This fix and flip strategy is usually helpful when you buy a property and keep it with you for less than five years. Most investors using this strategy are in need of quick profit, so they will sell the property after fixing or repairing it.
When you want to earn more profit and are in no rush, this is the strategy to follow. In this option, the investor buys a property, fixes it, and then rents it out for a continuous source of money in the long-term.
Invest to hold is an excellent strategy if you want a long-term career in real estate. In most cases, investors rent out the property for an extended time, which becomes an extra stream of income.
So, if you’re looking for some side income and have the money to invest, this strategy can help you out in the long run. In the case of large properties, this side income can turn into your primary income and become a stable source of income.
Invest to hold, more popularly known as buy to hold, is a long-term real estate business strategy where investors buy a property to keep it with them. This strategy can further be divided into two types.
This fix and flip strategy is usually helpful when you buy a property and keep it with you for less than five years. Most investors using this strategy are in need of quick profit, so they will sell the property after fixing or repairing it.
When you want to earn more profit and are in no rush, this is the strategy to follow. In this option, the investor buys a property, fixes it, and then rents it out for a continuous source of money in the long-term.
Invest to hold is an excellent strategy if you want a long-term career in real estate. In most cases, investors rent out the property for an extended time, which becomes an extra stream of income.
So, if you’re looking for some side income and have the money to invest, this strategy can help you out in the long run. In the case of large properties, this side income can turn into your primary income and become a stable source of income.
This career path is also helpful for those who have a slight knowledge of market trends. Whenever prices in the market go down, you can buy a property or two and hold on until rates are high again. The moment prices reach their peak; you can sell your properties for profit. In this way, this invest to hold strategy will helps you earn through both rents and resale.
In this real estate business strategy, the investor buys a property for the sole purpose of selling it. This is one of the most common practices in the real estate industry. Unlike buy to hold, in this strategy, you will not have to wait too long to earn money. However, despite being a fast way to earn, this strategy is not as profitable as buy to hold in the long run.
For instance, you will not be able to make any money through rents using this strategy. Nonetheless, this business strategy is excellent for those who don’t have access to too much capital investment. In buy to sell, you buy the house, make the required modifications, and then quickly sell it for a profit.
This is also a preferable business strategy if your property won’t get rented out at a high price. For instance, if the market is slow and people aren’t renting out spaces, you can use this strategy to make a profit. So, if your property gives you a low yield on the rental market, you should invest in buy to sell to maximize your earnings.
A real estate broker is a traditional field in the business of real estate. Real estate brokers or agents deal with providing a platform for the renting, buying, and selling of properties. Real estate brokers are important because they minimize a person’s risk of getting spammed. So, a real estate broker becomes a medium of communication between sellers and buyers.
Both buyers and sellers hire real estate brokers. Brokers can also work with multiple clients at the same time; hence they have the potential to earn a lot of money. Primarily, they work on a commission basis.
In today’s era of technology, more and more brokers are going online to hit their target customers. If you want to pursue a career as a real estate broker, it’s a good idea to market yourself online as well. You can put your portfolio up on the net or make your own business site to attract customers! This new technique will surely help you make a better impact on potential clients.
In the real estate business, property management is an upcoming field that is proving to be a popular career choice. People hire property managers to look after a piece of real estate. A property manager is entirely responsible for any task related to the property that is under his supervision.
As a property manager, your responsibilities are to:
Essentially, they have to make sure that any issue related to the property gets fixed as soon as possible.
At the end of the day, a good property manager is profitable for the owner. By looking after properties, property managers optimize the value of the real estate. They avoid potential conflicts and fix any problems that can lower the value of the property.
Interestingly, many real estate brokers also work as property managers. They help owners rent out properties and look after these properties, as well. Both these jobs are interlinked. A real estate broker then is also a property manager who knows the property in a much better way. This makes it easier for them to buy/sell the property and also look after it.
Just like the case for real estate brokers, if you want to make a career in this field, you should have a strong online presence as many people hire property managers online. The process of finding property managers online is easier and quicker!
Converting an idea into reality is what a real estate developer does. If you’re someone that likes to do things and take action, then real estate development can be an excellent career choice.
Development is one of the most challenging jobs in the real estate field. A developer is a person responsible for creating something from scratch. They have to transfer an image in their mind to something that can be constructed on the land. So, it only makes sense that real estate developers should have sound knowledge of different land types and construction materials.
From doing feasibility studies to solving every dispute that may arise, a real estate developer does everything needed to turn a piece of land into something more. So, seeking a career in this field can be rewarding if you can work hard and have good communication skills.
Real estate construction contractors are crews of workers that take care of actually building what the developer envisions. It is one of the most popular career choices in the real estate industry. The contractor works at a fixed price, specified in the contract, and must make sure that the building is constructed within the allocated budget. A contractor can either divide the profit made among members of the crew or pay them a fixed salary.
Many people get confused between a developer and a construction contractor. To break it down, developers work with several houses at a time and play a more supervisory role. They obtain permits, solve disputes, install power lines, and sewer systems. However, the constructor is responsible for putting together every brick that forms the building.
Proper guidance is the need of the hour in every field today, and without it, no one can have a successful career. While many people pick just one career path in the real estate industry, it is a well-known practice to do two or three things at the same time.
For instance, you can easily find people that are both real estate brokers and property managers. Once you start a career in real estate, you begin to learn new things about the industry that allow you to unlock new ventures in the field.
All of the fields mentioned above require a skill set that can easily be mastered over time. While some areas are more profitable than others, choosing a field in the real estate business is ultimately a personal choice.
Leave a comment