Inflation and recession are problems faced by almost all countries of the world today. This has given rise to people thinking about their careers in a different way. Secure jobs are hard to come by and the need for an alternate career is the need of the hour. In such a scenario there are many smart individuals that have turned towards the real estate sector to make a quick buck on the side.
Most countries are seeing a steady growth in this sector of the industry, which provides a good level of security for aspirants. Also, the real estate development industry offers a wide range of career options such as selling and buying properties, land development, real estate agent, loan products, appraisals, etc. Here’s a brief look at some of the appealing choices for your future in this sector.
Real estate agent (broker)
If you already have a full time job, but are looking to branch out and earn some income on the side, this may be a good option for you. Real estate agents and brokers usually work independently. They are basically sales professionals that may work with real estate agencies, developers, or other brokerage firms in exchange for a commission. While usually the commission on properties (especially residential) is about 6%, this figure may vary according to country and real estate specifics.
There are many courses you can undertake to gain expertise in the subject. Research the Internet for distance learning programs for realtor training. Such training may not be mandatory to practice in most countries in Asia, but is essential for individuals thinking of practicing in countries like the United States, which requires 30-90 hours of classroom training on the subject.
Sale of commercial real estate
In most countries it is seen that real estate agencies, brokers, as well as developers usually specialize in a particular type of property, and hence concentrate only on that market. For example, a leading real estate development company from Mumbai, India may only have commercial projects on their portfolio, since Mumbai is a major business hub and has a great demand for commercial real estate and office spaces.
Commercial real estate sales is a special market and real estate agencies that offer commercial properties to their clients do so using sales associates who specialize in marketing retail spaces, office buildings, hotels, commercial lots, etc. While selling such properties requires time, effort and motivation, the rewards are worthwhile.
Appraising real estate for individuals, banks and real estate agencies
This may be a good part-time career option for those who are ready to go to school and learn the intricacies of appraisals. A real estate appraiser is counted on by buyers, sellers, and everyone else involved to come up with an unbiased estimate of a property’s value and quality. These professionals are hired by banks before sanctioning loans against properties, by individuals wanting to buy or sell properties, developers interested in buying properties, as well as real estate agencies.
If you live in a city that has a thriving real estate sector, consider becoming a property manager. These are professionals responsible for their clients’ properties. This means that they have to ensure that the tenants of the properties are satisfied, the rent is paid on time, the maintenance of the property is taken care of, negotiate leases, etc. This job not only requires a good know-how of the market conditions at all times and market trends, but also needs superior interpersonal skills, analytical skills and negotiating ability.
If you have these skill-sets, you might find this profession very rewarding financially and personally.