Just like most industries, the real estate market gives rise to an abundance of career opportunities with real financial gains. You can make money in real estate without being an investor but still reap financial rewards in return. Everyday real estate transactions involve shareholders, mediators, and third parties to close the deal and get the job done. Real estate is not a one-man-show, it is a business that requires you to depend on partners and stakeholders to grow and expand. One thing clear, everyone can make money in real estate and you do not have to limit yourself in a box. You have many options and it is up to you to establish a solid real estate career that is aligned with your skills, knowledge, and preferences. If you are reading this article, good chance you are into real estate already and looking to tap into an opportunity. Well, you came to the right place! We will help you look at the best career related opportunities in this industry aside from just being an investor. With enthusiasm and drive, you will find success in whatever career choice you pick. So let’s get started!
Related: 3 Ways This Real Estate Agent Tool Conquers Competition
Aside from Investing, You Can:
1. Become a Real Estate Broker or Agent
There are many investors who turn to brokers and agents to grow their real estate portfolio in the best way possible. Know the subtle difference between the two terms and decide if this is something for you. To put it in simple terms, brokers go beyond the minimum required education and as a result they can work on their own as well as hire real estate agents to work for them. On the contrary, real estate agents cannot work on their own and are only licensed to sell real estate. One thing certain, both agents and brokers must be licensed in the state in which they work in order to make money in real estate.
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An agent’s’ income is largely dependent on commissions from selling houses. The bigger the house (given a good neighbourhood), the fatter the cheque. Your success as an agent is dependent on people to build your repertoire. To put it simply, real estate agents and brokers can make money in real estate conditional on few factors;
- Years of experience
- Connections
- Local knowledge
- Representation
- Hard work
Treat everyone you work with as a business partner to build trust with your clients. Also, connections and word of mouth go a long way in establishing a successful career in this domain. If you enjoy working with people and possess interpersonal and communication skills, then this career might be right for you. You have the option to venture into residential real estate, commercial real estate, or both. Residential is all about real estate housing, while commercial entails business properties intended to generate profit i.e. corporate offices and shopping malls. Furthermore, real estate agents use Mashvisor as a tool to find and evaluate real estate properties across the US. In a nutshell, you must have the right education and experience to get your feet off the ground as a real estate agent or broker.
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2. Become an Appraiser
If you like math and economics, becoming an appraiser might be the right option for you. Appraisers assess the market value of a house before banks can approve and give out loans. To ‘appraise’ a property, they assess the history of the house and determine a value before it is mortgaged, taxed, and sold. To make money in real estate does not necessarily mean to become an investor; you have the option to choose a career prospect that is aligned with your interests and background knowledge in the industry.
NB: Real estate appraisers must be licensed in the state in which they work.
3. Become a Real Estate Advisor
In order to become a real estate advisor, you must have a thorough knowledge and understanding of the real estate industry present and past. You must keep up with the ever changing economic and market trends to influence the right decisions for your clients in order to make money in real estate. This is not piece of cake, but with the right enthusiasm and hard work, anything is possible.
Related: Can Just Anyone Be Making Money In Real Estate
4. Become a Real Estate Attorney
This one is pretty self-explanatory. Real estate attorneys are not dispensable and make money in real estate without being involved in selling houses firsthand. In the case of severe conflict between tenants and landlords, lawyers come to the rescue. Moreover, real estate attorneys provide legal advice as well as handle legal contracts and transaction agreements. You cannot become an attorney overnight, but you will definitely reap the benefits if you commit to it from the get go.
5. Become a Foreclosure Specialist
Believe it or not, there is a whole industry behind foreclosed houses as well as high competition amongst buyers to acquire a property undervalue. Foreclosure specialists make money in real estate and act as mediators dealing with all parties involved, from the homeowner to the lender. Banks want to sell the houses the fastest, homeowners want to save their houses, and buyers want to find a lucrative house under market value to make profit. You can’t please them all.
6. Become a Property Manager
Real estate investors hire property managers to deal directly with their real estate property/ies. This job is all about the hustle, as a property manager your duties include, but not limited to;
- direct communication with the tenants
- maintain the property and keep it in tip top shape
- Hire contractors
- Collect rent
- Handle eviction notices
In a nutshell, property managers treat the property as if it it their own, and make money in real estate in return.
Related: What You Need to Know About Home Appraisal
Do not limit yourself to becoming an investor just to make money in real estate alone. Match your skills and passions with a real estate career move that is right for you. And don’t worry about the money, money always comes when you are enjoying what you do. Work smart, not necessarily hard.