3 answers
Kingston
Student
Upper Marlboro, Maryland
3
Questions
Updated
1082 views
How do people become successful in the real estate business? Is the business hard to get into?
What's some good ways to go into the business. What majors should be taken?
Login to comment
3 answers
Doc Frick
Career Coach and Mentor
1942
Answers
California, CA
Updated
Doc’s Answer
1️⃣ REAL ESTATE INVESTOR
Investors are real estate experts who buY residential and commercial properties to sell and rent them out. Since starting this business requires high capital, most real estate investors are hired to facilitate business transactions on behalf of their clients. This position falls under three categories, namely:
• Wholesalers buy properties in bulk at a low price and sell them for higher profits.
• House flippers purchase properties and
fix them up to sell them at a higher price.
• Landlords who buy property and have them rented out.
EDUCATIONAL REQUIREMENTS
You don't need to finish any specific college degrees to enter this field. Still, you need practical knowledge to thrive in this industry. Enrolling in real estate education programs can help you earn the education you need. These may include taking courses from trade groups and universities and availing online and live coaching programs.
2️⃣ REAL ESTATE BROKER
Like sales agents, brokers also assist clients in buying, selling, and transferring properties. However, they also perform more advanced supervisory roles. What makes a broker different from a sales agent is they are educated and trained to manage a team of sales agents. Their primary responsibility is to ensure that all transactions facilitated by their team are lawful, correct, documented, and recorded correctly.
EDUCATIONAL REQUIREMENTS
All real estate brokers start as sales agents, so you need to take a state-mandated licensure course, pass the licensing exam, and earn years of work experience. On top of that, you’d also need to get relevant certifications, take the state-approved broker course, and pass the real estate broker exam.
3️⃣ REAL ESTATE DEVELOPER
Real estate developers oversee the team of professionals involved in renovating and upgrading existing properties or developing structures in vacant land to sell it later on for profit. Their primary responsibilities include obtaining necessary funding, ensuring compliance with zoning laws and building codes, land acquisition, conducting market studies to determine the project's feasibility, and working with professionals regarding building development and renovations.
EDUCATIONAL REQUIREMENTS
Becoming a real estate developer involves a few steps. Here they are:
• Obtain a bachelor's degree in related fields such as law, finance, business, and architecture.
• Take a master's degree in Business administration, majoring in real estate, to learn more about public policy, real estate law, finance, and environmental remediation.
• Gain relevant work experience in the real estate industry or other related fields.
Investors are real estate experts who buY residential and commercial properties to sell and rent them out. Since starting this business requires high capital, most real estate investors are hired to facilitate business transactions on behalf of their clients. This position falls under three categories, namely:
• Wholesalers buy properties in bulk at a low price and sell them for higher profits.
• House flippers purchase properties and
fix them up to sell them at a higher price.
• Landlords who buy property and have them rented out.
EDUCATIONAL REQUIREMENTS
You don't need to finish any specific college degrees to enter this field. Still, you need practical knowledge to thrive in this industry. Enrolling in real estate education programs can help you earn the education you need. These may include taking courses from trade groups and universities and availing online and live coaching programs.
2️⃣ REAL ESTATE BROKER
Like sales agents, brokers also assist clients in buying, selling, and transferring properties. However, they also perform more advanced supervisory roles. What makes a broker different from a sales agent is they are educated and trained to manage a team of sales agents. Their primary responsibility is to ensure that all transactions facilitated by their team are lawful, correct, documented, and recorded correctly.
EDUCATIONAL REQUIREMENTS
All real estate brokers start as sales agents, so you need to take a state-mandated licensure course, pass the licensing exam, and earn years of work experience. On top of that, you’d also need to get relevant certifications, take the state-approved broker course, and pass the real estate broker exam.
3️⃣ REAL ESTATE DEVELOPER
Real estate developers oversee the team of professionals involved in renovating and upgrading existing properties or developing structures in vacant land to sell it later on for profit. Their primary responsibilities include obtaining necessary funding, ensuring compliance with zoning laws and building codes, land acquisition, conducting market studies to determine the project's feasibility, and working with professionals regarding building development and renovations.
EDUCATIONAL REQUIREMENTS
Becoming a real estate developer involves a few steps. Here they are:
• Obtain a bachelor's degree in related fields such as law, finance, business, and architecture.
• Take a master's degree in Business administration, majoring in real estate, to learn more about public policy, real estate law, finance, and environmental remediation.
• Gain relevant work experience in the real estate industry or other related fields.
Thank You Michelle. We are all so lucky to have you at CareerVillage.
Doc Frick
James Constantine Frangos
SOFTWARE ENGINEER SINCE 1972; NUTRITIONIST SINCE 1976.
7094
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Good Day Again Kingston!
How to Become Successful in the Real Estate Business
To achieve success in the real estate business, individuals typically follow a series of steps that involve education, networking, practical experience, and strategic planning. Here’s a detailed breakdown:
Education and Training:
Real Estate License: Most states require individuals to obtain a real estate license. This involves completing pre-licensing courses and passing an exam. The courses cover topics such as property laws, ethics, contracts, and financing.
Relevant Majors: While not mandatory, pursuing degrees in business administration, finance, or accounting can provide a strong foundation. These fields help develop skills in financial analysis, market research, and understanding economic trends.
Gaining Experience:
Internships: Engaging in internships with real estate firms can provide hands-on experience and insights into the industry.
Mentorship: Finding a mentor who is experienced in real estate can be invaluable. A mentor can offer guidance on navigating challenges and making informed decisions.
Building a Network:
Networking Events: Attending industry conferences, seminars, and local real estate meetups helps build relationships with other professionals such as agents, brokers, investors, and developers.
Online Presence: Utilizing social media platforms like LinkedIn to connect with industry professionals can enhance visibility and opportunities.
Understanding the Market:
Market Research: Successful real estate professionals stay informed about market trends by conducting thorough research on local neighborhoods, property values, and economic indicators.
Specialization: Focusing on a specific niche (e.g., residential sales, commercial properties, or property management) can help establish expertise and attract clients.
Developing Sales Skills:
Communication Skills: Effective communication is crucial for negotiating deals and building client relationships.
Sales Techniques: Learning various sales techniques through workshops or training programs can improve one’s ability to close deals.
Utilizing Technology:
Real Estate Platforms: Familiarity with online listing services (like Zillow or Realtor.com) and customer relationship management (CRM) tools can streamline operations.
Digital Marketing: Understanding how to leverage digital marketing strategies (social media advertising, SEO) is essential for reaching potential clients.
Financial Acumen:
Understanding financing options available for buyers (such as mortgages) is critical since many transactions involve complex financial arrangements.
Knowledge of investment principles helps in advising clients on property investments effectively.
Continuous Learning:
The real estate market is dynamic; thus continuous education through workshops or advanced certifications keeps professionals updated on new regulations and market conditions.
Persistence and Resilience:
Success in real estate often requires persistence due to the competitive nature of the industry. Professionals must be prepared to face setbacks but remain focused on their goals.
Setting Goals and Planning Strategically:
Establishing clear short-term and long-term goals helps maintain focus while developing actionable plans to achieve those objectives.
In summary, while entering the real estate business may present challenges due to competition and regulatory requirements, success is attainable through education, networking, practical experience, effective communication skills, financial knowledge, technological proficiency, continuous learning efforts, resilience against setbacks, and strategic planning.
Top 3 Authoritative Sources Used
National Association of Realtors (NAR): A leading organization representing real estate professionals that provides resources on licensing requirements and market trends.
U.S. Bureau of Labor Statistics (BLS): Offers comprehensive data on job outlooks for real estate agents along with educational requirements necessary for entering the field.
Investopedia: A trusted resource for financial education that includes articles on real estate investing strategies and market analysis techniques.
Probability the answer is correct: 95%
✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯
|==========================God Bless You, Richly!==========================|
|===========================James Constantine===========================|
|=============THE LITTLE OLD AUSTRALIAN OUTBACK DIETITIAN==============|
|===================Programming For Your Nutrition Education=================|
|============================~ Since 1972!==============================|
✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯
How to Become Successful in the Real Estate Business
To achieve success in the real estate business, individuals typically follow a series of steps that involve education, networking, practical experience, and strategic planning. Here’s a detailed breakdown:
Education and Training:
Real Estate License: Most states require individuals to obtain a real estate license. This involves completing pre-licensing courses and passing an exam. The courses cover topics such as property laws, ethics, contracts, and financing.
Relevant Majors: While not mandatory, pursuing degrees in business administration, finance, or accounting can provide a strong foundation. These fields help develop skills in financial analysis, market research, and understanding economic trends.
Gaining Experience:
Internships: Engaging in internships with real estate firms can provide hands-on experience and insights into the industry.
Mentorship: Finding a mentor who is experienced in real estate can be invaluable. A mentor can offer guidance on navigating challenges and making informed decisions.
Building a Network:
Networking Events: Attending industry conferences, seminars, and local real estate meetups helps build relationships with other professionals such as agents, brokers, investors, and developers.
Online Presence: Utilizing social media platforms like LinkedIn to connect with industry professionals can enhance visibility and opportunities.
Understanding the Market:
Market Research: Successful real estate professionals stay informed about market trends by conducting thorough research on local neighborhoods, property values, and economic indicators.
Specialization: Focusing on a specific niche (e.g., residential sales, commercial properties, or property management) can help establish expertise and attract clients.
Developing Sales Skills:
Communication Skills: Effective communication is crucial for negotiating deals and building client relationships.
Sales Techniques: Learning various sales techniques through workshops or training programs can improve one’s ability to close deals.
Utilizing Technology:
Real Estate Platforms: Familiarity with online listing services (like Zillow or Realtor.com) and customer relationship management (CRM) tools can streamline operations.
Digital Marketing: Understanding how to leverage digital marketing strategies (social media advertising, SEO) is essential for reaching potential clients.
Financial Acumen:
Understanding financing options available for buyers (such as mortgages) is critical since many transactions involve complex financial arrangements.
Knowledge of investment principles helps in advising clients on property investments effectively.
Continuous Learning:
The real estate market is dynamic; thus continuous education through workshops or advanced certifications keeps professionals updated on new regulations and market conditions.
Persistence and Resilience:
Success in real estate often requires persistence due to the competitive nature of the industry. Professionals must be prepared to face setbacks but remain focused on their goals.
Setting Goals and Planning Strategically:
Establishing clear short-term and long-term goals helps maintain focus while developing actionable plans to achieve those objectives.
In summary, while entering the real estate business may present challenges due to competition and regulatory requirements, success is attainable through education, networking, practical experience, effective communication skills, financial knowledge, technological proficiency, continuous learning efforts, resilience against setbacks, and strategic planning.
Top 3 Authoritative Sources Used
National Association of Realtors (NAR): A leading organization representing real estate professionals that provides resources on licensing requirements and market trends.
U.S. Bureau of Labor Statistics (BLS): Offers comprehensive data on job outlooks for real estate agents along with educational requirements necessary for entering the field.
Investopedia: A trusted resource for financial education that includes articles on real estate investing strategies and market analysis techniques.
Probability the answer is correct: 95%
✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯
|==========================God Bless You, Richly!==========================|
|===========================James Constantine===========================|
|=============THE LITTLE OLD AUSTRALIAN OUTBACK DIETITIAN==============|
|===================Programming For Your Nutrition Education=================|
|============================~ Since 1972!==============================|
✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯✯
Anantharajah Ananthakumar
Senior Product Manager
6
Answers
Chicago, Illinois
Updated
Anantharajah’s Answer
1. Very important that you understand your local real estate market dynamics. What is the home value, what can people afford, look at the market trend, what new city and state rules are coming, what developments are coming, has the city approved those? (e.g: in CA, more homes are approved). Understand the buyer needs, how they view their family is going to grow, etc.
2. They have made it quite easy to get into. The test is fairly simple to pass, not as costly, and thus, due to this low barrier to entry, there are so many realtors.
3. The most important thing is to build your reputation by participating in local events, know your customers (both buyers and sellers), and can relate to you.
4. Keep in mind that while it is easy to get in, the challenge is the volatility of income that depends on a) real estate sale, and b) regulatory changes that change how much you can earn as fees.
2. They have made it quite easy to get into. The test is fairly simple to pass, not as costly, and thus, due to this low barrier to entry, there are so many realtors.
3. The most important thing is to build your reputation by participating in local events, know your customers (both buyers and sellers), and can relate to you.
4. Keep in mind that while it is easy to get in, the challenge is the volatility of income that depends on a) real estate sale, and b) regulatory changes that change how much you can earn as fees.