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I'm interested in going into real estate and helping the family business. How do I get started?

My parents have a couple of properties that they would like to sell in the coming years. They want me to get a headstart into #real-estate so I can help them out in the future, but I don't know where to begin.

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Coni J.’s Answer

Hi Kimmy,

There are so MANY ways to get into real estate depending on what your family wants you to do. If they want you to sell properties, start researching how to be a real estate agent in California, but if they want you to finance the properties they buy, you would look into becoming a mortgage broker or loan officer specializing in residential lending.

There are so many aspects to real estate and you really need to find out what your family expects of you. Plus, you need to feel comfortable in whatever area of real estate you choose. You may not like being a realtor and selling and showing houses but you like the financing end where you get the money to buy the homes.

So my suggestion is first ask your family their expectations and take courses either in financing or how to be a real estate agent. Whatever YOU choose, make sure it makes you happy and you are excited to learn.

I LOVE real estate and I started as a mortgage broker, then real estate investor, worked in title and escrow and then commercial real estate. You must love what you do and it won't feel like a job!

Good luck.
Thank you comment icon Wow, I didn't realize that there were so many different aspects of real estate. I def need to learn more. Thank you, Ms. Mackey! Ms.
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Jackson’s Answer

Kimmy: There are few ways to start getting into the Real Estate business depends on your time availability, age, and interest level.

You may start studying the California Real Estate market trend by reading articles from the California Association of Realtor website (www.car.org). There are plethora of informative articles on the CA real estate markets.

If your time permits, you may want to get an internship / part time job with the local realtor office. There you may be able to receive mentorship and coaching from licensed professionals.

If you are over 18 and committed into the residential real estate business, obtain a California Real Estate Salesperson license. The requirements are documented from the California Department of Real Estate website.
http://www.dre.ca.gov/Examinees/RequirementsSales.html

Jackson recommends the following next steps:

Read articles from California Association of Realtor website. https://www.car.org/marketdata
Thank you comment icon This is incredibly helpful! I'm going to review the two websites that you shared. Thank you so very much, Mr. Ku. Ms.
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Glenn’s Answer

Hello Kimmy, you have already received quite a bit of information, so I will just highlight a couple of things. As someone earlier noted, the market for Real Estate Agents is changing. Large online companies hire agents for a flat fee, and don't provide a great deal of service to the seller. However, people still want service, especially when trying to sell or buy a high value property, so knowledgeable agents with good personalities and skill sets are still important. I, along with others answering your question, am an appraiser. If you are getting a loan to buy a house, the lender will ask me to complete an appraisal that will tell them what I think the property is worth. A couple of good points about an appraiser is that we are independent. We get paid for providing our opinion regardless of whether or not you buy the property. Agents get paid only when you buy the property. The value the appraiser provides is used for a number of things. It can tell the borrower if they are getting a good deal, or if they are paying to much for a home, and it can help the bank decide if they want to make a loan on a house. The taxes a property owner pays are partially based on the value of their home. If a homeowner thinks they pay to much in taxes, they can hire an appraiser to complete an appraisal on their home. If the appraisal value is lower, the homeowner can appeal the assessed value of their home, and hopefully get their taxes lowered. The appraisal business is interesting because there are very few people getting into the appraisal business because it is hard to find someone to train someone to be an appraiser, and the training can take over two years. However the need for appraisers is still strong. If a person can find someone to train them, it can be a very interesting and fun career.
Thank you comment icon This is very interesting! Before I asked this question, I really didn't know much about the appraisal business. Definitely something to consider. Thank you for your thoughtful response, Glenn! Ms.
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Ronald’s Answer

Hi Kimmy,
There are a lot of professions that could give you a solid start in the real estate industry. I chose being an appraiser because of its independence and because it felt like the best foundation to learn the industry. On a daily basis, an appraiser looks into trends, market data, profit margins and of course values/pricing. We get exposed to construction materials, different types of architecture and the latest in building techniques. I transitioned from owning my own appraisal business to working in the corporate environment. Both are an option and both are extremely rewarding. The outlook for appraising and appraisers is positive and there is a need for a younger generation to move in. Like a lot of professions, analytics is playing a big part in modern day appraising and real estate. I would definitely suggest you pursue courses or a degree in analytics, analytical software and statistics, it would benefit you tremendously in any real estate profession you choose.
Thank you comment icon I had not heard of appraisers before. And I've been hearing a lot about the importance of data and analytics. Thank you for insights, Mr. Logan! Ms.
Thank you comment icon Wow, very insightful! I had never heard of an appraiser before I asked this question. Thank you for sharing your experience! Ms.
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Kimberly’s Answer

Let me be blunt and keep it real for a moment. This is NOT a good area to get into. This business is changing dramatically and in the near future it will not look anything like it used to or does today. It may not even exist. At least not as you know it. There are many companies like RedFin that hire agents on salary and give customers a flat fee for listing their property. The value of the agent providing full service is quickly diminishing for people who want a lower cost alternative, flat fees, are willing to do a lot of the work themselves, and don't value what an agent brings to the table given all the internet and other resources people have access to today to do the legwork themselves. You are better off being in on the investing side of real estate. If they want to sell their properties, look at the best opportunity to reinvest that into rental properties depending on your market which for many, is a growing area. Property management may be a better idea. Cant hurt to get your license since that is actually fairly easy and will give you a good education. It can also save you money so you don't have to hire an agent to sell properties in your own portfolio but I would advise against looking at it as an actual career. People are leaving the industry, not growing into it.
Thank you comment icon You make an important point, Ms. Smith! Thank you for sharing your honest thoughts. Ms.
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Annie’s Answer

I would ask a local realtor or appraiser or broker if you can shadow them. See what aspects interest you. Some people like sales and others like the numbers aspect. It is really what appeals to you and you could benefit greatly from exploring all options. Good luck!
Thank you comment icon Thank you, Annie!! Ms.
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