Over 5.25 million existing homes and 510,000 new homes were sold in 2015 alone. The real estate market is booming, making it a prime time to become an agent.
If you’re thinking about cashing in on this lucrative market, but aren’t sure where to start, look no further. These five tips will help you get off on the right track to a successful career in real estate.
1. You don’t have to become an agent to get involved in real estate
Becoming a real estate agent can be a lucrative career choice. But it isn’t without its challenges.
First off, you’ll need formal training if you want to be successful. Besides learning the tactics of an agent, you’ll also need to understand the legal side of the job.
You’ll also need to have the right personality to handle clients.
Another great real estate career is house flipping. House flipping involves buying older homes at a low price and flipping them for a profit.
You could buy foreclosed homes, or become a cash house buyer. This involves offering home owners cash for their property, in exchange for a big discount on the regular listing price.
2. Don’t be afraid to ask for help
Getting involved in real estate as an agent or flipper is tough. But you don’t have to do it alone.
If you find yourself struggling, consider asking for help.
For agents, there are many different organizations that offer support. The National Association of Realtors offers help for new agents, legal support for members, and more.
For home flippers, online resources abound. Use YouTube or online guides to learn how to do everything from rewiring electric to choosing the right landscaping for any property.
3. Always do your homework
Making money in real estate means getting a good deal on a property, and then selling it for a considerable profit. But even if you buy a property at a great price, you may have trouble turning a decent profit.
Before you purchase any property, it’s essential to do your homework. Find out what price other homes in the area have gone for. Check for any red flags near the home, such as rivers prone to flooding, busy intersections, or bars with a bad reputation.
If you think that the deal you’re getting on a property is too good to be true, it probably is. Doing your homework before you buy can save you from taking a huge loss on a property.
4. Don’t underestimate inexpensive properties
Even if you have the money to buy high-end properties, you may want to think twice before you do so.
Buying high-end properties at high-end prices doesn’t necessarily mean that you’ll turn a big profit. Instead, consider investing in lower-end properties. If you can get them for a low price, put in some work, and increase the property value, you’ll likely end up with a much higher profit margin.
5. Never neglect the details
Whether you’re flipping a home or just staging it to sell, pay attention to the details.
Dust off even the darkest corners of the home. Consider bringing in a professional landscaper to increase the home’s curb appeal. Add homey touches, like candles, picture frames on the wall, or magnets on the fridge.
The little details can go a long way towards helping potential buyers picture themselves in the home.
Get started in real estate today!
Real estate can be a lucrative market, regardless of how you choose to get involved. But getting started on the right track is essential to a successful career.
Know another tip that newbies to the real estate market might find useful? Comment below!