The real estate industry is one of the most complex industries in the United States. Making one’s way into the real estate business requires backbreaking efforts along with relevant skill sets. The American real estate market is projected to grow by 3.34% from 2024 to 2029, causing a market volume of $155.60 trillion by 2029. These statistics indicate the high potential of the industry in the coming years, making it a good option for people seeking a start in the real estate business. With these six tips, one can now learn how to get into real estate.
What is Real Estate Business?
Real estate refers to real property that possesses land and developments on those lands, such as buildings, roads, utility systems, housing, and other structures. Real estates are owned by people as assets, which can both be sold or bought by others. Businesses helping people rent, sell, and purchase such properties are known as real estate businesses. Real estate companies also help in managing properties before or after selling. Anyone looking for an opportunity to get into real estate must possess certain knowledge, experience, and skills to become successful. Let us now learn how one gets into real estate with these six tips.
How to Get into Real Estate: Six Tips to Follow
Making a way into the real estate business can be easy with these six tips. Let us learn how –
1) One must have legal US residency
In order to become a real estate agent or a realtor, one should be a legal US resident. Without proper evidence of being a US resident, one cannot get into real estate. Even if you are planning to open your own real estate business in the country, you must be a resident of it.
2) Needs to be at least 18 or 19 years old
The minimum age criterion to step forward in the real estate industry is 18 or, in some states, 19. Minors below the age of 18 are not eligible to start a business or become either a realtor or an agent in the industry.
3) Knowing about the licensing and educational requirements
The real estate licensing and educational requirements vary across states. For example, to acquire a real estate license in California, 135 hours of real estate education is required to be completed. Whereas, in Florida, 63 hours of pre-licensing education is required. In order to step into the real estate world, one must conduct thorough research on each requirement for the state one wishes to operate.
4) Acquiring Real Estate License
Real estate pre-licensing courses are designed for those seeking a career opportunity or business opportunity in the sector. One can pursue this course virtually or in a classroom, depending on one’s preferences. As real estate is a state-specific profession, real estate reciprocity allows applicants of one state to apply for real estate licenses in other states without pursuing pre-licensing courses.
5) Gathering experience by working in the sector
What can be more appropriate to enter an industry if you have prior work experience in it? Working for an established brokerage for a couple of years can help one get into real estate smoothly. On-job training and working with a team can help gain experiences that later aid in working independently in the industry. So, if you are wondering how to get into real estate, you can always look for job opportunities in the sector to establish a strong real estate foundation.
6) Developing knowledge about the local market
Prior knowledge about the local market and properties can be advantageous for anyone wishing to try a hand in the business. While gaining experience, it is important to know the local area, its neighborhood, commercial, and housing properties. Rigorous research about property values and market trends gives more insight into the market, helping individuals glide through the industry and helping clients with their purchases.
Pursuing NAR (National Association of Realtors) membership or acquiring a professional certificate can also help individuals work either as a realtor or a real estate agent. Specializing in a specific area of real estate can help in showcasing one’s skills as a real estate expert. So, next time you ask yourself how to get into real estate, try and keep in mind these tips to smoothen your industry entry to a large extent.