A career in the Real Estate Business has become a popular choice amongst many. Real Estate Businesses provide a great platform for anyone who is interested in dealings related to lands/ plots/ and houses. It may be sale or purchase of house or plots, or work related to house repairs or garage/ garage door repair services. These businesses could be either a full-fledged job or a part-time but they require an undaunting commitment and perseverance. You could become either a realtor or an agent/broker. Or you could also associate yourself with other related areas in the real estate business such as marketing companies or even become a real estate photographer.
Yes, the field of real estate is promising and lucrative as well. But like any other business, real estate business career needs an investment in the initial stages. Investment does not mean simply monetary investment but it also means your time and efforts. This post shares some interesting factors to look at while you step into this career.
When Starting a Real Estate Career you would need to consider the following factors:
1. Real Estate License Training
Estimated Cost: $300
As you have decided to switch to or to make a career in Real Estate Business, you must get yourself acquainted with the basics of real estate. You need to have a license for being an expert in your area and for legal authorization of work. That is why finding a qualified and accredited real estate school is a must. Different training schools charge different fees. You can also attempt to take online courses which may be a bit less expensive.
2. Real estate examination and licensing fees
Estimated cost: $325+
After taking the course, you need to apply for the license examination. Your application process will take you through signing up your details along with fingerprinting and background check. The total estimate for the application fee would be $325.
3. Real Estate Broker Fees
Estimated cost: $25–$500+/month
Once you clear your examination and professionally become a real estate agent, you must also bear in mind the monthly real estate broker fees. Your work would involve a broker or two for the added advantage. Brokers take care of many of the business expenses associated with day-to-day operations such as photocopies, office supplies, office internet, and Errors and Omissions insurance. To employ brokers is a good idea so that you do not have to run around doing the above errands.
4. Real estate Membership
Estimated cost: $200+/year
As a real estate broker, you must associate yourselves with like-minded people so that you will always be in the loop with news related to real estate. You may, therefore, become a member of the real estate associations in your area and if you are looking to expand your business then across your state. This membership will require you to pay an annual membership. State association fees may vary from state to state.
5. Business expenses
Estimated cost: varies
Being in business means that you need to indulge in some impromptu miscellaneous expenses such as your cell phone and internet bill, office space and supplies, computer hardware and software, client meetings and lunches, and client closing gifts. Thinking out of the box and creating some unique real estate signs for your customers might make you stand apart in the crowd and take you ahead in your game. Of course, do not forget to carry a smiling face and a charming attitude!
6. Marketing costs
Estimated cost: $1,000+/year
When you do business, you need to advertise and market yourself too. You may have to meet potential clients and find out potential profiles and plots. You may need to invest in a bit more in the initial first year. Once hard work pays off, you would be in the relaxed zone so that expenses in this area could be under control. You would need to maintain your website, advertise, hunt for potential clients and sponsors, create brochures, flyers, and mailers. These expenses are very crucial at the beginning of your career and need to be planned carefully.
7. Real estate continuing education
Estimated cost: $50–$300+/year
Once you have settled in your business, you should try to keep yourself updated every now and then. Continuing your education in real estate has its own rewards, though that means you have to keep on investing in your education. You could also attain a specialization in one of the areas under real estate.
You need to make your business as unique as possible. This will keep you attracted to the crowd and you will be standing out of the other businesses. You may want to consider creating your own novel brand which could enable you to achieve this.
Jessica is a real estate agent with a keen interest in garage doors. Since she was a kid, varied kind of garage doors fascinated her. She has been writing for elitegaragelynnwood for a long time now. When not guiding people on garage door repairs she can be found traveling to distant places.