In the aftermath of the deadly coronavirus pandemic, employees who realized the extent of their dissatisfaction with their jobs (a condition brought on, no doubt, by working in such existentially threatening circumstances) have left en masse for positions deemed to be safer, more viable, or even more fulfilling. This massive migration of employees is what has created the labor shortage that so many employers have bemoaned, with a lack of so-called “unskilled” workers willing to populate low-paying jobs with few to no benefits.
Even people who had corporate jobs with an abundance of benefits and middle-of-the-road pay have left their draining day jobs to pursue their dream occupation. From retail managers leaving to seek to open their own small businesses to accountants starting careers selling the art they made in their off time, there’s been a massive awakening of the working class that has led to an unprecedented time of change. As a result of this massive, sudden exodus from jobs across a variety of industries, the job market is now wide open, practically begging new employees to come in and pick up roles that need to be filled.
For the first time in recent American history, you are now completely free to pursue whatever kind of occupation you want. The doors to every industry are wide open, with wages beginning to rise and companies offering an unprecedented level of positions for entry-level employees. You can choose to walk into a whole new career path, working for any number of reputable, competitively-paying companies, or maybe, just maybe, you can go into business for yourself.
If you ever had an interest in pursuing real estate, in being your own boss while buying and selling properties of various kinds, there has never been a better time to sign on than now.
When the coronavirus pandemic hit, there was a mass exodus out of the cities as city-dwellers, now stuck at home inside smaller dwellings and cut off from the reasons they moved to the city and bought larger properties in the suburbs just outside city limits. With things beginning to reopen slowly, people are beginning to move back to cities once more. And while this time of constant flux has been exhausting on a national level, it has been unbelievably invigorating for the real estate market, creating an authentic boom (instead of a bubble, which some experts still fear). There’s a lot of money to be made in real estate at the moment; that is, if you are willing to take advantage of these unique circumstances and step into the fold.
If any of the above piqued your interest, you may want to consider a role as a real estate agent. But where do you start if you’re looking to switch to a career in this field? While this won’t be an exhaustive list by any means, here are some basic steps you can take to get a solid foundation for your burgeoning real estate career.
Take Out Loans, Buy Property
As a beginning real estate agent, you’ll want to start accruing a vast, diverse portfolio of property as soon as you can, as the sooner you get offerings on the market, the sooner you can rake in the profits. Unfortunately, investing in property is often an expensive, complex task; and putting aside the chances of you having a spare hundred thousand dollars in the bank, you’ll probably need help to make your real estate dreams come true.
The advantage of going and working at a real estate firm is that they have a network of agents and investors lined up, procuring viable properties daily; if you want to go it alone, however, you’ll probably need to take out a loan to obtain your first few properties.
While that can be an intimidating notion, the heart of real estate is making investments that are akin to gambles. If you aren’t willing to bet big, you likely won’t be able to maximize your profits; you just want to make sure you protect your property. Plus, there are loaners out there that offer various options for long and short-term loans to fit every payment plan and every level of need; for one such loaner that provides a variety of options, check out Visiolending.com.
Research State Requirements: Getting Your License
Unfortunately, the requirements for obtaining a real estate license aren’t standardized nationally, so you’ll likely have to do some research on what your state’s particular requirements are. However, some requirements remain mostly standard among them, such as age and educational history restrictions, an application fee, an exam you must pass, and continuing education required should you obtain your license.
The good news is that if you’re planning on doing your business across state lines, you won’t necessarily have to get a real estate license for each state; Reciprocal licensing agreements between states allow you to use one license for a multitude of states. However, not all states have reciprocal licensing agreements with each other, so you’ll want to do some research on that as well to find out the reach of your license.
Real Estate Brokers: The Only Supervisor You’ll Need
Even if you’re going into business for yourself, you’ll still need to sign up to work under your state’s real estate broker. Real estate brokers are responsible for making sure you follow the laws and guidelines set by the state, and they are also the ones who pay you when one of your transactions goes through.
Brokers can also be an invaluable resource for real estate agents that are just starting out, having quite a bit of utility (unlike most red-tape mandated measures) as a mentor if needed.
Growing Your Real Estate Business
By following these simple steps (and others, as this is likely nowhere near all you will need to do to launch a successful career in real estate), you will be able to start capitalizing on the biggest boom in recent real estate history and make a successful start in a new career. Earning your real estate license, employing the services of a real estate broker, and taking out loans to purchase property are all essential steps in beginning to deal in real estate, and having that groundwork laid will prepare you to rake in the profits later.