Whether the housing market is in a boom or a bust, people are always wondering how to make money in real estate. The housing bubble of 2008 taught many people that real estate is not the secure investment they thought it was and good results are not guaranteed. Still, there are sure ways to make money in real estate and the best way may be to get a job in the industry.
Agent or Broker
If you have a knack for selling, there may be no better career for you than real estate agent. With commissions starting in the thousands and going up from there, it is no secret real estate sales can be lucrative whether selling houses, undeveloped land or commercial space. Education can be completed online or in the classroom in a matter of weeks, including studying to pass state exams. For best results and maximum flexibility, find a school that offers accredited courses in multiple states, especially if you live close to a border.
The real estate industry would be nowhere without lenders. After completing an initial 30-hour course and demonstrating mastery on federal and state tests, lenders must keep current on education by taking a nevada mortgage renewal course every year. With training costs of less than $1000, loan officers can expect to make salaries of $30-80 thousand a year, plus bonuses and profit sharing. That’s a much better return on investment than the buyers themselves will earn.
Appraiser or Inspector
Lending institutions and buyers rely on the expertise of others when deciding the value of a property; that is where appraisers and inspectors come in. They need an eye for detail, thorough documentation skills, good organization and strong math capabilities. Success in this field also requires excellent communication, as real estate assessment has significant reporting requirements and customer interaction. Most appraisers and inspectors start their careers working for a larger company but once they have earned a favorable reputation many start their own firm and become their own boss.
Sometimes owners want to rent property out, but they need assistance managing the complexities of being a landlord. Property managers can help with screening tenants, drafting leases, setting fair rental rates and collecting monthly payments. Maintenance and repairs are often handled by the property manager as well, ensuring that residents’ concerns are taken care of in a safe and timely manner even when the owner lives far away. Property managers must stay current on state and national laws including renters’ rights and appropriate eviction practices.