I'm a recent college grad and I've become very interested in a career in real estate. My question, however, is how exactly to begin? I majored in psychology (as opposed to the conventional business, finance, or accounting) and currently do not have experience in real estate (no internships). Which positions and formal training should I pursue?I have recently thought about appraising or property management, though I'm wondering if these would be a great start for my career. Also, should I focus on pursuing a master's degree within the next few years?Thanks!
Real estate might be a tough career to start today. Might want to nroaden your career outlook.
there is real estate agent under every rock you turn over. it takes about as much training as barber, maybe train in real estate law. ,, that would be better also property management. . tons of money to be made in real estate even in this lousy market. but not as an agent selling houses.
You do not need a formal education to begin a career in real estate. You need to take some basic courses designed to get your license and once that is done you find a broker willing to let you work out of his/her office. You do not get paid, in fact you will be expected to pay for basic desk space. Your income will come after a property you have been involved with(listing agent or selling agent) closes escrow. You split the listing commission with the other agent and then pay your broker a % out of your share. It can take 6 mos to over a year before you close your 1st property. It is difficult to start out as a novice in a down market such as we have now. You will also be expected to take continuing education classes to keep up on all of the changing laws.
The place to start in the real estate industry is at your state's real estate commission. There you will find all you need to know about getting licensed. Where I live you need to be a licensed agent to be a property manager for others, and an appraisal license to be an appraiser. To be a successful agent you do need marketing experience. It is not just about marketing properties but about marketing yourself too. Being a Psych major could be a real benefit. But remember you are only paid commission so if you are not good at it, you are not paid much, if anything. Property management and appraising are finite services, so you know if you get the job you will most likely be paid for doing it. Before I got into the business I thought i wanted to be an appraiser, but the owner of the largest appraising firm in my market talked me out of it because he told me I would never be able to make the kind of money I wanted to make. Bottom line: Not the best time to get into the real estate business, but if you do, go ahead and get licensed as an agent. Once licensed you will quickly learn which aspect of the business best suits you and be in a position to immediately apply. And if none turn you on, you still have the option of returning to school.
