What is the Prospect for Newcomers in the Real Estate Profession?
By Sadiya Anjum
If you are considering an occupation as a Real Estate professional there are a few facts that you must first know. Many are under the impression that there are too many agents and brokers already. But you must know that there is also enough work for all provided you manage to establish yourself in this competitive field.
In the following years, jobs in real estate are expected to grow at an average rate. The residential segment of real estate is actually doing quite well. There will be a continuing demand in buying and renting homes as the population grows and people view real estate as a good investment. The low interest rates and varied mortgage packages are encouraging more people to buy homes. But interest rates are dependent on the economy, a slight decline may discourage people from buying homes thereby job growth may also slow down.
Apart from this, thousands of people drop out of this profession each year. So there is space for newcomers. But what newcomers need to understand is the competitiveness in this business. Within the industry, it seems saturated with professionals as everyone is trying to expand and get as many sales as possible.
Technology has taken the industry ahead by leap years. There are virtual tours of homes online and so many transactions can occur with just a click. Established real estate professionals have invested a fair bit into this technology and have used it to their advantage. With a certain dominance over the market, it may limit the number of jobs itself. The smaller and newer players stand the risk of getting pushed out.
In addition technology has empowered consumers; they have access to a lot more information and are able to search for homes online. But this does not completely eliminate the need for professionals.
Keeping all this in mind, if you want to succeed then you need to work hard and smart. Entering this field is not so tough; some course work and an exam can help you qualify. But establishing yourself will be difficult. If you are thinking of a part time job, then you may not stand a very good chance. Today it is difficult for full-timers themselves to work successfully, part-timers are no match for them.
Work hours are actually flexible but more agents seem to be working longer hours. To be a good agent and score a sale, you need to be at the beck and call of your customers. So you may have to work evenings and weekends. You need to have the drive and passion to be able to succeed. You must enjoy the process of selling itself so you can give it your all.
You need to embrace technology and maximize its potential. Good connections in the social and business circle may be a plus point when you are entering this field. It is highly important that you differentiate yourself from the rest. If you are unique and bubbling over with ideas then real estate is beckoning you.
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