The real estate market is extremely tight right now. While a lot of the business world has struggled to thrive during the pandemic, everyone needs somewhere to lay their head. To start the process of getting your license, check out your area before taking any courses.
What Does Your State Require?
Your state will have regulations and licensing requirements. Be aware that some cities have their regulations, licensing, and training rules as well. You may need to attend continuing education classes each year to keep your license up to date. To make sure that your path to licensing flows smoothly, make sure that you are aware of any restrictions you may face.
For example, you may need to undergo a credit check or a background check. If there are any factors from your history that could block your access to getting your license, now is the time to address them. This may include credit repair or getting criminal history expunged. Because the state regulations are easily studied with no cash investment, do study up on your requirements and any reciprocity from state to state.
Study Up on the Age of Homes in Your Region
Every city has housing booms. For example, if you live in and plan to sell real estate in the Midwest, you may be marketing a glut of homes modified in the early ‘40s to make room for factory workers from World War 2. You may also have a lot of homes for sale that were built in the post-war boom. You may have pockets of houses that were all done by one builder at some point in the past. Studying up older housing covenants can also give you information on the build quality.
Homes on the east coast may have other popular timelines. Your knowledge of these homes, the building styles, and the necessary upgrades can do a lot to improve your marketability as a real estate professional. As you build up your knowledge from real estate training courses, be ready to do some driving and check out information from your county website so you can review the age of the homes in your local neighborhoods.
Get In With Contractors
As you study up on these homes, do your best to get to know the folks with renovating skills. You will be working with family home buyers, and they will likely want a home they can move directly into.
You will also be working with real estate investors. This means that you will have a Rolodex full of folks looking for
- distressed properties
- time capsules that need updating
While these properties won’t generate as much commission as a more expensive home would, sales to investors are quite quick and can put commissions in your pocket quickly.
Get to Know Monied Folks
Many cities have a local Real Estate Investment Association that is full of investors. Some investors are interested in finding, fixing, flipping, or renting out homes. Some investors are interested in funding these folks.
The investors who put money into fix and flips are in the business of making short-term private loans to dependable flippers who will quickly either turn the house or fix it up and refinance it to rent it out. As you increase the number of flippers that you work with, making strong connections with investors who are happy to collect interest from those involved in rapidly updating products will make you a more valued realtor.
Learn About Local Amenities
If you are interested in selling to ‘40s, family homeowners, make sure you study up on neighborhood amenities. For example, you will want to know where the best schools are in your city. You’ll want to know where shopping, parks, and amenities like pools are located in the neighborhood you’re selling in.
As a real estate professional, you may end up representing sellers and buyers, though that may not be allowed on the same house in your region. Your ability to work with a variety of personalities will benefit you greatly. Some people sell their homes because they get a great job elsewhere. Some people are facing tougher circumstances. Stay flexible and professional.