Those who decide to make a career as a realtor need to consider several factors when choosing the real estate market as their main professional activity. It is necessary to be prepared for intense competition and sharp recessions during a crisis.
Like other lucrative fields, the real estate market compensates due to the crisis, but with outstanding attentiveness, it is possible to earn decent money and expect to be promoted up.
Let’s take a look at some tips and experiences to start your real estate profession effectively.
Specificity of Work in the Real Estate Market
Those who are preparing themselves to work in the real estate market need to know the current situation on the labor market in this segment of the economy. Today, the demand for realtors is at an average level compared to the demand for other specialties. However, if you live in the United States, you have many opportunities in this field. If you are a newbie in this profession and have completed your training, you can find real estate entry level jobs in your region. These jobs are not only easy to follow but also provide you a unique experience that is priceless for any professional in the real estate line.
This situation developed after the 2008 crisis. Before this, real estate was considered a very profitable sector of the economy with minimal risks. However, the global economic crisis has made adjustments to this situation. And real estate turned out to be the same risky area of activity as the stock and financial markets.
During the downturn, this segment of the economy saw massive pay cuts and staff cuts in many real estate companies. Most of the cuts during this period were observed among real estate brokers. During the global financial crisis, most players in the real estate market experienced in practice how high the risks in this sector of the economy could be.
Today, the real estate market is officially classified by experts as a risk zone, in which a deep recession and stagnation can be observed during periods of economic crises and recessions.
During periods of economic boom, the situation on the real estate market improves and companies selling real estate are trying to make up for the losses caused by the crisis period. They quickly begin to expand their staff. Due to the high activity during the upturn in the real estate market, there is an opportunity to get high profits. Company owners are actively expanding their staff, hiring highly qualified specialists, and paying them good salaries. All this attracts the attention of applicants to the profession of a realtor and creates a high demand for open vacancies during the period of active growth of the real estate market. On average, there are 5.5 application forms per one vacant workplace. This is a very important thing.
Who can work in the real estate market?
In the field of real estate, specialists of wide and narrow profiles can work. The former include marketers, people involved in advertising, analytics, and finance. For vacancies with a narrow specialization, you need:
- Realtors
- Real estate agents
- Brokers
- Rental managers
- Specialists involved in cadastral registration
- Project managers
These professionals receive a decent salary, comparable to the salary in the sales sector. The income of workers in the real estate market often exceeds the income of specialists in industrial enterprises, in the field of IT technology and telecommunications. You can also check if you are suitable for this industry, but please don’t hurry in finding the jobs. Take your time and make a decision.
A certain difficulty lies in the fact that it is difficult to predict in advance the level of a realtor’s income. In general, the size of the commission from one transaction with a broker is 46% of the total amount. When conducting transactions on the real estate market, commissions are divided between foreign and domestic real estate agencies. Subject to the sale of more expensive objects, the size of the realtor’s commission increases.
Vacancies related to the sale of overseas real estate are especially popular among job seekers. It is enough for an expert with extensive sales experience to conduct 5 successful transactions per month in this segment of the real estate market to earn up to 150 thousand rubles per month.
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