Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hey everyone, I have always been interested in real estate and recently have decided to make it my career. What I really want to do someday is invest in real estate and build my own portfolio of properties, but I do not have that kind of money right now unfortunately.
I am a veteran and have the GI Bill, so schooling will be paid for. I am considering either becoming a real estate agent, a residential appraiser, or a home inspector. I am torn between all three and have no idea which to focus on. What are some pros and cons of each of these fields and which one would provide the best opportunities for work and overall job satisfaction?
Any advice or input on choosing which route is greatly appreciated!
If you're end goal is to invest in properties then sales would probably be the clearest path to that goal. Frankly I would use the GI Bill to pay for business school and learn to invest in RE that way.
If you're end goal is to invest in properties then sales would probably be the clearest path to that goal. Frankly I would use the GI Bill to pay for business school and learn to invest in RE that way.
I'm a real estate agent, but honestly, I would probably suggest the home inspector route to start. Finding real estate clients is tough work. It seems to me that finding work as a home inspector would involve contacting the real estate agents and letting them know you are available. We are always looking for good inspectors to recommend. But, you better do a good job. A REALLY good job. There is nothing that will get passed around faster than a inspector who missed a bunch of stuff - especially if it is a pre-listing inspection and a bunch of things get found by the buyer's inspection.
After you've been in the business a few years, if you feel like you aren't making enough money, then go for your real estate license. You will be such as asset to your clients as a former inspector.
If you're end goal is to invest in properties then sales would probably be the clearest path to that goal. Frankly I would use the GI Bill to pay for business school and learn to invest in RE that way.
I would say become an inspector. The good ones are always busy. Be sure and smooze with the Realtors and attend their meetings. Seek out some of them and take them to lunch. We always like to work with people that like us.
As for using your GI Bill money. I would save it in case you want to do something else. It is not expensive to get your real estate license at all. In my State it is just a few hundred dollars. I would not go to college to study real estate unless you want to work for a large investment firm. Nobody cares that you have a 4 year degree when you are listing their property.
I don't know how expensive it is to become an inspector.
I would not be an appraiser ever. They do a lot of work and do not get paid enough for their time and experience.
I began my real estate career as a broker in 1979 in Los Angeles. Then I managed a real estate company for a few years After 13 years of that, I became a residential appraiser, so I guess I'm qualified to address your question. In short, I think it all comes down to what you enjoy.
Real estate sales is just that...sales. You need to enjoy prospecting for listings and need to be able to handle a LOT of rejection. You will also be working many evenings & weekends on listing appointments, showing properties or holding open houses. On the other hand, your earning potential is unlimited.
Appraisal is more analytical with just about no selling involved. You are judged on the quality of your work. I always enjoy telling people that I am able to tell them the absolute truth about their house because I'm not trying to sell them anything and I don't really care one way or the other what it's worth. That appeals to me since I don't like sales that much. BUT (and this is a big BUT), YOUR government in it's infinite wisdom has made the barrier to entering the appraisal field VERY high. You will begin as a trainee and must gather THOUSANDS of hours of experience working under a certified appraiser before you can go it alone. Even then, you will probably work through an appraisal management company who will take part of your fee. In other words, they have RUINED the appraisal business. For old guys like me, it's fine. I had a good 20 years under the old system and even now I am able to cherry pick the lending jobs I want because I get referral calls almost daily from lawyers and brokers to do estate appraisals (ex:Mom died), divorce appraisals or pre-listing appraisals. As for money, Cleveland is no Los Angeles, but I can confide that I have never earned less than 6 figures a year and most years have been several times that. Then again, I'm probably one of the best appraisers in L.A..
Home Inspection requires an IN-DEPTH understanding of home construction and all of the systems involved. Most home inspectors I meet are retired contractors who understand every inch of a house and can find all of the problems. Your liability is very high in this business and if you miss something important, be prepared to pay for it. I think their income would be the lowest due to the time it takes for their inspections and thus the number they can do per day. Example: Expect a home inspection on a 3,000 foot house to last about 4 hours. My inspection of the same home is more cursory and takes 30-45 minutes including measuring it.
So, if I were to advise you on a career path, I would tell you to try real estate sales. Go with the most well known company you can find because they will train you properly and good training is the key to success. Also, as a beginner, you don't have much to offer. But, if your company has a good reputation people will trust you more. The big companies will usually offer a lower commission split just because they can, but don't worry about that right now. What you want to do is to suck up every bit of knowledge and experience that you can. Once you become a big name, THEN you can move to a ReMax 100% office because your clients will want to work with YOU wherever you are.
There is much more I could add, so feel free to PM me.
I began my real estate career as a broker in 1979 in Los Angeles. Then I managed a real estate company for a few years After 13 years of that, I became a residential appraiser, so I guess I'm qualified to address your question. In short, I think it all comes down to what you enjoy.
Real estate sales is just that...sales. You need to enjoy prospecting for listings and need to be able to handle a LOT of rejection. You will also be working many evenings & weekends on listing appointments, showing properties or holding open houses. On the other hand, your earning potential is unlimited.
Appraisal is more analytical with just about no selling involved. You are judged on the quality of your work. I always enjoy telling people that I am able to tell them the absolute truth about their house because I'm not trying to sell them anything and I don't really care one way or the other what it's worth. That appeals to me since I don't like sales that much. BUT (and this is a big BUT), YOUR government in it's infinite wisdom has made the barrier to entering the appraisal field VERY high. You will begin as a trainee and must gather THOUSANDS of hours of experience working under a certified appraiser before you can go it alone. Even then, you will probably work through an appraisal management company who will take part of your fee. In other words, they have RUINED the appraisal business. For old guys like me, it's fine. I had a good 20 years under the old system and even now I am able to cherry pick the lending jobs I want because I get referral calls almost daily from lawyers and brokers to do estate appraisals (ex:Mom died), divorce appraisals or pre-listing appraisals. As for money, Cleveland is no Los Angeles, but I can confide that I have never earned less than 6 figures a year and most years have been several times that. Then again, I'm probably one of the best appraisers in L.A..
Home Inspection requires an IN-DEPTH understanding of home construction and all of the systems involved. Most home inspectors I meet are retired contractors who understand every inch of a house and can find all of the problems. Your liability is very high in this business and if you miss something important, be prepared to pay for it. I think their income would be the lowest due to the time it takes for their inspections and thus the number they can do per day. Example: Expect a home inspection on a 3,000 foot house to last about 4 hours. My inspection of the same home is more cursory and takes 30-45 minutes including measuring it.
So, if I were to advise you on a career path, I would tell you to try real estate sales. Go with the most well known company you can find because they will train you properly and good training is the key to success. Also, as a beginner, you don't have much to offer. But, if your company has a good reputation people will trust you more. The big companies will usually offer a lower commission split just because they can, but don't worry about that right now. What you want to do is to suck up every bit of knowledge and experience that you can. Once you become a big name, THEN you can move to a ReMax 100% office because your clients will want to work with YOU wherever you are.
There is much more I could add, so feel free to PM me.
Good Luck, Mike
If the OP is interested in residential single family investment I think this is good advice. If he wants to do commercial that's a completely different kettle of fish and I would recommend either a MS real estate or MBA.
As I am a real estate agent I have some advice for you. Residential real estate incorporates single-family homes, condominiums, and different residences. They are less costly to buy than most business properties. Choose a career in this. You will be in charge of posting, demonstrating and discovering purchasers for properties. To go this course, you will take courses in real estate and get a permit from your state by passing an exam and paying an expense.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
