The real estate industry is always changing. But some things will remain consistent; you can make money, control your own schedule and working hours, and enjoy a variety of options to get involved. But what else is there to know about real estate and the way that it has shaped society today? Read more to find out what we consider to be some of the most interesting facts about real estate that you likely didn’t know.
1.) You don’t need to be involved in real estate full time to be successful.
A lot of people just starting out in real estate see it as a secondary job or project. In a lot of cases, it becomes so lucrative that people decide to use it to replace their main source of income.
2.) There are a variety of career options in real estate such as preservation, property management, and property development.
With such a variety in the field, you are likely to gravitate towards one area of real estate. Or you can try out a few and explore your options!
3.) You can participate without using any of your own money with investors and seller financing.
With the right opportunity, you could find ways to get into real estate without any of your own money invested. This tactic does require a lot more work, but it’s been done many times by successful real estate players.
4.) It doesn’t require a degree to get started.
While you don’t need a license to buy a property, you will need one to show a property or represent buyers, therein which there is a lot of money to be made. It is wise to learn from or shadow an established agent. It is a fast track to a financially abundant career.
5.) The Real Estate exam only requires 40 hours of course work.
The real estate exam is relatively easy to pass and can even be done completely online for the time being! Many people take classes in the afternoon or weekend outside of their main job. However, to obtain a license after the test you will need to work with a brokerage in your area where you are able to hang your license.
6.) Once you take the license exam, sometimes you can transfer it to neighboring states easily.
In a lot of cases, neighboring states will reciprocate licensures if you pass the test for their state. In Massachusetts, there are many states across the country that will reciprocate your license upon completion of their state exam.
7.) You can be your own boss and set your own hours to work. You meet new people, and learn something new every day!
This is one of the best parts of being a real estate agent! Real estate isn’t based on hours you work, rather on how hard you work to achieve your goals, so you can schedule your life in a way that really works for you.
8.) 90% of Millionaire’s credit real estate as a major contributor to their net wealth.
Most millionaires have at some point used real estate as a stream of income or a way to invest non-tangible assets. There is a lot of ways to make money in real estate as we mentioned before making it highly attractive for those looking to make as much money as possible.
9.) As of now, millennials account for nearly 45% of the mortgages on the market.
The time has come for this generation to enter the housing market. With the oldest millennials at age 40 and the youngest at age 25, there are many younger people interested in buying over leasing, despite the spike in the cost of living in the US. In fact, many millennials are now purchasing multimillion-dollar starter homes.
10.) The income potential is limitless.
There is no cap on the amount of money you can make in real estate. This is a very appealing fact, considering there is no degree required, and you can set your own hours!
We hope that you enjoyed these fun facts as much as we did! At East Group we are always looking for ways to improve our business and educate others on the benefits of buying real estate. If you have any questions or are interested in learning more about working with us to get into the real estate market, send us an email or give us a call today!