Real estate is an exciting field with the potential for high earnings. To get started, you will need vision, determination, and a powerful work ethic. It is also important not to spread yourself too thin, but rather to find a niche in which you feel comfortable and knowledgeable and focus your efforts, at least initially, on certain types of properties. To assist you in determining how to best assess your particular skills and predilections, here are descriptions of the most common real estate types.
Many real estate agents choose to begin their careers working with residential properties. They often remain in this niche because it can be extremely lucrative and offer a range of options. For instance, you can specialize in single houses, condominiums, duplexes, vacation homes, or rental properties. Some agents only handle low-cost entry-level homes, while others prefer the luxury home market. The opportunities available in residential properties are so vast that you are sure to find a sub-niche that appeals to you.
Dealing in commercial properties is more complex than dealing with residences. For this reason, many agents begin their real estate careers by handling residential properties or vacant land before moving on to commercial deals. Within the broad field of commercial properties, there are various niches you can specialize in such as supermarkets, strip malls, shopping centers, office buildings, and industrial facilities. Because of their commercial nature, apartments and multi-family dwellings also fall into this category.
When you deal with vacant land, your transaction and listing efforts are easier because of the lack of floor plans, structural inspections, and insurance. Commissions can be quite high as well because of the size of properties. Keep in mind, though, that because many of the properties may be outside the city, you may have to cover a wider area.
For more advice on real estate careers, get in touch with Rexford Commercial Capital.