For most North Americans, purchasing a house or condominium is often a life-long goal. Everyone needs a roof over their head, and purchasing property is both a great way to ensure a stable living space, and an opportunity to invest in an asset that will grow in value.
For this reason, getting involved in the real estate industry and building a livelihood out of helping people find a place to call home offers a lifetime of opportunities. And while there are many doors into the real estate industry, here are four of the most common.
1. Become a Realtor
The easiest way to get into the real estate industry is by becoming a realtor. Because realtors help facilitate the purchase and sale of houses, they are involved in just about every aspect of the industry, from inspecting and evaluating the price of houses to following broader market trends.
In order to become a realtor, however, you will need to take a real estate course and pass the licensing exam in your jurisdiction.
2. Start Investing
Another way to break into the real estate industry is simply by starting to purchase properties. While it can take a while to save up the capital to purchase one house, once you have units that can be rented out, it can be easier to purchase a second and third property.
Not only will these properties provide you with revenue, but they will also stand as collateral against which you can take out loans, thereby expanding the capital you can draw on and making it easier to start purchasing larger buildings.
3. Flip Houses
For those who are handy with tools, knowledgeable about construction, and have a strong sense for where the market is headed, flipping houses is one of the most practical ways to gain a foothold in the real estate industry.
House flippers usually start by purchasing a run-down property and then fixing it up while living in it, enabling them to sell at a much greater price than they purchased it for. Over time, this can provide a significant revenue stream for income and investment.
4. Become a Building Inspector
Every time a house is sold, a building inspector is brought in to ensure that the deal is a fair one, and the seller is not hiding important information about the building’s structural integrity from the purchaser. Building inspectors play an important role in protecting consumers, and in ensuring that the housing stock on the market meets basic standards of quality.
If you have experience working with houses and a passion for consumer protection, becoming a building inspector can be a lucrative and rewarding career path, and can lead to other opportunities (such as becoming a building manager) down the road.
Working in real estate can be immensely rewarding, both financially and personally. And because it is such a large industry, the places a career in real estate can take you are practically limitless. If you are considering a career in real estate, explore whether becoming a realtor, an investor, a house flipper, or a building inspector is right for you.