What Are the Self Employed Career Opportunities in Real Estate?
In the 2010s, more and more people decided to become self-employed due to the expanded opportunities for remote working due to innovations like the internet. In search of more flexibility and a better work/life balance, the rates of those becoming self-employed reached an all-time high. This is no different in the real estate industry. Although you might believe that working for an agency is the only option available to you, this is untrue, and there are many other career options that you can consider in the industry that may appeal to you. Read on to find out more about each of them.
Real Estate Agent
In July 2019, 16 million Americans were self-employed, and this number is continually growing. If you also want to consider the advantages of self-employment, it is possible to become a real estate agent and work for yourself. All you will have to do is to take a training course for a couple of hundred dollars, and estate agents in the USA make over $45,000 a year! However, when you become a real estate agent and, in effect, start your own business, it is important to consider how this will affect your taxes. Real estate agents work on commission, and you will get a percentage from each sale that you make. You will pay federal tax on this, however you may be able to avoid paying tax on business expenses, such as training courses, marketing, travel and any costs that you have provided for your home office.
Real Estate Inspector
You may also have the opportunity to become a real estate home inspector, where you will check the condition of properties for a viewer, estate agency or an insurance company. It will be your job to highlight any issues with the home and discuss renovations that will need to be made to remedy this. As a real estate inspector, you will need the appropriate technology for you to succeed in your new job role. For instance, home inspection software is advantageous for self-employed people as it allows them to make appointments and schedule viewings, communicate with both their temporary client (such as an agency) and the viewer in question, and write their reports as efficiently as possible. Although you will not need a degree, you will most likely need a license which varies by state, and it would help you to have extensive experiences in a related industry, such as property or construction. In fact, many real estate inspectors start up their own business, which will allow you to control your clients, your marketing campaigns and the organization of your business.
Real Estate Broker
As a real estate broker, you will be responsible for the financial agreement between the two parties involved in the sale and will also be able to list available properties. This position is particularly good if you have previous experience, along with great communication and organization skills in order to manage databases and create budgets, as well as attend showings for the listings that you have started to manage. There are around 465,000 estate brokers in the USA, and they make over $58,000 a year, according to the Bureau of Labor Statistics. Although you can become an agent in around two months, you will need an additional exam to become a broker. However, if you want to branch out after a few years of self-employment, you have the opportunity in this role to decide to employ sales agents, and you can also belong to the National Association of Realtors, which is advantageous as it is the largest trade union for estate agents and brokers in the USA.
As a property manager, you will have a lot of responsibility, and therefore, you will be asked to take additional courses in order to stay updated with the latest processes when it comes to real estate, along with the current state of the market. However, the responsibility that you will have is worth it, with the opportunity to conduct a number of different roles, such as finding and property the properties available and showing tenants around the property, as well as finding and advertising to these tenants in the first place. Although property managers normally work for a firm, there is the possibility to take on and find your own clients rather than receive these through working for another company. This can be advantageous if you would like freedom and flexibility in the way that you work, or if you eventually want to start up your own company in real estate.