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Making Money

The Real Deal on Real Estate Careers

Do you have what it takes to go into Real Estate? ABIGAIL AZUL shows you how.

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06 Mar 2012 Print This Post Print This Post

    Photo: www.photoxpress.com

    What is the deal with real estate? The real estate sector has boomed since the 70’s and land value has doubled ever since. Personally, my mom made it big through real estate — well, not that big. Here’s the catch, when you invest in real estate it requires a lot of money. If you have spare money this is the smart thing to invest in since land prices keep up with inflation and the standard of living.

    But what’s a student or graduating student to do if they want a career path in real estate?

    Setting the Path
    Business management courses will definitely help you especially in financial and legal management. However, if you have already graduated or will be graduating, there are some schools offering seminars in basic real estate courses. You could read up on books and get to know people who are directly involved in the process.

    Careers
    For starters, you could start by being a sales agent of a condominium or a housing community, you get to learn how to sell, you establish your contacts and you get to know the pitfalls of the business.

    Another option is to be a freelance agent or broker. The functions are similar to a sales agent, but you’re on your own this time. There are no legal departments that will handle disputes and there is no finance department handling the financing, but the profit from the sale will be solely yours.

    Agent or “ahente” as frequently called, is a person connecting the buyer to the seller, basically that. They may or may not have any legal or financial know how but they earn by finding a buyer for the seller.

    A broker on the other hand is a registered job. They might be similar to the function of the agent but they know real estate basics. Some sellers and buyers prefer the brokers because the brokers assist in fixing and transferring the property to the new owner, so their commission is higher than that of the agent. Brokers can either be freelance or employed by a brokerage firm.

    Real Deals
    My mom, who was left widowed with five children who are studying, chose real estate because she can do it on her own time while being a home maker. You can do real estate without the typical 8-6 schedule. You move at your own pace but you should double your efforts if you want to find a serious buyer.

    If you find a seller, brokers are entitled to a five percent commission. Do the math and see how it amounts to if you’re selling a Php6.5 million property. It’s a great opportunity but do remember that competition is stiff in this industry and you are lucky if you can sell one property a year.

    Brokers are not only limited to selling properties, they are also into leasing properties which are either commercial or residential. The best thing about it is that a house is a basic need and commercial properties are necessary for business, so you wouldn’t lose ground as long as you widen your contacts and build a reputation.

    Knowing good properties are also an opportunity for you to invest. Some agents and brokers eventually made it big in the build and sell business such as townhouses and house renovations. If you’ve got enough capital, this is a great prospect.

    Preparations such as being knowledgeable in taxes, contracts and current events will help you excel in your field. As a student, you can prepare by assisting your parents or relatives on property matters. You might just be escorting them in paying taxes and play a trivial role but the thing here is once you get acquainted with the process, you wouldn’t have any more difficulty once you get into the field. You can also start by selling products. A good salesman can sell anything like acres of land, but you have to start small and learn how to sell and negotiate.

    Like any other field, you should get into real estate well-prepared. There are a lot of opportunities and income present here but you have to work double for it.



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