Once you have graduated from real estate pre-license training and have successfully passed the real estate license exam, your hard work and many hours of study and classroom time will have paid off. Being licensed to practice and work in the real estate field, you have choices as to which type of real estate properties you will sell. Many realtors decide on a niche within the field so they can focus more effectively on one type of real estate. However, with the help of strategic online marketing in specific areas, you can focus on more than one niche. Knowing the types of real estate properties you have the potential to sell for your client can make you more marketable as a realtor. There are many aspects within the real estate field and understanding all potential types of properties will assist you in your career.
Selling vacant land can be a profitable area for realtors. Vacant land can include farms, ranches, underdeveloped vacant land or early development vacant land. Realtors that specialize in farms and ranches can make a nice profit and commission because the cost of large areas of land itself can be quite high. Researching everything a buyer will need to purchase a farm or ranch is important so you can give your clients the best information possible. Another type of vacant land are plots for buyers to build their dream homes. Helping a client buy or sell a vacant plot of land is one of the easier transactions within the real estate world as there are no existing structures on the land, thus eliminating the need for inspections and difficult structural insurance issues. The process is simpler and many realtors enjoy the ease of this sale.
Within the residential property type, there are many different subcategories. Condos, multi-unit properties, single-family dwellings, multi-family dwellings, modular homes, vacations homes and many more are possible when selling residential types of real estate property. This is the most popular type of property for realtors to assist with. Some real estate agents choose a niche within this type of property to work with. For instance, if selling vacation homes becomes your thing, you can become well known within this type of residential property subtype. Oftentimes you are working with families as they are buying or selling homes that mean something to them. These types of client relationships can become quite emotional but the rewards are worth it and most real estate agents who help their client buy or sell residential property really enjoy these professional, personal experiences.
The types of commercial property you have the potential for representing can vary but usually it is vacant land in a commercially zoned area or existing commercial structures, large and small. When deciding to get involved in commercial real estate, you should ask yourself why. Sometimes real estate agents think there is more money or a higher commission involved but that is not always the case unless you are selling very large commercial properties and within your first 10 years, those types of properties will not fall very easily into your lap. These types of real estate properties involves complex methods and paperwork. Educating yourself in all the details involved in this type of sale is where your success will lie. Once you become proficient in commercial property sales, it can be a lucrative and enjoyable real estate niche.
Continuous growth within real estate
As a realtor, the education and growth is endless and substantial. Not only is there always something new to learn, but when you continue to educate yourself within these 3 types of real estate properties and how best to assist your client, the more successful you will be in the state you choose to work in. It’s important to do what you love and represent the type of property that you have an interest in. Your clients will be able to see your passion and love for what you do and that excitement is visible and contagious.