Moving to a new city can definitely be a challenging process, especially if you do not know anyone there. Whether due to a new job, apartment, or relationship, the process of networking with a totally new crowd can be intimidating – even if you’re already outgoing. And that is after you have adjusted to the new location.
Helpful Advice for Expats Who Plan to Work in Real Estate
Helpful Advice for Expats Who Plan to Work in Real Estate
During my time abroad I came across many expats who changed profession and became housing experts during their time abroad. I got curious about this and want to introduce you to the profession of a real estate agent. Learn more about the profession itself, the advantages for expats, and how to become a real estate agent in the first place.
Realtors are the heart of the real estate world. Although the job might seem like a pretty straightforward occupation, this exciting vocation actually requires you to wear many hats — from sales and public relations, to marketing and analysis. This has made it one of the most common jobs in America. In a 2017 report, the Bureau of Labor Statistics revealed that agents can earn as high as $109,490 annually. But of course, there’s more to being a real estate professional than counting your money.
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The American real estate industry can be very dynamic, especially since its requisites and success rates can vary per state. Detroit, for example, is ranked by WalletHub as one of the most challenging places for real estate agents in the country. This is because of the limited job opportunities in the state, coupled with low job growth. On the other hand, New York tops the list of most ideal places for real estate work, with a post by Yoreevo noting that NYC-based agents can earn as much as $87,000 annually. But of course, it’s important to understand that this comes with its own set of challenges, like having tighter competition between fellow agents. In general, America is a promising place when it comes to the real estate industry. On top of that, income tax is comparatively low.
So if you’re looking to pursue a new career as a real estate agent in America, we’ve outlined some essentials you need to know:
Understanding your state’s licensing requirements
Like mentioned, each state’s real estate licensing prerequisites can vary. Don’t expect to be able to practice everywhere because your license isn’t a one-size-fits-all document. Contact your state’s real estate commission to be sure, but to give you a glimpse, most states require the following:
Finding a broker
How commissions work
Technically, there is no ceiling to the potential earnings in real estate. It is set on a case-by-case basis, in accordance with The Real Estate Settlement Procedures Act (RESPA). Though percentages can vary, the estimated share is around 5-6% of a home’s selling price.
This is why it’s crucial to talk to your broker to establish your commission rates. Will your share depend on total sales? Or are you dead set on taking home every penny from your cut?
Putting in the hours
Growing your network
As detailed on a previous post here on Share the Love, self-marketing is crucial in American work culture — and the real estate industry isn’t exempt. The key to a successful realtor career is continuously fostering your clientele and network, because they’ll help you build new relationships with potential customers.
I hope you find this post useful in your personal quest to develop yourself professionally abroad. I came across many expats who got active in that field. If you have changed your career path as well during your expat journey please don’t hesitate and send me a message to firstname.lastname@example.org. I would love to cover your story to inspire others!
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