Skip College and Get a Career in Real Estate
Many of the wealthiest people will tell you they made their fortunes in real estate. Property, land, improvements, buildings and places to live are the things least likely to drop in value any time soon. Good land in good locations is always scarce, and good improvements like valuable homes and business properties are even more rare. You may find it advantageous to forego higher education for an opportunity to build wealth in property ownership.
Trading One Education for Another
This is not to say you can ignore your education. Real estate is a complex subject: Complex enough it has its own legal specialization. There is a lot to learn before you can become a real estate investor, developer or owner. You will need to learn the basics of finance. You will have to learn management skills and you’ll need to know how to deal with the general public, since they may be among those who lease, rent or buy your property. Each of these subjects is a career in itself, so it is best to understand real estate is not a cakewalk.
Getting a Head Start
The best place to start learning what you need to know about real estate is very likely in a licensing class for brokers and agents. Many states require agents to be licensed. Some may even need to be bonded depending on the type of properties they represent. These classes will give you a basic overview of what the market and business are like, even if you don’t plan to become an agent or broker. Another good place to spend some time is either volunteering or working for a construction company, as this will give you a perspective from the builder’s point of view.
Financial Matters
Real estate is finance and finance is real estate. The quicker you understand these basic laws the easier the field will become. Understanding the role of money in real estate and the corresponding role of property in finance is the key to being a savvy investor or developer. At the retail level, understanding how to do business in an orderly fashion is the key to being a successful landlord and property manager. All of these different things fit together in a real estate career. Real estate can be a solid foundation for financial success, but even if you bypass your higher education, understand you are simply trading one learning experience for another, and that in order to succeed in either, you will need to work equally hard.
Roman Temkin is a real estate developer from NYC.
