June 20th, 2010
Real estate was heavily hit by the downturn the economy experienced two years ago, and while it is slowly getting back on its feet, certain parts of the country are still struggling to keep the real estate market alive and running. California is one area of the country that has little hope of joining the rest of the real estate community as its prices have skyrocketed and many people are settling for prices that are vastly undervalued simply to get rid of their houses. It remains one of the most difficult states to get started in real estate. However, despite bleak economic outlooks, the rest of the country has managed to keep their real estate markets competitive.
It is no secret that some parts of the country have a large disparity in real estate prices from other parts, largely due to the cost of living in these locations. Surprisingly, Chicago has retained a relatively low cost of living, especially when compared to cities like New York. As a result, getting started in a real estate career in the city seems more fulfilling than others, as you are able to sell much more of a home for a lower price. Moving from a real estate position somewhere in the southern U.S. to a New England location has the opposite affect for many real estate careers; most people do not know how to sell a tiny apartment in New York for the price of a luxurious 4-bedroom house in Georgia, and as a result, the real estate market in cities like New York is full of real estate agents who know how to use the market to their advantage.
Understanding the price fluctuations in the real estate market is one way to better prepare yourself for this type of “culture shock” if you intend to transfer during your career. However, getting started in one community and remaining there for several years is the best way to boost your sales and future career. The real estate market is a tricky thing to master, but once you have gained experience within your own community, you will learn how much of a social endeavor the market is, and how important it is to attract customers through your personality. Homes never sell themselves, and in the real estate market (regardless of the economic forecast), real estate agents are the bait for unassuming customers.
Even with the recession, real estate careers are still booming and continue to attract bright, new individuals to join major firms. Most firms want employees who have graduated with a four-year degree, but similar experience in the real estate world can substitute for a lack of degree. Many students continue to keep a future in real estate in mind as graduation gets closer and job prospects look slim. Real estate careers are by no means a sign that you failed in earning a degree, but instead can indicate and lead to great success within the field!