Coronavirus has disrupted nearly every industry, including real estate. Keeping that in view, is now a good time to enter the real estate industry?
Well, we think it is, and we’ll explain why.
The real estate market is ever-shifting. You’ve probably heard of, “sellers’ market” and “buyers’ market.” While you can’t always anticipate the timings and dynamics of real estate ebbs and flows, you can be sure of one thing: A bad market will always turn into a good one with time.
The fluctuations within the real estate market have been worse in 2020 due to the COVID-19 pandemic that has caused many sellers to pull off their listings and interest rates to hit a record low. Still, we believe it’s a good time to become a realtor. Here’s why.
1. Real Estate Online Courses are Changing the Game
You’ve probably been told to “learn a new skill” while staying at home. It’s a common slogan in 2020, fueled by the COVID-19 stay at home policies.
Aspiring agents can take this opportunity to enroll in an online real estate school and begin their journey to becoming realtors. With many real estate schools now offering online courses, there is no better time to become a real estate agent than now.
To become a real estate agent while at home, you’ll need to enroll in an accredited school that offers online real estate classes. Depending on your state, you’ll need roughly 35 to 180 hours to complete the pre-licensing coursework and prepare yourself for the final real estate exam.
However, this career path should not be taken as an easy solution to make passive income or eradicate quarantine boredom. New real estate agents need to treat the real estate business with the seriousness it deserves, lest they end up joining the 87% of agents who fail within five years.
That said, as a freshly licensed agent, you will need to focus more on building your brand, generating leads, building your network, and using relevant tools for the modern realtor.
2. People Will Always Need a Place to Live
It’s safe to argue that the demand for real estate professionals is not contingent upon the state of the economy.
Whether there is a global pandemic, political wrangles, or even global crisis, people will always need a place to live. Even amid the pandemic, people still need to rent office space/warehouse, buy homes, and even invest in real estate.
With this in mind, the demand for real estate professionals will never shrink. Moreover, becoming a realtor now amid the pandemic will teach you how to ride through the storm.
3. Increased Demand for Agents as the Market Recovers from COVID-19
As mentioned earlier, there is always a grooming need for real estate professionals.
While the COVID-19 may have slowed things down, more people are now looking to buy properties as the economy recovers from the pandemic. Moreover, you can expect a rise in the number of foreclosures and distressed homes on the market.
According to CNBC, 3.7 million homeowners are in some form of government or private mortgage forbearance program. Should this trend continue, a foreclosure crisis will be inevitable. New estate agents can tap into the market, offer financial help, expand their knowledge through what’s happening in the property market, and possibly grow their businesses.