Real Estate Entrepreneurship
Real estate is one of the oldest entrepreneurial industries where entrepreneurs invest in properties.
The main motive for the (traditional) real estate entrepreneurs comes from capital appreciation - the increase of value of the property over time, and the tax benefits.
In recent years, traditional real-estate businesses started to face fierce competition from high tech real-estate industries (AirBNB) and Co-working or shared-space companies (WeWork). These are highly institutionalized global entities that utilize smart ownership and leasing plans and financing options (Crowdfunding).
Success in the real estate business, similar to other entrepreneurial activities, depends on intensive and hard work. Real estate entrepreneurs will face new challenges and will be met with unexpected setbacks. Common aspects of successful real estate entrepreneurs are:
Education: Not all real estate entrepreneurs have formal university degrees, but they should take courses on the subject since they have to be successful in exams to receive their license. Almost all top-notch business schools (Columbia, Wharton) have courses on "real estate entrepreneurship."
Networking: This is a must for the real estate entrepreneur since it is the key for identifying opportunities and ensuring a smooth operation.
Technology: Use of state of the art technologies and utilization of all the available tools of social media in all aspects of the real estate entrepreneurship journey is indispensable.
Experience in Buying /Selling /Renting: Main task of the real estate entrepreneur is to search for investment opportunities which will meet the budgetary limitations, and to identify the funding for the investment.
The qualifications (education, networking, investment experience) provide the basis of the entrepreneurial qualities that contribute to the long-term success in real estate entrepreneurship.
The U.S. Bureau of Labor Statistics predicts 2% growth for entrepreneurs in its "Brokers and Sales Agents Category" between 2019 and 2029 with an average income estimated to be at around $8K/month.
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