A Great Time to Break into Real Estate?
- May 5, 2008
A Great Time To Break Into Real Estate?
A cold wind is blowing across the real estate sector. Who knows when Spring will arrive?
Property values are contracting. Lenders are reluctant to finance either new or existing properties. Institutions are in full flight from the mortgage-origination business. Each round of job cuts in the industry slashes deeper than the last. The only industry players with smiles on their faces are those who are sitting on a pile of cash. They are positively licking their chops as they anticipate a growing landscape of bargains.
So is this a great time to break into real estate? The answer may very well be "yes."
On the surface, your prospects don't look good. Starting out, you probably don't have much cash burning a hole in your pocket. You likely haven't yet found a niche where you can add value. Even if you were already determined to find a job with an active developer, you'd find precious few openings.
In the face of these daunting obstacles, you need to think longer term. Step back and ask why you want to go into real estate. Traditionally, it's the poster-child industry for entrepreneurs—an industry in which many fortunes have been made. It's a field where the individual can influence the outcome, in large part because it's a fragmented industry with many small players. (The largest players rarely dominate even a local market, let alone a national one.) Each property has the potential of becoming a separate business, so even in hard times, there is no shortage of opportunities.