Here is a secret to expanding, secure, and have a successful real estate future. The real estate business has brought a big boom in the state’s economy. The real estate business does not consist entirely of a broker and salesperson. Many people earn through real estate. Earnings come through sales, its appraisal, management of property, financing, development, and construction, education, counseling, and a lot more. Other than this, many businesses and professionals are also benefitted from real estate. These include- architects and surveyors; banks, accountants and insurance companies; and lawyers. Real estate investment and savings is the biggest growing business now. Anyone who is buying or selling a house or property is engaged in real estate investment.
The real estate includes-
- The land surface,
- What so ever lies above and below it,
- Anything permanently attached to that land,
- Also the rights including its ownership- possession right or right to sell or lease the land.
There are four types of real estate:-
- Residential real estate- includes home construction and resale, the common one being single-family houses. Others being cooperation, duplexes, townhouses, triple-deckers, high-value houses, quadplexes, vacation, and multi-generational houses.
- Commercial- includes offices and hotels, educational and medical buildings, strip malls, and shopping centers. Building apartments may be used for residences that still are included in commercial real estate.
- Industrial- includes manufacturing of warehouses, property, and buildings. The buildings are used for several purposes like storage, production, research, and even goods distribution. However, when used for goods distribution it is considered commercial.
- Land-includes ranches, working farms, and vacant pieces of land.
Some of the key benefits of real estate investment are:-
- Passive income
- Cash flow
- Advantage from taxes
- Leverage- use of other financial options to increase the potential return from the investment.
The first step in the real estate business is getting a real estate license. So before plan a real estate business, a person should plan of applying for a resident letting agent license.
The license allows to:-
- Manage or rent units of a building license of some corporation or owner.
- Collection of rents within that complex
- A trust account can be operated by the license holder.
Eligibility for applying for resident letting agent license:-
- A person must be of age 18 years or older
- And should have passed the training course required.
A person is not suitable to get the license if:-
- An insolvent
- Currently disqualified to get the registration or license certificate.
- Suspension or cancellation of registration or license certificate.
- In the past 5 years convicted of some serious offense.
- A person has any criminal history
- Disqualified as director of a company
- Not suitable due to the character of a person or even the associates.
- If not a citizen of that country- in this case, a certified passport copy is needed and a working visa of that country.
Requirements at the time of lodging the form for applying for a resident letting agent license:-
- Attach certified copies of- birth certificate, passport, driver’s license, and citizenship certificate.
- Pay a certain amount of fees
- Attach qualification proof
The course is necessary for the license. The course deals in management rights, especially management onsite. And there areseveral institutes to help in the course.