Have you been considering making a career change, or perhaps looking to diversify your income? The growing real estate industry continues to offer employment as well as investment opportunities either as a primary or a supplementary stream of income.
Becoming an estate agent
Working in the real estate industry offers flexibility in terms of office hours, as well as the ability to work and study at the same time. As per industry regulations, all estate agents are required to complete a 12-month internship under the supervision of a fully qualified agent, as well as attaining an NQF (National Qualification Forum) Level 4 Qualification in Real Estate which can be done while completing your internship. After this, there’s a Professional Designation Exam (PDE4) which is a 3-hour multiple choice test. Once you’ve passed the test and met the regulated industry requirements, you’ll officially be a Full Status Agent.
Choosing the right agency to intern with is vitally important. One of the most important considerations is finding a team with an innovative mindset with whom you’ll continue to learn and to grow with.
If you’re interested in joining Home and Hectare Real Estate’s dynamic and driven team of innovative Property Specialists, contact us here.
Investing in a Rental Property
If you’re not planning a full career change, but rather looking for an additional source of revenue, buying to rent is the first choice for many property investors, and can provide a reliable source of passive income over the long term. Single bedroom and studio apartments are popular choices for this type of investment as they have remained in high demand consistently for more than a decade.
To get an idea of the potential rental income a prospective property could yield, browse rental listings for similar properties in the same area.
Ideally, you’ll want to use the rental income generated to pay off the bond on the property as quickly as possible to minimise interest, as well as to pay for any maintenance costs. You may also want to consider making some renovations to increase the property’s value.
Another consideration is whether you want to rent the property out yourself or through a rental agency. If you choose to rent it out yourself, be sure you stay on top of all the legalities involved. A rental agency could handle all of the finer details for a fee.
Buying a Property to Fix Up and Resell
Another popular investment strategy is that of residential redevelopment. This entails buying distressed or neglected properties in good areas or areas which are expected to grow in value, making the necessary renovations, and then reselling to make a profit.
This approach requires expert knowledge of property trends to identify the right property at the right time, and an understanding of property values in the area, to determine whether it will be a profitable after the cost of the required upgrades.
If you are considering entering the home flipping market, consult one of Home and Hectare’s Property Specialists on 041 581 1744 or email firstname.lastname@example.org for knowledgeable guidance along your investment journey.