How to choose a city to work as a realtor in?
When you decide to begin a real estate career and want to achieve success in it, it is very important to choose the right city for a start. Every city has its own market but it is preferable to choose the area you are knowledgeable about. Otherwise, you will have to spend weeks trying to understand the local area. For example, if you live in Las Vegas, and have done for several years and fully understand it’s layout, nightlife, good neighbourhoods, and whatnot, you will find it much easier to help Las Vegas home buyers with their purchases, rather than choosing a place you know nothing about and having limited knowledge.
Moreover, there are cities which are more advantageous for building a career in real estate and ones where it is impossible even to earn your living since the percentage of sales and rent is incredibly low. SmartAsset’s platform has conducted a study to understand which cities are the best ones for building a career in real estate.
American cities according to four factors including:
Home turnover rate (the percentage of homes sold for one year);
Annual changes in the median sale price;
Competition (number of homes sold per every agent);
Median compensation received by a real estate agent. Experts also advise considering several more factors when you select a city to work in. Bigger metropolises which attract employees are great if you specialize in rent. The consideration of the moving statistics will help to understand the trends where people relocate most often – these cities will also have more property sales and rents. However, it is important to remember that legislation also impacts estate sales too since more business-friendly cities attract a bigger percentage of investment too. Rating of the best cities The results of the study mentioned above are quite predictable. These are cities with a quite extensive job market as well as major tech centers. Some of the leaders are places where the cost of living is more affordable, while the others are ranked the highest in net migration. Having conducted a study with the analysis of four different factors mentioned above, the researchers suggested the following rating.
Top 10 cities for building a successful real estate career looks as follows in 2019 (data is taken on Zillow):
Las Vegas, Nevada Number of homes for sale: 10,198 Median home price: $274,700 Number of flats to rent: 1,972 Median rent price: $1500
Reno, Nevada Number of homes for sale: 1,977 Median home price: $371,200 Number of flats to rent: 374 Median rent price: $1,720
Rockford, Illinois Number of homes for sale: 1,098 Median home price: $86,400 Number of flats to rent: 201 Median rent price: $950
Eugene, Oregon Number of homes for sale: 638 Median home price: $313,500 Number of flats to rent: 125 Median rent price: $1,595
Naples, Florida Number of homes for sale: 7,160 Median home price: $319,200 Number of flats to rent: 0 Median rent price: $3,500
Sacramento, California Number of homes for sale: 1,646 Median home price: $327,200 Number of flats to rent: 528 Median rent price: $1,750
San Jose, California Number of homes for sale: 1,535 Median home price: $1,022,300 Number of flats to rent: 987 Median rent price: $3,500
Denver, Colorado Number of homes for sale: 2,901 Median home price: $422,400 Number of flats to rent: 1,991 Median rent price: $2,200
Chicago, Illinois Number of homes for sale: 15,248 Median home price: $228,00 Number of flats to rent: 10,930 Median rent price: $1,800
New York, New York Number of homes for sale: 33,704 Median home price: $676,00 Number of flats to rent: 12,613 Median rent price: $2,900a
