0.3: Preface

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Students, what interested you in starting a real estate career? Perhaps you need a new, or better, source of income to pay your bills… or you were attracted by the lure of real estate shows on social media. Was it the desire to start a legacy of generational wealth in your family? Or maybe you simply enjoy serving people and contributing to community growth and improvement. While some real estate students love the idea of talking to people and making sales, others enjoy the creative parts of real estate, such as photography, marketing, or staging and decorating a home. And yet, others are drawn to financial figures, number crunching, and calculating profits.

The good news is that you will find many options for real estate careers in this OER textbook. Did you know the real estate and housing industry contributes extensively to our national economy? In 2023, the financial services segment (which includes real estate) contributed to the gross domestic product (GDP) with 20.7% share of value (Statista). The great news is the real estate industry is on track to continue growing and contributing to our national economy in the coming decades, which means a wide choice of opportunities will continue to be available for you.

Will the next decade bring a housing boom or bust? Will the commercial property sector need to reorganize for future development? To what extent will short-term vacation rentals, auxiliary dwelling units (ADU), tiny homes, and solar/green energy implementation affect our industry? What about the current industry uncertainty with buyer representation, multiple listing services (MLS), artificial intelligence (AI), and REALTOR® memberships… how will the future unfold? The future remains to be written, and YOU have an opportunity be part of shaping it because you are preparing to become an industry leader. None of us knows what the future holds – not even the most reputable economist has a crystal ball to predict every impending market trend perfectly.

As you embark on this new career path, many things remain uncertain. You may not yet have decided on the specific career field. And that’s perfectly okay! You are exactly where you’re supposed to be right now. As you walk through the online pages of this OER, you will discover many real estate careers that may appeal to you. By the end of your class, hopefully you will have selected your desired career path. You should have enough knowledge about real estate and about yourself to make an informed consideration and start your new career journey.

Before you dive into your real estate class, take a moment to think about yourself carefully and take an inventory. How are your professional skills (are they rusty)? Can you easily hold conversations with new people you meet? Is your résumé updated and are you interview-ready? Are you confident that you can sell yourself and your skills to an employer? How extensive is your knowledge base of real estate and professional business information?

Although we (the OER authors) have not yet met you, we do know one thing about you: the person you become at the end of this class will be a very different person from the one you are now. Get ready to experience a life change over the course of this class! We guarantee that you will emerge as a more skilled, confident, and career-prepared individual than you are today. And that’s a fantastic thing!

References:

Amadeo, K. (2024, May 4). Real Estate's Impact on the US Economy: Why Buying a Home Helps Build the Nation. Retrieved from https://www.thebalancemoney.com/how-does-real-estate-affect-the-u-s-economy-3306018

CBRE Research. (2023, December 12). U.S. Real Estate Market Outlook 2024: Slowly Falling Interest Rates Should Boost Investment Activity. Retrieved from https://www.cbre.com/insights/books/us-real-estate-market-outlook-2024

Duffy, P. S. (2024, January 23). 2024-2028 Housing Market Predictions: A Gradual Thaw With Added Challenges. Retrieved from https://realestate.usnews.com/real-estate/housing-market-index/articles/housing-market-predictions-for-the-next-5-years

Gerdes, L., Lechter, N., Riccio, M., & Sunbury, C. (2024, February 29). Real estate industry outlook. Retrieved from https://rsmus.com/insights/industries/real-estate/real-estate-outlook.html

Han, B. (2022, June 6). Real estate industry accounted for 16.9% of GDP in 2021: NAR estimates that each home sale generated $113,000 of economic impact in 2021. Retrieved from https://www.realtrends.com/articles/real-estate-industry-accounted-for-16-9-of-gdp-in-2021

Lewandowski, B., Illig, A., Kercheval, M. P., & Wobbekind, R. (2023, January). Economic Impacts of Commercial Real Estate, 2023 U.S. Edition. Commercial Real Estate Development Association (NAIOP). Retrieved from https://www.naiop.org/research-and-publications/research-reports/reports/economic-impacts-of-commercial-real-estate-2023-us-edition

Rothstein, R. (2024, June 13). Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? Retrieved from https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions

Statista. (2024). Share of value added to the gross domestic product of the United States in 2023, by industry. Retrieved from https://www.statista.com/statistics/248004/percentage-added-to-the-us-gdp-by-industry

The Real Estate Roundtable. (2023). Commercial Real Estate By The Numbers: 2023. Retrieved from https://www.rer.org/wp-content/uploads/CRE-By-The-Numbers.pdf

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