Real Estate Investment Drew Young Entrepreneurs

Wednesday, February 15 2006 @ 10:15 AM UTC

Contributed by: jron

Real estate is now being appealing to young people who are in their 20's, while some are spending their time with other activities, some of them are trying to make a business out of real estate.

24-year old Chris Collins is no different to some of them, although he knows that the real estate scene is hard to break into or even break even, he and some of other people in their 20's are trying to fit in the industry, rather than work at a 9 to 5 jobs.

Tim Kent, executive vice president of N.C. Association of Realtors said Only 5 percent of all real estate agents are younger than 30 years old.

Kent says "It's a tough business for any new entry to real estate, regardless of age," and added "And it's particularly difficult for a young individual who may not have sufficient capital to keep them afloat in months without a paycheck."

Although the competition is really stiff for real estate industry, median age is at 52 and median annual income is at $13,000, plus the battle for turf, Collins, last year recorded $5.5 million in home sales as an agent with RE/Max of Greensboro.

Nikole McClanahan, an agent with RE/Max 1st Choice in Greensboro, said "I have definitely, in the last 10 years, seen a lot of younger agents enter the marketplace,"


She said that "The young people I've seen view real estate as a career, not cash on the side. They're tech-savvy and Web friendly, essential skills in an industry where agents market themselves and compete online."

Another example of people in their 20's who were into the real estate craze are couple Mike Jobe and his wife Erica Jobe, Mike is 27 and Erica is 25.

Mike said "The closest thing to a real estate agent is a squirrel," and added "You gather your nuts, and you hope you can make it through the wintertime with those nuts."

While Erica says "I don't know how it's gonna be when you have children,", That is why they have been able to survive their past few years, only having themselves together.

Cindy Kane, who oversees the real estate program at Guilford Technical Community College "Erica Jobe has the freedom to set her own schedule, which attracts many young people. That's because they want control"

Experts said that "Being an entrepreneur has its downside. Young people on the crew at Prudential, where about 12 percent of the agents are younger than 30, said they feel the lack of benefits such as 401(k) plans."

According to National Statistics "It can take agents half a decade in the business to make more than $50,000 in annual pretax income,"

Real estate investment has really drawing attention especially to young entrepreneur who wants to start in the field. The only thing is they have to accept whatever consequences the nature of the bussiness has for them.

By: Dijon Wainwright

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