- What is a real estate attorney?
- Opportunities for the solo real estate attorney
- What you need to make the most of the real estate boom
Q: Should I become a solo real estate attorney?
A: Becoming a solo real estate attorney can be an incredibly lucrative career move, especially now. The real estate boom means there is plenty of opportunity for a solo real estate attorney to build a client roster and launch their practice successfully. This article explores the real estate boom and how you can make the most of it as a solo practitioner.
One of the biggest upsides of being in the legal industry is the vast scope of the law.
Legal professionals can find opportunities in just about anything. From criminal defense lawyers to real estate attorneys, those in the legal field have plenty of options.
This is all the more true with the rise of remote work and solo practices. Thanks to the technology and the connectivity of the internet, more attorneys are launching their own independent practices.
Doing so allows them to focus on whatever area of law they are most passionate about. It also gives them the flexibility and autonomy to capitalize on market trends.
One of the biggest opportunities for solo attorneys right now is real estate. With the market experiencing a huge boom, many legal professionals are wondering if they should shift their focus in that direction.
If you’re a solo attorney wondering “should I become a real estate attorney?”, this article is for you.
- The rise of the solo attorney
- What is a real estate attorney
- Opportunity for solo real estate attorneys
- What you need to make the most of the real estate boom
The Current Real Estate Market
The real estate market is absolutely exploding. Demand for homes was already on the rise when the pandemic hit, and the past two years have only accelerated this trend.
In the wake of massive uncertainty, people realized the value of owning a home.
Homeownership brings stability and sets you up for financial security down the road.
Realizing this, even more people flocked to the housing market. This massive influx of home buyers means homes are flying off the proverbial shelves.
According to CNBC, homes spent an average of just 61 days on the market in recent months. People are having an incredibly difficult time just finding a house that stays on the market long enough for them to place a bid.
All of this highlights the incredible amount of opportunity for attorneys. There’s no shortage of potential clients, and that’s not changing any time soon.
The Rise of Solo Attorneys
Another major market trend is the rise of remote work. As with demand for homes, this was already an existing trend prior to the pandemic, but in the aftermath, it’s only accelerated.
Social distancing measures forced endless professionals to adopt work-from-home procedures, and legal professionals were no exception.
While this may have been annoying initially, it wasn’t without a silver lining. Attorneys across the country realized they could operate independently, not needing an expensive office or the support of a larger firm to do their jobs.
As a result, a new wave of solo practices developed. If you’re a legal professional who wanted to go into business for yourself, you were now able to do so from the comfort of your living room.
Not only does this empower you to focus on the areas of law you find most interesting, but it also means you are adaptable and nimble. When market trends emerge, you’re able to shift faster than you would in a larger firm.
Right now, one of the best shifts you can make is towards real estate.
But what is a real estate attorney?
What is a Real Estate Attorney?
The job description of a real estate attorney is simply an attorney who is deeply familiar with all aspects of the buying and selling process for properties. Real estate attorneys can represent the buyer, the seller, or the buyer’s lender.
While people don’t need to have a legal professional involved in the home-buying process, many choose to because of the security it brings.
The transfer of a property from one owner to another is rife with legal details. A real estate attorney helps the buyer ensure that they don’t miss anything like a lien on the title or inadequate title insurance.
Like all areas of law, being a good real estate attorney requires you to familiarize yourself with the details in property law. That said, taking the time to do this can have a fantastic return on investment in the current market.
Opportunity for Solo Real Estate Attorneys
Solo attorneys that transition into real estate can expect a huge influx of new clientele. With so much activity in the housing market, there’s no shortage of opportunities for those who decide to get involved.
One of the particularly powerful things about real estate for the solo attorney is that they can hone on in a niche.
You can choose to focus on representing:
- Buyers
- Sellers
- Lenders
Focusing on one of these preferences means you avoid competition while also building specific expertise.
This ability to be niche can help with everything from marketing to customer retention. You can position yourself as ideally suited to help a particular kind of client, prove your value in your interactions, and use that success to continue growing.
Additionally, finding clients in this market is extremely easy.
Whether you decide to use targeted online ads or simply offer your business card to realtors, the enormous number of transactions in the housing market means plenty of opportunity for new clients.
This can be particularly helpful for brand new solo practices. Because so many people are buying homes, your pool of potential clients is much larger than it may be within other areas of law.
You can ride the real estate boom, grow your firm, and have the freedom to shift focus later if you so choose.
What You Need to Make the Most of the Real Estate Boom
If you want to excel as a solo real estate attorney, you just need a few basic things in place.
First off, you’ll need to have your practice registered properly. This can be done easily using a virtual office address, allowing you to save money on expensive office rentals while giving you the flexibility to operate remotely.
Once your firm is legally registered, the next step is to get your marketing in order. Perhaps the best and easiest way to do this is to use social media and Google ads.
Using these digital marketing tools, you can target people who have been searching for houses online. This means every dollar you spend on advertising is likely to connect you to people who need your help.
You may also consider reaching out directly to sellers or lenders. You may find that calling people who have listed their houses results in plenty of new clients. The same may be said of local banks or lending institutions.
The most important thing is to remain curious and adapt as you go. As you step into the real estate arena, you’ll likely find that a certain kind of client is more responsive.
Keep refining your approach and over time, you’ll find bringing in new clients becomes easier and more cost-effective.
Conclusion
The real estate market’s boom corresponds with a world of opportunity for solo attorneys.
If you’ve recently started your own firm or have been considering going solo, now is the perfect time to do so. You can capitalize on the wealth of potential clients in the real estate market and quickly scale your practice.
Further Reading
- What Does a Real Estate Attorney Do?
- Real Estate Attorney: Do You Need One?
- Four Tips To Protect Yourself In A Competitive Real Estate Transaction
- A Complete Guide to Starting a Business Using a US Mailing Address
One of the biggest perks of going solo right now is the ease of startup. All you need is a business address to register, and you can take advantage of the real estate market to grow your practice.
A virtual office address from Alliance Virtual Offices is the perfect solution for new solo practices. You gain access to a business address you can use for registration at an affordable monthly cost, allowing you to save money and reinvest in yourself.
Take advantage of the real estate boom and step into your solo career with Alliance Virtual Offices.