How To Work In Real Estate? 16 Real Estate Careers Analyzed.
There are a variety of different career options in the property industry, some of which you may not even be aware of! Subsequently, you might feel overwhelmed when choosing a proper career path. If you are interested in a real estate career, some due diligence will need to be done on your part. This article will talk about various careers in real estate, as well as a brief job description, average salary, and professional requirements that come with them.
- 1 Real Estate Investors
- 2 Real Estate Wholesalers
- 3 Residential Real Estate Agents
- 4 Commercial Real Estate Agents
- 5 Real Estate Brokers
- 6 Leasing Agents
- 7 Property Managers
- 8 Real Estate Developers
- 9 Real Estate Attorneys
- 10 Home Inspectors
- 11 Real Estate Appraisers
- 12 Real Estate Assistants
- 13 Real Estate Marketing Specialists
- 14 Real Estate Consultants
- 15 Real Estate Loan Officers
- 16 Mortgage Brokers
Real Estate Investors
Being a property investor can be a very rewarding career. Property investors purchase real estate or land. Their goal is to optimize profits and resell their investments. With that said, this job involves more than transactions. Successful property investors understand where and when to purchase real estate investments. They need to be knowledgeable about the property market if they want to make money from it. Making blind purchases could result in a loss of an investment. There are other requirements involved with a career in property investment, including the following:
- Being okay with taking risks.
- Having money on hand to purchase land or real estate.
- Knowing where to find good investment properties, as well as the ability to analyze how profitable they can be.
- Understanding various property investment strategies (rentals, fix/flip, buy/hold, etc.), along with the different kinds of properties (commercial vs. residential real estate).
Being a property investor comes with many benefits. One of the perks of this career involves investing with minimal cash! Real estate can be invested in passively – you’ll have the ability to make money without a lot of involvement. Although no universal salary exists for this career, ZipRecruiter claims that property investors in America make about $124,000 a year, on average.
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Real Estate Wholesalers
Property wholesaling is a great career in this industry, and it gives you an opportunity to make money fairly quickly. This is what wholesale property work entails:
- Find distressed properties owned by people who want to sell as quickly as possible.
- Convince property owners to part ways with the property.
- Convince them to sign a contract.
- Evaluate the renovation needs of the property, as well as its after repair value (ARV).
- Find buyers, then sell your property to one of them for a profit.
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Some people mistake wholesaling with fix/flip strategies, but those two things are very different. For starters, house flippers purchase distressed properties before conducting renovations on them. Conversely, real estate wholesalers must know the ARV and renovation costs, and then give those figures to investors. After all, these people need to see what kind of profits they will receive from the property.
Wholesaling lets you engage with real estate, regardless of whether you can afford to or not. This will be a great real estate career opportunity if distressed properties are something you spot easily. If your negotiation skills are strong, that won’t hurt, either. Success will not happen overnight, but if you do things right, the rewards you get will be significant.
Residential Real Estate Agents
Being a real estate agent is a very common career in this industry. Agents specialize in helping people buy and/or sell properties. An agent can represent either a seller or a buyer.
An agent that specializes in residential properties facilitates the buying process for everyone involved. Consider specializing in specific property types, such as foreclosures, vacation homes, luxury homes, condos, and single-family units. A license will be necessary to be a residential real estate agent. Your success will be contingent on your ability to meet clients’ needs. Further, you’ll need to develop a strategy for lead generation. You should have natural marketing, customer service, and networking skills.
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Commercial Real Estate Agents
A commercial agent specializes in properties people do not live in. Commercial real estate focuses on selling properties to companies. This kind of career warrants analytical finance and business knowledge. That’s because commercial real estate agents use all sorts of data, including internal rates of return, gross rent multipliers, and capitalization rates.
As far as salaries go, both commercial and residential real estate agents are paid by commission. As such, they will learn a set percentage of whatever the property sells for. Agents that are able to find a lot of leads are ones that end up closing more deals, and therefore, generate a lucrative income. As far as salaries go, the NAR (National Association of Realtors) claims that commercial agents earned double the amount that residential agents did in 2017.
Real Estate Brokers
An agent and a broker have very similar jobs. What separates one from the other are the people they represent. Real estate agents tend to sign with brokerages, so they work for brokers. Conversely, brokers are free to work independently or begin a brokerage of their own. If you consider yourself an entrepreneur, becoming a real estate broker is something you should consider.
Curious about how one becomes a broker? Based on the requirements of your state, between 1 and 3 years’ worth of experience as an agent will need to be earned to qualify for a broker’s license. You might have to pass a broker licensing exam or complete some kind of training course. A broker is a great career if you are an agent already and want to expand your career. Glassdoor claims that USA-based real estate brokers earn a salary of just over $72,000 a year, on average.
Leasing agents work with various property owners directly. They do so to find quality tenants willing to lease a rental property. You can work with residential properties and lease to individual tenants, or work with commercial properties, leasing space to businesses.
Since you will be working alongside both potential tenants and clients, communication skills must be something you are strong at. There will be plenty of in-person meetings with both the tenant and client. As such, you’ll have to understand how to go about navigating conversations and negotiations. A strong understanding of promotion and marketing can help you achieve success with this kind of career.
Some property investors only passively invest. Others invest in real estate rentals, hiring people to manage the properties for them. Property managers ensure the physical and financial health of a property. You’ll need to make sure that tenants living in the property are content. You’ll also need to work alongside the owner of the property to keep things running smoothly.
Property managers need broker licenses. If this career interests you, you’ll need a certain skill set, which is comprised of quick thinking, problem-solving, customer service, and managerial skills. Further, a career in property management will require a strong understanding of facility operations, marketing, and finances. You’ll also need to document important details. Glassdoor claims that the average salary for a property manager in America is about $54,000 annually.
Real Estate Developers
Property developers purchase land, then build real estate on it. Such real estate may take the form of an office building, or it may be space for a three-bedroom house. Real estate developers are responsible for coordinating and planning the development of buildings like these, financing the project, then putting a team together to bring the plan to fruition. As such, a real estate developer will have close connections with various professionals, including lawyers, leasing agents, construction teams, contractors, engineers, and architects.
If you want to be a property developer, you’ll require a 4-year degree studying either commercial real estate, urban planning, architecture, or civil engineering. You’ll need to be knowledgeable about finances, planning processes, the property market, and the economy as a whole. If you are able to multitask, have strong project management skills, and are interpersonal in business, you will do well with a career path like this. A developer’s salary will be contingent on several things, including where you work, the properties you produce, and the amount of experience you have.
Real Estate Attorneys
These professionals apply skills they’ve learned to legalities surrounding property disputes. As an example, anytime an issue comes up with transfers, documentation, or the title, the job of the attorney will be to settle such tensions. Attorneys can guide clients through a transaction process. They can make sure that everything is on the level.
If you are interested in becoming a real estate attorney, your educational experience must be extensive. You must graduate with multiple bachelor’s degrees, pass the LSAT, earn a Juris Doctor degree, then pass a bar exam. You can expect this to take up between 6 and 8 years of your life to complete. You’ll then spend another couple of years gaining experience. Becoming an attorney in this industry will come with a strong salary. Glassdoor claims that real estate attorneys make $111,000 annually, on average.
Real estate inspectors examine properties to see if there are any issues or defects capable of causing issues for the agent, buyer, or seller. These inspections happen to be a key aspect of real estate transactions. That’s because home inspectors isolate blemishes and flaws that others might not notice. According to Glassdoor, the base salary that a property inspector earns each year is about $38,000 on average.
For this type of career, the requirements will vary depending on where you reside. For example, in the state of California, no license is needed to be a property inspector. You will, however, need sufficient real estate training to accommodate clients’ expectations and needs. Home inspectors also need to have a strong understanding of electricity, plumbing, wall structure, and roofing, among other things.
Real Estate Appraisers
Some people think appraisers and inspectors do the exact same thing. However, this is just not true. Appraisers can be described as professionals who establish a residential or commercial property’s value. Real estate appraisers must understand how properties are valued based on location, characteristics, and comparisons to similar properties.
An appraisal license will be necessary if you’re interested in this kind of career. 75 hours’ worth of appraiser education will need to be completed, and you’ll also need to pass a state exam. Because economics and finance are involved with this kind of career, a background in education will go a long way. Further, you can choose to work with a large business or by yourself to appraise commercial real estate. Glassdoor claims that the average salary for a real estate appraiser is about $53,000 annually.
Real Estate Assistants
A real estate assistant offers administrative support directly to brokers and agents. For the most part, this job involves promoting property listings, filing documents, and answering telephone calls. While this kind of career does not sound very glamorous, real estate assistants happen to be an integral aspect of any property transaction. Real estate brokers and agents alike will tell you the same thing – an assistant cannot be replaced and is needed for their firm’s growth.
A license isn’t necessary if you want to be a real estate assistant. You must understand how the industry works. Being knowledgeable can help you accomplish tasks efficiently and quickly. Glassdoor claims that the average salary for a real estate assistant is $42,000 annually. If you’re interested in working with agents and gaining experience directly, this is definitely a career worth considering.
Real Estate Marketing Specialists
Would you like to start a career in real estate that does not involve engaging with sellers or buyers? Think about becoming a real estate marketing specialist. Such professionals execute marketing tasks for both brokers and agents. Their objective is to get the brand noticed by people. Their duties involve brand management, authoring campaign emails, developing print materials, writing digital content, and managing social networks. Real estate marketing specialists enhance the broker or agent’s business presence. They help brokers and agents generate leads.
Real Estate Consultants
Once you have a lot of experience and knowledge in this industry, you may be interested in becoming a consultant. These professionals offer advice to property investors and organizations that are interested in purchasing property. The average salary for a real estate consultant is about $67,000 a year. You’ll need to predict future real estate trends to help various investors accomplish their goals. If you want to get into this profession, a licensing exam will need to be taken.
Real Estate Loan Officers
These people help clients get a loan so they can purchase a property. Real estate loan officers work with buyers so they can finance their purchases and remain within budget. To become a loan officer, you’ll need to register with the NMLS (Nationwide Mortgage Licensing System), but only if you qualify. Financial knowledge will help you assist clients – you can guide them through the financial aspect of their purchase. According to Glassdoor, $34,000 is the annual salary for real estate loan officers, on average.
Are numbers and people something you are good with? Consider becoming a mortgage broker. These specialists act as intermediaries between a borrower and lender. They don’t actually lend anybody money. A mortgage broker is essentially a contractor that analyzes mortgage loan items before advising customers on a loan’s terms, interest rates, qualification requirements, and availability. Realtor.com claims that the average annual salary for American mortgage brokers is approximately $51,000. If this career is one you want to pursue, you will need to do the following:
- Undergo licensing broker training.
- Take the SAFE MLOT (Mortgage Loan Originator Test) and pass it.
- Apply for a mortgage broker license.
- Get a mortgage broker bond.
- Establish a buyer and lender network.
- Continue your mortgage lending education.
Getting into the real estate industry can be quite rewarding. However, the career path you choose should be one that you are comfortable with. Which of the above careers interests you the most?