Want to pursue a career in the field of real estate? Take a closer look into this high-paying industry and get to know all the possible career options you can take advantage of. Some careers require a license and/or degree while others don't. Get the details here.
When you hear the word real estate, what do you think of first? Our guess is that houses, buildings, offices, and commercial spaces probably come to your mind. The real estate industry is a flourishing one in which you have the opportunity to get massive monetary returns. Real estate jobs are some of the highest paid jobs. However, real estate professions do not only involve helping people buy and sell property, but there are also many other real estate job options which you might not know about.
If you want to start working in the field of real estate, you must know about all the career options that there are in this field. Most common real estate job is of sales but becoming a realtor is not the only job that can be done.
We suggest you do thorough research and see for yourself what options are available. A real estate agent is the most commonly known professional that we come across. However, the real estate industry is not just deep but also huge. It has so many opportunities for people who really want to pursue a career in real estate.
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Depending on the type of job, a real estate professional may or may not need a license. We have divided the types of real estate jobs into three groups on this basis which are; jobs that need you to have a license, jobs where a license is recommended, and jobs where a license other than real estate is required. The real estate careers that you can choose from are as following:
A. Real Estate Jobs in Which License Is Required
If you own a real estate license, you can pick any full-time real estate job from the ones listed below:
1. Real Estate Agent (aka Realtor)
When you wish to sell your property or buy a new house, what do you do? You contact a real estate salesperson. The job of a real estate salesperson is to assist the buyers and sellers to buy or sell a property. They serve as a platform through which buyers and sellers can coordinate with one another and reach an agreement. They make the process smooth. Sales agents s are of two types: residential real estate salesperson (who deals with residential properties), and commercial real estate salesperson (who deals in the commercial sector).
A real estate salesperson usually works with a real estate broker and owns a real estate license. They help clients who are willing to sell their property list their property for sale, market it, and attract potential buyers. They also look for properties they think would meet the requirements of their clients who are willing to buy a property. The earning of real estate salesperson is commission based.
How much money do real estate agents make?
The average realtor earnings is $42,246. However, the range in earnings is huge given it’s a commission-based vocation. Some realtors earn a few thousand per year while others earn millions.
Moreover, it takes time to build up a clientele and to establish a reputation in an area. The first few years are slim but if you’re able to stick it out, serve your clients well you can develop a very good living.
2. Real Estate Broker
A real estate broker is responsible for negotiations between buyer and seller parties and for arranging real estate transactions. They own a real estate broker license. They can work independently or they can start their own brokerage firm. They hire estate agents or real estate salespersons to show the clients around new properties or get the client’s property listed for sale.
However, when a client shows interest in a particular property, the real estate broker takes up the job from there onwards. He works through the process of negotiations until both parties agree on a sale price. He completes the paperwork, including the contract and oversees the transaction activities.
How much does a real estate broker make in the USA?
According to Monster.com, the average salary for a real estate broker is $59,321. Like agents, the range is considerable. A broker who owns their own successful brokerage with many agents completing many transactions can make millions. Likewise, a broker who doesn’t move many properties in a year, won’t make much money at all.
3. Real Estate Property Manager
A real estate property manager is responsible to take care of the property, both financially and physically as well as the tenants.
A property manager should have firm knowledge regarding the rental properties of the area. It is the responsibility of a property manager to set appropriate rent rates based on the gathered information. He would also be required to provide regular financial reports to the homeowner. They should e able to understand financial statements, income taxes, profit and loss, and budgeting.
Real estate property manager also has to make sure that the tenants are fully satisfied with the property. It is also their job to maintain the property. They have contacts with contractors and repair companies so any repair that the property needs can be addressed instantly. They also maintain a record of all the activities the tenants are doing. They also ensure timely rent collection from tenants. They need to possess remarkable communication and management skills.
How much money does a real estate property manager earn?
Take a guess. I suspect it’s more than you think but then again, there’s money in managing real estate. People like owning it but don’t want to take care of it. The average salary of a regional property manager is $104,900. It’s quite a bit more than the average agent and broker earnings.
4. Leasing Agent
A leasing agent is usually the first person to come in contact with potential tenants. They help homeowners to find tenants. They have to ensure that the property stays occupied at all times. Moreover, they run a verification check on potential tenants to make sure they have a clear track record. It is also the responsibility of leasing agents to prepare and execute marketing strategies that would attract potential renters.
Leasing agents stay in coordination with the tenants as well. They ensure that the moving-in process goes smoothly and the time they spend living in the property is free of hassle and inconvenience. Since the job of a leasing agent involves a lot of face-to-face communication with clients and tenants, they need to have exceptional interpersonal skills.
How much does a leasing agent make in the USA?
Unlike property managers, it’s probably less than you think. The average leasing agent earnings in the USA is $30,758.
5. Real Estate Attorney
Real estate attorneys complete the legal work necessary to execute a real estate transaction. While not required to complete a transaction, it’s a good idea for buyers hire an attorney to complete the transaction (called a conveyance).
The attorney will check the title, review contracts and documents, and review the surveyor drawings to ensure buyers are getting what they intend to buy.
How much do real estate attorneys make?
As you’d expect, the average salary of a real estate attorney is decent. It’s $148,697. Those who are very busy and do commercial property transactions can earn quite a bit more than that. Those who work in smaller towns and mostly deal with residential conveyances, earn less.
B. Real Estate Jobs in Which License Is Recommended
1. Real Estate Transaction Coordinator
Real estate transaction coordinator serves as a liaison between the client, real estate agent, escrow company, and mortgage brokers. They are hired by the real estate agents to overlook the transaction process. They manage administrative tasks efficiently. They make sure that all documentation has been completed and signed. Once done, they hand over all the completed files to the broker who finalizes and completes the transaction. They also send reminders to the real estate agent to follow-up with the former client 30 days after the deal was closed. If their client was a seller, they are also responsible t remove the property from the listing after it has been sold. They also maintain a record of client details in the client database.
2. Real Estate Assistants
Real estate assistants are essential for any real estate. They are important for the growth of the real estate business. They look after the administrative tasks that are to be done and allow the broker and agent to focus on finding new clients and marketing. They are responsible to do all the documentation, paperwork, taking phone calls, and everything that offers help and assistance to the broker and agent. They can help the broker and agent in preparing legal documents and also assist the clients over the phone regarding any queries they may have about any documents.
3. Showing Assistant
A customer does not agree on buying a property just by looking at the pictures. A client wishes to visit numerous properties before they can make their decision. The process of showing properties to clients can be very time-consuming. Therefore, a showing assistant is often hired. They present the house to clients and tell them all about it. If a showing assistant has a license, he can discuss pricing and even conduct a sale. However, if they are not licensed holders, they can’t do either of the two tasks.
They schedule and make plans of showing around properties. The coordinate with the seller as to when would it be suitable to show the buyer their house and plan accordingly. They are more like the middlemen between buyer and real estate agent.
4. Real Estate Financial Analyst and Consultant
Real estate financial analyst and consultant is an asset to any real estate company. They carry out research and analysis on market trends. They give predictions about the future of the market. Based on these predictions, companies make investments and sales. Real estate analyst provides valuable information and opinions about investment decisions.
5. Real Estate Investor or Entrepreneur
If you want to make a lot of money, you can opt to become a real estate investor or entrepreneur. Making money in real estate is more risky and easy. Investing in the wrong lands and property can cost you a lot of money. These professionals buy land and property and then sell them for a higher price. If the investors have a high capital in hand, they can spend some of it on improving the property which would automatically increase the market value.
The key to making money in real estate is to purchase the land and property that people would want to buy. Anything property that people wouldn’t want to buy is not an investment, but a loss.
6. Real Estate Marketing Specialist
How would people know that your real estate agency exists in the market? How will you pull in clients when you have no marketing strategy? Like every business, real estate business needs marketing to spread the word of their existence. A real estate marketing specialist handles the marketing for a real estate agency.
They are responsible to make marketing content, manage social media, develop printed materials, create digital content, prepare campaign emails, and manage the brand as a whole. The market value of any company is based on how well the brand is marketed. Therefore, the job of a real estate marketing specialist is a tough one.
7. Real Estate Developer
A real estate developer develops real estate. They purchase lands, at prime locations or in neglected areas and construct apartment complexes, four-bedroom houses for families or work on commercial property and office buildings. They are always involved in developmental work. They also purchase old properties and revamp them. They have to work with the architects, planners, and contractors to bring their idea to life. Once the construction work is complete, they put the newly constructed property up for sale or lease.
C. Real Estate Jobs in Which Other Licenses Are Required
1. Real Estate Appraiser
A real estate appraiser is someone who estimates the value of the property before the property is sold, taxed, mortgaged, or insured. They evaluate the condition of the property, the location where it is situated, and the competitive prices of property in that area. Based on their analysis, they estimate the worth of the property. However, if you wish to be a real estate appraiser, you will need an appraiser’s license.
Some appraisers focus on commercial properties, some appraise only residential and then some do both.
How much money do real estate appraisers earn in the USA?
2. Real Estate Escrow Officer
The requirements to become a real estate escrow officer are extremely rigid. They are the professionals who close the transaction deals. They serve a neutral party in the closing process. In order to be a real estate escrow office, you need to have an apprentice in the field, should be a licensed professional, and also have training in escrow. It is also important that you know how to handle money on a large scale.
3. Real Estate Inspector
While purchasing property, some faults or blemishes may go unseen. This may cause problems for the buyer, seller, and the agent in the future. The inspection of any real estate is essential in the process of buying and selling a property. Before a deal is signed, a real estate or home inspector inspects the property thoroughly and points out the faults. One has to have adequate training to become a real estate inspector because this job requires one to know every aspect of the property, starting form roofing till electricity.
4. Real Estate Loan Officer
In order to become a real estate loan officer, you need to have significant knowledge about finance, loans, and real estate. Their job is to help the buyer get a loan for their purchase. They manage the budget for the buyer and offer their full support to get a loan sanctioned. You need to be registered and should meet the qualifications that are needed to become a real estate loan officer.
Other real estate jobs that do not require you to have a license include real estate lawyers, real estate attorneys, and real estate title officers.
With so many types of jobs in the real estate industry, we are sure you will find a real estate job that suits your profile.
How much does the average real estate loan officer earn in the USA?
I was surprised by this. I thought given it’s a job that requires several skills, experience and is at a bank that it would pay more. The average salary is $46,399.
1. Real Estate Photographer
If you love real estate and have a penchant for photography, you can take photos of houses for realtors and brokers. While many brokers and realtors take their own photos, smart agents will hire a professional photographer because photos really do make a difference.
I’ve seen way too many listings with terrible photos. These agents do their clients a huge disservice. Photos get people in the door and to open houses. It’s one of the most important marketing tools.
Given the fact real estate commissions can be sizeable, realtors who sell higher end homes usually designate a marketing budget to each home and often includes paying a professional photographer.
You do not need a license but you do need to know how to take great photos and then edit then so that the house looks amazing (inside and out). You also need to invest in top-of-the-line equipment, especially good lighting kits, filters and photo editing software.
How much do real estate photographers make?
They charge in different ways. It could be a flat rate. Rates may increase for twilight shoots. Pricing may be by square footage.
This site gives a great breakdown and depending on which state you live in, you can make $100 to $500 per shoot.
2. Home Stager
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Home stagers, like photographers, are more and more in demand because smart realtors understand first impressions are everything. Given most people seek out real estate listings online, the first thing prospective buyers see are the photos.
Even if the photos are taken by a pro, if the house is messy, cluttered or simply not appealing, chances are fewer people will be interested.
Home stagers must have a very good eye for design and decor and be able to stage an entire house quickly at low cost. The best home stagers have arrangements with furniture and home decor stores to rent everything needed to make a home look great inside a few days.
It’s not cheap, but it’s also not a lot of money in many cases given the price of a home and resulting commission to a realtor. Moreover, the more homes a realtor can move for top price, the better reputation they’ll garner which will attract more clients in the long run.
IMO, investing in a professional photographer and stager, especially for higher-end homes, is a no-brainer.
How much do home stagers make?
It ranges considerably. Some charge by the hour. Some charge flat rates for the entire job. Some charge a consultation fee followed by any additional services the home seller or realtor needs. Accordingly, how much stagers make varies a great deal. While there isn’t any solid data on the amount, I suspect it varies from $40,000 to $100,000+ per year.
For example, a home stager who does it part-time and doesn’t live in an affluent area won’t command huge fees and won’t bill 8 hours per day. On the opposite end of the spectrum, a stager who lives in or near affluent neighborhoods, has many high-end realtor connections and has a proven track record of helping to sell high-priced homes, can easily earn well in excess of six figures per year.