Why choose a career in real estate? Perhaps that might be the question on your mind. I can say there are a dozen reasons why you may want to consider a career in the real estate industry.
Imagine working for yourself in a flexible career where you can set your own schedule with potential annual earnings of $ 100,000 or more. There are so many reasons to choose real estate as a career.
But there are always two sides to every story, and a career in real estate is no different.
A career in Real Estate -Overview
The real estate industry is constantly changing and maintaining high demand for many related jobs and careers. In fact, the Association of Real Estate License Law Officials (ARELLO) estimates that there are nearly 2 million active real estate licensees in the US alone. Careers in real estate offer many perks for those who don’t want a traditional nine-for-five job.
There are lots of career opportunities associated with the real estate industry – you may not even know that some of them exist! As a result, choosing the right career path can be difficult.
So if you are looking for a job in real estate, you need to do your research first. In this blog post, learn more about the different real estate careers, as well as their job description, salary, and requirements to help you choose the right career path.
#1.Become Real Estate Investor:
Number one on our list of careers in real estate to choose from is becoming a Real Estate Investor.
Becoming a real estate investor is the most rewarding career in real estate! Real estate investors are those who buy real estate or land, try to maximize their profits, and then sell their investment.
However, this work is not all about simple transactions. A real estate investor (who is successful) knows when and where to buy investment property.
This assumes that they have a thorough understanding of the real estate market in order to be able to make money. If you buy blindly, you run the risk of losing your money and investment. Other requirements to become a real estate investor are:
Be familiar with career risk.
Have finance to buy real estate or land.
Know how to find the best investment properties for sale and analyze their profitability.
Know the different real estate investment strategies (buy-and-hold, fix-and-flip, renting, etc.) and the different types of real estate (residential and commercial).
Entering a real estate career as an investor offers some amazing benefits. One of them is the fact that you can invest with little money! You can also invest passively in real estate – make money without investing much in the investment.
In addition, a real estate investor can make a lot of money. While there is no set salary for this position, the average annual salary for a real estate investor in the US is $ 124,000, according to ZipRecruiter.
#2. Become Real Estate Agent
Getting a job in real estate as a real estate agent is one of the best and most common real estate careers. Real estate agents help people buy or sell real estate. This means that you can be a buyers’ agent or a sellers’ agent. You can also be a residential or commercial agent:
Residential Real Estate Agent:
Residential real estate agents facilitate a home buying process between sellers and buyers. You can get even more specialized by focusing on specific types of property such as single-family homes, condos, luxury homes, vacation homes, or foreclosures. You need a license to become a real estate agent, but your success depends on your ability to meet your clients’ needs.
Additionally, you will need a lead generation strategy before embarking on a career as a real estate agent. Another requirement for success as an agent is excellent customer service, network, and marketing skills.
Commercial real estate agent:
Commercial real estate agents are similar to residential real estate agents, but they work in the commercial part of the real estate industry. Instead of houses, commercial real estate agents sell real estate to businesses.
In addition, this type of career in the real estate industry requires analytical knowledge of business and finance. This is because sales representatives use data such as gross rental multiples, capitalization rates, and internal rates of return.
Residential and commercial real estate agents’ salaries are based on commission. So you are making a percentage of the amount of the property in the transaction. This means that the agents who find more leads and close more deals make more money. However, according to the National Association of Realtors® (NAR), commercial realtors made twice as much as residential realtors in 2017.
#3. Become Real Estate Broker:
A broker and agents are very similar in their real estate professions. The only difference, however, is who they work for. Essentially, real estate agents sign with a brokerage house. Real estate agents, therefore, work for real estate brokers.
On the other hand, brokers have the option of working independently or setting up their own brokerage house.
Which of these real estate careers is right for you? If you have an entrepreneurial spirit, consider a career as a real estate broker.
Are you wondering how to become a real estate broker? Depending on the requirements of your state, you may need to work as a real estate agent for 1-3 years before you can apply for a broker license.
You may also need to complete training and pass the broker certification exam.
So, becoming a real estate broker is one of the best real estate careers if you are already a real estate agent and want to advance your career. According to Glassdoor, the average real estate agent salary in the US is $ 72.5,000 / year.
#4 Become Real Estate Developer
Real estate developers are those who buy land and build real estate there. This includes everything from a 4 bedroom home for a family to office buildings.
A real estate developer is responsible for planning and coordinating the construction of these buildings, financing them, and assembling a team to execute the plan.
This means that real estate developers also work with architects, engineers, contractors, construction teams, landlords, lawyers, and other professionals who deal with the various aspects of real estate.
Anyone who wants to become a real estate developer should generally study for at least four years in courses such as civil engineering, architecture, urban planning, or corporate real estate.
In addition, you should have a good understanding of the economy, the real estate market, the planning process, and finances. Knowledge of multitasking, interpersonal communication, and project management are also required to excel on this career path.
As for your real estate salary as a developer, it depends on a number of things like years of experience, the company you work for, and the types of properties you are building.
#5. Become a Real Estate Wholesaler
Real estate wholesale is one of the best real estate careers for making quick money. How to wholesale property:
Find a distressed property whose owners are motivated to sell quickly.
Convince the owner of the property to sell the property and sign your contract.
Evaluation of the need for renovation and the ARVs (according to repair value)
Find a buyer and sell the property for a profit.
Some confuse the wholesale strategy with the fix-and-flip strategy in real estate, but these are different real estate careers. Nevertheless, a house flipper buys distressed properties and does the renovations.
While A real estate wholesaler, on the other hand, does not. Wholesalers need to know the renovation costs and ARVs so they can give these numbers to investors and show them the potential profit the property will bring them.
The great advantage of wholesale is that you can get into real estate if you don’t have the financial means to do so.
This is one of the best real estate career options for you if you have a distressed real estate eye and strong negotiating skills. It will take time, but it can bring significant rewards if done right!
#6.Become Property Manager
As mentioned earlier, there are real estate investors in the industry who invest passively. Some of them invest in rental properties but do not manage them themselves.
Instead, they hire the property management company to take care of their investment. As a property manager, you take care of the property’s financial and physical well-being.
You also need to make sure that the tenants in the rental property are happy and you need to work with the work owners to make sure everything is running smoothly.
To become a property manager, you need a broker license. You must also have certain skills, including customer service, management skills, and the ability to solve problems on the go.
Also, if you are interested in a career in real estate management, you will need an adequate understanding of finance, marketing, facility operations, and documenting critical information.
Glassdoor estimates the average salary for a property manager in the United States is $ 54,000 / year.
#7.Real Estate Attorney
Real estate attorneys are professionals who apply their skills to the legal aspects of the real estate business.
For example, if there is an issue with the title, documentation, transfers, or other legal issue, it is the attorney’s job to resolve the tension.
Lawyers are most helpful in advising clients during the transaction process to ensure that the home sale is legal.
To become a real estate attorney, you need extensive training experience.
You must have earned a bachelor’s degree, passed LSAT, earned a Juris Doctorate, and then passed the bar exam. This process can typically take 6 to 8 years.
Then you have to spend 2 more years of experience as a lawyer. As with other real estate careers, you’ll get an impressive salary of $ 119,000 / year for becoming a real estate attorney, according to Glassdoor.
#8. Become a Real estate Home Inspector
A home inspector examines properties for defects or issues that could cause problems for the buyer, seller, or agent. Inspections are an integral part of the real estate transaction.
Indeed, a home inspector will help point out any flaws and imperfections that may go unnoticed. Glassdoor estimates the average base salary for a home inspector to be $ 38,000 / year.
The requirements to become a home inspector vary by state. For example, in California, you don’t need a license to become a home inspector.
However, you need to get the right real estate training to meet your clients’ expectations. As a home inspector, you need to be familiar with the roof, wall structure, plumbing, and electricity wiring – to name a few.
It is for this reason that most home inspectors seek reliable training before embarking on this type of career in the real estate industry.
#9. Become a Real Estate Appraiser
Some may think that an inspector and appraiser do the same thing, but they don’t. Appraisers are professionals who determine the value of commercial or residential real estate.
When you become a real estate appraiser, you need to know how to value properties based on their features, location, and comparing the property to other similar properties.
To become a real estate appraiser, you need an appraiser license. To get one, you must complete 75 hours of basic exam training and pass a state examination.
Since this career in real estate takes you into finance and business, an education in these areas will be helpful.
You also have the option of working independently or with a larger company and appraising commercial real estate. According to Glassdoor, the salary for a real estate appraiser is $ 53,000 / year.
#10. Become a Real estate Leasing Agent
If becoming a leasing agent is your career path, then you will work directly with property owners to help them find the perfect tenant to rent out their rental properties.
You can choose to work in either the commercial real estate sector (leasing businesses) or the residential real estate sector (leasing individual tenants).
Since you are working with the client and potential tenants, you will need excellent interpersonal communication skills.
There will be a lot of personal time with the client and the renter so you need to know how to handle negotiations and conversations.
An additional understanding of marketing and advertising will help you distinguish yourself in this type of real estate career.
#11. Become a Real Estate Assistant
Real estate assistants are the administrative support for brokers and agents. Typically, an assistant’s job is to file documents, answer calls, and run property listings.
On paper, this real estate career doesn’t seem like the most glamorous choice. However, assistants are an important part of any real estate transaction! Both real estate agents and brokers agree that assistants are irreplaceable and necessary to the growth of their business.
Plus, you don’t need a real estate license to become an assistant. You need to understand how the real estate industry works.
This will help you get your job done quickly and efficiently, and you can expect an annual real estate salary of $ 42,000 / year, according to Glassdoor.
It is also one of the best real estate careers if you want hands-on experience working with a realtor.
#12. Become a Real Estate Marketing Specialist
Are you looking for a career in real estate that doesn’t involve interacting with buyers or sellers? Consider getting a job as a real estate marketer.
They are professionals doing marketing duties for real estate agents and brokers. Your goal is essentially to show a brand to the public.
This includes managing social media, creating digital content, developing print materials, writing campaign emails, and managing the brand as a whole.
In other words, real estate marketers are revising the presence of the brokerage or brokerage business. Without them, the company will find it difficult to generate leads.
#13. Become Real Estate Consultant
For example, let’s say you have worked in one of the real estate careers above for many years, and you are confident that you have adequate knowledge of the real estate industry.
If you are looking for a new job, your best option is to become a real estate consultant. Thus, Consultants are professionals who advise real estate investors or companies interested in buying a property and are paid $ 67,000 per year for this!
Their knowledge also enables them to spot trends and predict the future of real estate to provide valuable information that investors can use to achieve their goals.
Remember, to become a real estate consultant, you must pass a license exam.
#14. Become a Real Estate Loan Officer
A real estate loan officer will help clients obtain a loan for the purchase of a property. This means that they work with buyers to fund their purchase within their budget.
To get a job as a real estate loan officer, you must be registered with the National Mortgage Licensing System and to register you must meet the requirements.
In addition, you should have a financial literacy as you will help clients navigate the financial waters of their property purchase.
After all, you are their guide through the stress of money problems. Glassdoor estimates the average salary for a home loan officer to be $ 34,000.
#15. Become a Mortgage Broker
Are you good with people AND numbers? If you answered yes, you could have a future as a mortgage broker! A mortgage broker acts as an intermediary between the lender and the borrower and does not borrow money.
Mortgage brokers are business owners who analyze mortgage products and advise clients on credit availability, skill requirements, interest rates, and terms. According to Realtor.com, the average salary for a mortgage broker is $ 51,000. To become one you must:
Undergo the pre-licensing mortgage broker training
Pass the SAFE Mortgage Loan Originator Test
Apply for your mortgage broker license
Obtain a mortgage broker bond
Develop a network of lenders and buyers
Continue your education on mortgage lending
Being in the real estate industry can be very rewarding, but you must be on the right career path that is right for you in order to be successful. Which of these real estate careers are you most interested in? At Investmentport.com, we encourage you to embark on a career as a real estate investor.
Not only is this the most rewarding one, but it also opens doors for anyone looking for a job in real estate!
You don’t need to take a test or have a license to become an investor. You can invest with little (if any) money and you can start making money passively! So watch out for our next article how to become a real estate investor with little or no money!