Choosing the Best Real Estate Career Path
One of the fastest-growing businesses constantly seeking skillful individuals in various positions is real estate. Irrefutably, real estate is a healthy market that is prospering across many verticals, and demand has been insatiable over the last years. Many candidates turn to real estate because this market is relatively easy to enter, permits flexible working conditions most of the time, and offers high earnings potential. Well-trained and motivated entrants usually prosper the most in the real estate landscape. Simultaneously, being sales savvy and having lucrative business connections are additional advantages that can bring remarkable success in the real estate scene.
A real estate professional typically possesses exceptional salesperson qualities and market knowledge. Communication skills and attention to detail are also valuable personality traits that can ensure a rewarding real estate career path. Recent statistics have indicated that the projected job growth in the real estate industry from 2016 to 2026 will be 6%.
What differentiates the real estate industry from other businesses is the plethora of job opportunities for individuals with a variety of skills. Real estate offers professional opportunities for different career paths besides the typical occupations of agents and brokers. What seems counterintuitive is that most people often don’t know the nuances between real estate roles and use them interchangeably. Some real estate professionals assist with the purchase, management, or sale of properties. Some work in residential real estate spaces, while others are employed in commercial real estate. In many cases, some might manage undeveloped properties and land. Depending on the position and experience, real estate professionals can guide the process of obtaining mortgage loans, manage rental properties, develop new properties, and list real estate for sale.
The real estate industry is a flourishing sector in which you have the opportunity to get massive monetary returns. Real estate jobs are some of the highest-paid professions, and some careers require a license or a degree, while others don’t.
Here are some of the most successful real estate career paths:
1. Real Estate Agent
A real estate salesperson’s job is to assist the buyers and sellers by properly listing specific properties. They serve as a platform through which buyers and sellers can coordinate with one another and reach an agreement. They can either work as buyers’ agents or listing agents. To become a real estate agent, someone would normally take a training course, pass a test and receive a license to practice as an agent under the supervision of a broker. Such a profession offers a lot of flexibility, satisfactory income potential, and the opportunity to interact with others instead of being confined to a desk.
Real estate is a versatile field, offering a plethora of real estate salesperson career opportunities that one can pursue, both in residential and commercial real estate. A real estate salesperson usually works with a broker and owns a real estate license. Some of their core responsibilities revolve around helping clients who are willing to list their property for sale, market it, and attract potential buyers.
A real estate salesperson is the mediator between buyers and sellers, being responsible for facilitating their needs and closing deals. Since the agent’s income is commission-based, they will earn more when they identify new business opportunities that result in more leads. That’s why growing your network as a salesperson and putting your client needs at the forefront are the most critical parts of the job. Contrary to residential real estate, a commercial real estate person is someone who sells property to businesses. These individuals usually have great business and finance knowledge pertaining to the commercial property market. Additionally, their daily responsibilities involve more research about market statistics compared to residential real estate. Evaluating market and location conditions and their impact on a business’s bottom line is crucial for completing profitable transactions.
The aforementioned real estate roles are not the only career opportunities that someone can pursue. Real estate assistants are also commonplace jobs, and they are especially in demand as part-time occupations. Real estate financial analysts and consultants are responsible for analyzing financial trends and predicting the industry’s future. Then, they use this information to decide investments, sales, and lendings. A real estate marketing specialist is responsible for nurturing leads, bringing in clientele for agents or brokers and ensuring the business receives more attention and visibility on an ongoing basis. A real estate appraiser determines the value of commercial or residential pieces of real estate based on location, other properties and other characteristics. A real estate escrow officer works with agents, closes transactions, and liaises with lenders familiar with laws about escrows and funds management. Finally, a real estate developer coordinates construction on properties and actively works with architects, engineers and various construction teams. They typically possess commendable project management, communication, and organizational skills.
2. Real Estate Broker
Brokers negotiate between buyers and sellers and typically own a real estate broker license. They hire and supervise real estate agents or real estate salespersons to show the clients around new properties or get the client’s property listed for sale. They diligently work through the process of negotiations until both parties agree on a sale price. In addition, they are in charge of completing the paperwork, including contracts and overseeing transaction activities. Depending on the experience level, more stringent tests might be required. Some states might have varying license requirements, and additional licensure might be requested. Some firms may prefer college degrees while others require high school diplomas.
3. Real Estate Property Manager
A real estate property manager oversees properties financially and physically by taking care of tenants’ needs repairing damages. Such a manager must have a deep understanding of rental properties in the area. He/she must also be able to set rent rates and provide financial information to homeowners. Other important areas of knowledge are financial statements, income taxes, profit, and budgeting. A real estate property manager works with owners to ensure everything is working and operating smoothly. Good knowledge of finance, marketing, and facility operations along with having good credentials and affiliating with a respectable firm can help you get a leg up in your career. A property manager’s job also involves administrative duties, such as collecting rent, managing budgets, handling communication issues, and coordinating vendor relationships.
4. Leasing Agent
Leasing agents typically help homeowners find tenants. They also implement verification tests on potential tenants to make sure they have a clear track record. Some also assist with the marketing strategy to attract potential renters and establish long-lasting relationships. Strong interpersonal and management skills are the most sought-after qualifications, since leasing agents’ primary responsibility is to navigate conversations with tenants.
5. Real Estate Attorney
Real Estate Attorneys are in charge of all legal requirements in order to effectively complete real estate transactions. They usually check titles, review documents, contracts and surveyor drawings. Moreover, they handle disputes about ownership and attend closing of property purchases with buyers to ensure the transactions’ validity. They represent buyers and sellers by negotiating on behalf of clients for the purchase process and help with foreclosure processes.
Are you the right candidate for the real estate business?
If you receive genuine satisfaction from helping clients find the perfect home or sell their property at their desired price, a career path in real estate might be ideal for you.
Prospective buyers and sellers are always looking for the expertise and market knowledge of real estate agents, who can help them manage their way through the process with excellent client services and financial recommendations. People who usually observe progress and growth in this business are self-motivated, hard-working, honest, and enjoy networking and helping people.
Before you venture into this fast-growing career industry, you should evaluate the advantages and disadvantages of being in residential or commercial real estate. In residential real estate, you will typically work with single-family homes, condominiums, and other dwellings, which are less expensive, easy to rent and sell, but require more maintenance. Commercial properties are more expensive and harder to rent and sell, but with exceptional business skills, the rewards can be outstanding.
If you have a license or degree in real estate, your opportunities can be vast and extremely profitable. No other sector offers such versatility, stakes, flexibility, and structure as real estate, and you should begin by considering which area is right for your personal and professional qualifications.
