Whether you are a fresh graduate ready to kick-start your career or a full-time employee considering a career change, the real estate industry offers an abundance of career opportunities that can adhere to just anyone. A real estate career includes, but is not limited to, becoming a full-time real estate investor, a real estate agent, or a real estate broker.
There are many other options to delve into establishing a real estate career that is financially rewarding in return. And with any successful career, you must have passion and drive for whatever it is you choose to do. Success does not come on a silver platter, you have to work really hard and invest lots of time and energy to materialize your goals into success stories. So, if you have passion for real estate and enjoy learning and reading about the housing market, you came to the right place. Read on to find out which real estate career option works for you.
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7 Real Estate Careers to Think About
1. Agents & Brokers
Before we jump into more detail, it is good to know the subtle difference between a real estate agent and a real estate broker. For one, both have to be licensed, but brokers can work alone as agents and/or hire agents to work for them. Brokers go beyond the minimum education required to become a real estate agent and write the broker’s license exam. So, a real estate agent, aka a real estate salesperson or real estate consultant, are only licensed to sell real estate but cannot work on their own. Another thing to keep in mind, both agents and brokers must be licensed in the state in which they work. Each state has its own licensing system prerequisites, and there is no one-size-fits-all generic license for this real estate career move.
A real estate agent’s income is solely dependent on commissions earned from sales and leases. The commission margins differ depending on the agent’s location and the housing market in that specific area. If you are considering this career path, your job will entail working closely with real estate investors and home buyers and representing them to buy or sell houses. You must possess interpersonal skills and be a good communicator in order to win people over and build trust with your clients. Building trust and communication is key to stand out amongst other realtors and grow a good reputation in this business. You have the option to work in residential real estate, commercial real estate, or both. Up to you! Residential is about selling houses, while commercial deals with business properties, like shopping centers and office buildings intended to generate profit. Regardless, many start out as agents when they establish their real estate career. Furthermore, real estate agents could use Mashvisor as a tool to find and evaluate real estate properties across the US.
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2. Appraisers
Assessing a property’s value is the appraiser’s job. Before you can get approved for a mortgage loan, the lender (aka the bank) must know how much the property is worth at market value. This is where the appraiser comes into to play; he/she assesses the history and state of the property and determines the property’s value before it is mortgaged, taxed, sold, and insured. This job needs background knowledge of mathematics, accounting, and economics. Similar to agents and brokers, real estate appraisers must be licensed in the state in which they work and must first become an appraiser trainee before they can go on to become a licensed residential appraiser, a certified residential appraiser, and a certified general appraiser. Considered a top real estate career choice, many appraisers work at banks, appraisal firms, real estate companies, and even government agencies.
3. Real Estate Counselors or Advisors
This is another great option to consider if you are not interested in selling real estate first-hand. Just like the title says, real estate counselors give advice as well as guide investors to make rational and calculated decisions about their real estate portfolio. They help them invest in real estate properties that are likely to appreciate in value. In order for counselors to give advice on real estate, they must have a strong foundation on the matter; you cannot give advice on something you do not know. This means you need to know real estate inside and out to establish a successful real estate career as a counselor.
4. Real Estate Attorneys
In dealing with bad and stubborn tenants, landlords resort to hiring a real estate attorney to resolve eviction disputes. Not only that, but real estate attorneys provide legal advice for real estate investors and other real estate shareholders. They handle the legal side of real estate to make sure the game is played by the rules, and the client is protected legally during any real estate transaction or agreement. Attorneys make big bucks in real estate careers.
5. Foreclosure Specialists
A foreclosure specialist deals with the logistics of reclaimed houses and help all parties involved, from the homeowner to the lender. They can help homeowners save their house or help banks sell the property to new buyers. They act as a mediator and work with banks and real estate companies in turn.
6. Mortgage Specialists
For starters, you can consider becoming a mortgage consultant or in other words, a loan officer. Your main job would entail evaluating, authorizing, and helping borrowers get approved for a loan in commercial real estate. With this area of expertise, you advise borrowers to choose the best mortgage plan as well as help them fill out loan applications.
7. Property Managers
If you are a real estate investor with a full time day job, it might be a good idea to hire a professional property manager to deal directly with your real estate properties. This job entails, but is not limited to, adhering to tenants’ requests and demands, maintaining the property, hiring contractors if necessary, collecting rent, and handling eviction notices. Property managers must get a real estate license in the state in which they work.
Related: Professional Property Management: When is it Worth the Money?
If you read this article till the end, you definitely show interest in the matter and are serious about starting your real estate career. As previously mentioned, real estate is a thriving industry and is a great career option whether you want to start or change careers. In real estate, anything is possible, and if you play your cards right, you can see your hard work materialize in no time.