Career Path: Exploring The World Of Real Estate Business

0 comments

While an agency is a popular and high-profile career opportunity in real estate, it’s not the only option.

The industry goes deeper than that, and there are many other ways to use a real estate license.

Whether you want flexibility, structure, or a fast-paced work environment, you’ll find what you want in the real estate field.

Read on to learn about real estate’s most common careers.

Becoming an agent

A career as an agent is the first thing that pops into most people’s minds when they think about the industry.

Becoming an agent

After taking your real estate exam, passing it, and getting licensed, you’ll use your newfound marketing, networking, and customer service skills to help clients buy and sell properties.

Working at a brokerage

Another common career path is that of a broker. Real estate brokers share many duties with agents, but educational and licensing requirements are stricter.

As a real estate broker, you can work alone or as part of a brokerage team.

With the business and interpersonal skills required, real estate brokerage is a popular choice among those entering the field.

Becoming an appraiser

Real estate appraisers assess a property’s value before it is mortgaged, sold, or taxed.

Appraisers use their local knowledge to compare properties to others in the area, arriving at a reasonable estimate.

Aside from passing the state licensing exam, having a good educational background and in-depth industry knowledge will help you become a real estate appraiser.

Working as a consultant

Consultancy is another common career path among those in real estate.

While advising individuals and businesses on real estate transactions may seem simple, the knowledge required is enough to encourage many to seek graduate degrees. 

As a consultant, you’ll need a deep understanding of all aspects of property purchases and sales, and you’ll use your research skills to educate clients on market trends.

Real estate consultants are in demand because of the detailed information they offer.

Managing rental properties

Property management is another accessible path for aspiring real estate workers.

Managers select tenants, negotiate leases, collect rent, schedule maintenance, list properties, and manage clients’ finances.

Whatever it takes to run a property smoothly and profitably, a property manager does.

Although licensing is required, you’ll also need customer service, business, and interpersonal skills to be an effective property manager.

Analyzing acquisitions

Real estate acquisition analysts evaluate potential investments for clients, using detailed models to assess opportunities, perform market research, and present their findings.

Analysts need advanced education and knowledge of Excel, ARGUS, and other programs.

Managing assets

An asset manager’s responsibility is to maximize investment returns and property values.

While market research is a primary duty, revenue forecasting and data analysis are equally important.

As an asset manager, you’ll find revenue sources, reduce client expenditures, and mitigate risk.

Being a leasing agent or consultant

Working in this sector may mean becoming a leasing consultant or agent.

Although the terms are mostly interchangeable, agents and consultants may serve clients differently depending on their expertise.

In real estate leasing, it’s the agent’s job to help tenants find what they’re seeking.

Agents and consultants assist in several areas, including lease terms, property viewings, lease renewals, and applications. 

Whether you want to be a consultant or a leasing agent, you’ll need a high level of customer service, marketing, and bargaining skills.

Serving as a mortgage broker

Anyone with a background in business and finance can enter the industry as a mortgage broker.

These professionals fulfill important duties, serving as intermediaries between lenders and clients.

Serving as a mortgage broker

As a mortgage broker, you’ll analyze products from multiple lenders and inform clients of qualification requirements, loan terms, and loan availability while ensuring transactions go smoothly.

Investing in real estate

Earning a real estate master’s degree is great preparation for a career as an investor.

As these projects carry the potential for significant profit or loss, real estate investment careers require advanced business and financial education.

Aside from buying properties and selling for profit, you’ll need to know where and when to buy, which strategies to use, and which real estate types you want to specialize in.

Profit analysis and maximization skills are key components of a real estate investment program.

Development

Real estate developers often have degrees in architecture, civil engineering, real estate, and urban planning, using their knowledge to plan and complete projects.

As a developer, you may work with agents, contractors, architects, builders, and attorneys.

An educational background in real estate and business will help you manage finances, interact with stakeholders, and address market challenges.

Litigation and legal advisory roles

A graduate degree in real estate may be a goal for those interested in the legal field.

Real estate lawyers work in several areas, such as tenants’ rights and consultancies.

It’s a time-consuming and costly career path, as you’ll need to pass the state bar exam and earn a JD or juris doctorate—but the returns are impressive. 

Educational requirements for careers in real estate

As mentioned, most of the roles listed require licenses.

Studying for the licensing exam is essential, and it’s best to take a preparatory course before the test.

Many go on to earn master’s degrees, and an effective graduate program will give you the market knowledge and managerial skills needed to succeed in real estate.

Career outlook

Real estate agents, attorneys, brokers, and consultants help clients rent, buy, and sell properties.

According to predictions from the Bureau of Labor Statistics, the number of broker and agent positions is expected to increase slowly over the next decade. 

Career outlook

There will always be a demand for real estate agents and brokers, simply because businesses and individuals turn to them when relocating or expanding.

As the market grows, so will career opportunities.

Is a real estate career right for you?

Do you like to watch renovation shows, browse property listings, and imagine your dream home? If you love buildings and land, a real estate career may make sense.

Those who work in real estate do it because they:

  • Love helping others: Real estate is people-focused, and agents are there to make clients happy. 
  • Have communication skills: Communication is a crucial aspect of working with others, and much of the difficulty lies in knowing how to personalize communications to those you’re serving. While some people are detail-oriented, others would rather get to the point. If you’re a good listener and communicator, you can succeed in the real estate business.
  • Know how to negotiate: In the real estate field, workers negotiate deals with sellers, buyers, and agents. Making deals is an integral part of the job, and your abilities will make the difference between transactional success and failure. 
  • Are self-motivated: Success won’t happen overnight, and it will take hard work, dedication, and a strong professional network. If you have the motivation and focus to work alone, a career in real estate may be a great fit.
  • Always want to get ahead: Like entrepreneurs, most in the real estate industry are goal-oriented and are always looking for the next big thing. If you thrive when challenged and want a new opportunity, explore one or more of these real estate career paths.
  • Are competitive: If you’ve ever watched a real estate show, you know how competitive these careers can be. While disagreements and drama aren’t as common as they are on TV, healthy competition will push you to develop sharper strategies. Whether you seek fame or fortune, a competitive nature will get you far in real estate.
  • Look for educational opportunities: The country’s real estate market constantly changes, and you’ll need to keep pace with those changes to succeed. Real estate agents, brokers, and others must stay up to date with industry trends, changing regulations, and technological advances—and if you’re willing to grow, learn, and evolve, you’ll have more success in a real estate career.
  • Are organized: If you’ve ever bought or sold property, you know how time-consuming and tedious the paperwork can be. Those who are detail-oriented and organized are more likely to spot and solve paperwork problems before they become unmanageable.

While real estate careers are personally and professionally fulfilling, they have pros and cons like any other job.

Before getting into real estate, explore your chosen career path’s benefits, risks, and educational requirements.

With the right guidance, you’ll get the information needed for better decision-making.

The real estate industry: It goes deeper than you think

The real estate field goes beyond residential properties to encompass a range of career opportunities requiring different skill sets and strengths.

Once you’ve passed the exam and earned your real estate license, there are many potential opportunities to consider.

With the information we've provided, you may be able to narrow your area of focus.

Successful real estate careers start here

Whether starting or expanding your skills, a successful real estate career starts with the best real estate course.

Contact us by phone or use our online form to request additional information on our real estate licensing and continuing education courses.

We’re invested in your success!

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}