Real Estate
Real Estate Career Overview
Those who are interested in a real estate career should like working with people and be a good listener. They will need to listen carefully to what potential customers are looking for and be able to match them up with available properties.
Real estate agents and property managers act as a liason between those who own a property (often a house or building) and those who are looking to buy or rent. They manage the details and should be well versed in current real estate law.
People in real estate might:
- Show potential buyers many different property types
- Track real estate trends in a particular region
- Ensure a property retains its value
- Negotiate with contractors who provide upkeep services (landscapers, plumbers, construction workers, etc.)
- Resolve tenant issues
- Match prospective buyers with sellers
Recently, many buyers have been turning to online sources when they are interested in real estate information, so those who work in real estate will be more successful if they are computer literate and able to interact with people this way.
While most real estate agents and property managers do have offices, they spend most of their time visiting properties. They often must work during evening and weekend hours—the times that prospective buyers are available to look at properties.
Many jobs in real estate are commission-based and earnings can vary widely based on the state of the economy.
Real Estate Training & Education
All states require real estate agents to pass a special licensing exam. Prospective agents must be high school graduates who have completed a certain amount of classroom training in real estate. Licenses must be renewed every 2 years, but do not usually require re-examination. Agents who have received further training and specialized certificates may be able to advance further, usually in the form of higher commissions.
Those who want to go into property management or property asset management would do well to get a four-year degree in business or accounting. An MBA will help you to succeed at a faster rate.
A real estate paralegal should have general paralegal training and certificates, either with an Associate’s Degree or a Bachelor’s Degree. They also should take specialized courses in real estate law.
Real Estate Career & Salary Outlook
People will always need places to live and businesses will always need places to operate, making this a steady career choice. Careers in real estate are expected to grow at an average rate.
Those in real estate typically earn between $23,000 and $58,000 per year. Many real estate jobs are based on commission and thus salary may vary depending on the area in which you’re working. Agricultural and commercial real estate typically offer higher commissions than residential real estate.
If you are interested in working in real estate, it’s best to start in your own area where your detailed knowledge about the area gives you a clear advantage. After that, you can easily transport your knowledge to any town in the country.
Career Fields/Specializations
Real Estate Agent Career
A real estate agent acts as the link between the buyer and seller of a property. They must have knowledge about the real estate trends in a specific area as well as know general information about the demographics or the area. They must be able to find a property that fits the buyers needs.
Real estate agents should be intuitive people who can listen to and interpret the needs of their clients. They should be well organized and know a lot about the area they specialize in so that they can easily answer a client’s questions.
Commercial Real Estate Career
A commercial real estate agent deals with finding spaces for businesses. Typically, commercial real estate is rented or leased rather than bought, and agents act as the liason between a building owner and businesses. Commercial real estate agents need to be aware of zoning laws so that they can make sure that the business is able to operate in the space that they want to occupy.
Someone who wants to specialize in commercial real estate should have an interest in business and understand the specific needs that business owners have. They should be knowledgeable about the states commercial real estate laws.
Industrial Real Estate Career
Industrial real estate agents specialize in leasing warehouses, factories, and other industry-related business spaces. These types of properties are also typically rented or leased rather than bought. Industrial real estate agents must be aware of zoning and environmental laws to ensure that a property is a good match for their client.
Industrial real estate agents should be able to understand the needs that industrial businesses face. They should be detail-oriented to ensure that no small law is overlooked.
Real Estate Property Management Career
A property management specialist usually lives on-site and manages a property for an owner who doesn’t have the time or skills to manage the property themselves. The property manager handles tenant complaints and makes sure that issues are handled in a timely manner. They collect rent from tenants and pay mortgages, taxes and other bills on time. They often negotiate with repair service providers and perform other tasks that help to maintain the value of the property.
Property managers should like working with people and solving problems. They should be understanding when tenants have problems and willing to speak up to make sure that issues are resolved. They should be able to respond to tenant issues promptly.
Residential Real Estate Agent Career
A residential real estate agent helps families buy and sell homes. They should be able to listen to what a family is looking for and find the best home for them. Residential real estate agents must know many details about the communities in which they sell homes so that they are able to answer the questions of prospective buyers without hesitation.
Residential real estate agents should be intuitive when dealing with people. They must understand how to find the property that best meets a family’s needs. They should be detail oriented, have a good memory and know about real estate laws.
Real Estate Asset Manager Career
A real estate asset manager advises owners about the long-term prospects of their real estate. They research prospective real estate investments based on location, zoning laws, population growth and traffic patterns. If a property is a good investment, they negotiate the details for buying it. Real estate asset managers are not usually involved in the day-to-day management of a property.
Those who want to become a real estate asset manager should have a keen sense for following trends. They should be able to explain why a property is a good investment to the buyer. A background in accounting may be a big help for someone who’s looking to go into real estate asset management.
Real Estate Paralegal Career
Real estate paralegals help to draw up contracts and other legal documents for real estate transactions. They often work in the offices of lawyers who specialize in real estate law.
Real estate paralegals should be detail oriented and have specialized training in areas of real estate law. They should be comfortable writing contracts and other legal documents.
Agricultural Real Estate Career
Agricultural real estate agents deal with clients who are looking for agricultural properties. They must be able to listen to their clients needs and match them with a suitable property. They should also be familiar with agricultural zoning laws.
Agricultural real estate agents should have specialized knowledge of agriculture and the particular issues that those in the agriculture business face. They should be detail oriented and know about the zoning laws of their city.
