Residential Real Estate Agent
Residential real estate agents facilitate the home buying process between sellers and buyers. You can be even more specialized by focusing on specific kinds of property like single-family homes, condos, luxury homes, vacation homes, or foreclosures. Youâll need a license to become a residential real estate agent, but your success depends on how well you meet your clientsâ needs. In addition, before getting into a real estate agent career, you need to have a lead generation strategy. Another requirement to succeed as an agent is having great customer service, networking, and marketing skills.
Related: 7 Characteristics of the Most Successful Real Estate Agents
Career Paths In Cre Roles Property Types And Firm Types
Choosing the right career path starts with understanding what options exist. If youre new to this subject, you probably think of real estate either as brokerage or development. But there is much more to the industry than that. Real estate brokers and real estate developers make up only a small share of the total professionals in industry. In the next few minutes, Ill talk about three decisions you have to make that will determine your career path:
Real Estate Agent Career Paths
In addition to switching up your job search, it might prove helpful to look at a career path for your specific job. Now, what’s a career path you ask? Well, it’s practically a map that shows how you might advance from one job title to another. Our career paths are especially detailed with salary changes. So, for example, if you started out with the role of account executive you might progress to a role such as manager eventually. Later on in your career, you could end up with the title realtor.
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Careers In Urban Planning
If you would like to improve the environment and the quality of peoples lives, becoming an urban planner may fulfill your career objective. Urban planners work with local governments and other civic groups to anticipate their citys future growth. They propose physical changes to accommodate this growth. Not many career guidelines exist for urban planning, but broad general experience is important. Some colleges are now offering degrees in urban planning. Contact the Urban Land Institute at 800-321-5011 or visit their website.
What Is A Real Estate Appraiser
A real estate appraiser is a person with formal training in the application of appraisal principles and techniques. They are responsible for preparing an estimate of value, opinion, or advice about property. This includes not only real estate but the personal property , owner-occupied non-real estate , commercial businesses , and mineral rights.
The real estate appraiser provides an opinion of value that can be used by lenders to determine if a potential borrower qualifies for a loan, by individuals in making decisions to buy or sell property, and also provide information for local governments in the determination of property tax rates.
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Commercial Real Estate Brokerage
Brokers are everywhere in the commercial real estate industry. By most estimates there are approximately 100,000 practicing commercial real estate brokers in the U.S. Commercial real estate brokerage careers fall into two categories: Investment Sales and Leasing. Investment Sales brokers are hired by an institutional entity for the acquisition or disposition of commercial assets. Sales brokers will underwrite properties to determine a realistic value, create marketing packages, actively market the property for sale, and negotiate a final sales price.
Acquisition brokers will find deals that match the buyers acquisition criteria, underwrite potential acquisitions to determine value, and negotiate price and deal terms on behalf of the buyer. Entry level positions for Investment Sales brokerages include an underwriting/due diligence analyst, marketing associate, or research analyst.
Commercial Real Estate brokerage firms also work on behalf of landlords to lease their properties or tenants to find them physical space to operate. Brokers will serve as a fiduciary to their client and negotiate the best lease terms on their behalf.
Typically, commercial real estate brokerage is a 100% commission-based compensation structure, so it is a high risk/high return career and success is directly correlated to the amount of effort put in.
Functions Within Brokerage
Managing Large Transactions: The Cons
Real estate transactions generally are one of the most stressful times of a clients life. You will need to be confident in your skills and abilities when things dont go as planned. If a client leaves unhappy, whether it was due to your efforts or not, word-of-mouth spreads quickly and can affect your referral network and, ultimately, your bottom line.
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A Reality Check To Help You Decide
Planning to start a new career or a side hustle to earn extra money? You might be thinking about real estate. After all, “how to become a real estate agent” was the most job-related search term from Jan. 2020 to Jan. 2021, according to the New York Times. And those who take the leap join the nation’s estimated 3 million active real estate licensees.
Compared to other careers with similar earnings potential, it’s relatively easy to become a real estate agent or broker. There are lots of perks, toolike being your own boss, meeting new people, and helping people through one of life’s biggest milestones. Still, building a successful real estate career is more work than many people imagine. Here’s a closer look at the job to help you decide if a career as a real estate agent or broker is right for you.
Compensation In Commercial Real Estate
Typical compensation in real estate depends on the role you perform and the property type and firm type you work with. It also varies based on your depth of experience , level/quality of education, where youre located geographically, and other exogenous factors. Additionally, the compensation package of real estate professionals often includes incentive pay and benefits on top of the base salary. Nevertheless, what youll find is that all careers in commercial real estate are quite lucrative compared to other industries.
Heres a brief overview of compensation for various role types based on our annual article on real estate salary and benefit:
Compensation Senior-Level Real Estate Professionals
At the senior executive level, but below the c-suite level, professionals with 20+ years of experience working in institutional real estate earn a base annual salary between $230,000 and $430,000 with total compensation after bonus and other incentives of $470,000 $880,000.
Compensation Real Estate Acquisitions Professionals
Professionals in real estate acquisitions earn anywhere from $110,000 total annual compensation at the senior analyst/associate level to $490,000 in total annual compensation at the managing director level.
Compensation Real Estate Asset Management Professionals
Compensation Property Management Professionals
Compensation Leasing Professionals
Compensation Real Estate Development Professionals
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Real Estate Agent Gender Distribution
After extensive research and analysis, Zippia’s data science team found that:
- Among real estate agents, 56.6% of them are women, while 43.4% are men.
- The most common race/ethnicity among real estate agents is White, which makes up 75.2% of all real estate agents.
- The most common foreign language among real estate agents is Spanish at 57.2%.
Working With Real Estate Clients
You’ll spend part of each day working directly with clients, whether they’re buyers, sellers, or renters. And keep in mind that it wont always be during business hours. That means you may have to sacrifice some of your personal timetime you spend with family and friends. If something pops up at the last minute, it may mean canceling your existing plans.
A seller’s agent represents the person selling the home and you’ll spend time preparing listing presentations, taking digital photographs of properties, staging homes so they show well, marketing properties, and hosting open houses.
A buyer’s agent represents the person buying a home and you may spend time combing through the Multiple Listing Service to find suitable listings and sending them to potential buyers. You’ll also show the property to interested buyers and accompany your clients to inspections, meetings with loan officers, closings, and other activities for which your presence is either required or requested.
Are you comfortable working with the public? Can you maintain enthusiasm and professionalism, even when you have a tricky or demanding client?
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Prepare For Jobs And Internships
Information, tips, and strategies to help prepare you as an undergraduate.
There are many ways to get introduced to the real estate industry. Be aware that most real estate companies do not formally recruit or participate in job fairs, so networking and being proactive is paramount.
Education is important, but real estate firms look for people with certain skills or attributes that go beyond the classroom. Being social is really important and many people will prove this by maintaining large networks not only for possible leads within the business, but to show that they can attract and manage many relationships. In addition to this “soft skill”, showing that you have quantitative abilities will be most desired. These are two areas that real estate firms can’t or won’t train new hires.
Be familiar with these terms and use them in application materials and networking conversations.
- REIT: Real Estate Investment Trust any corporation, trust, or association that acts as an investment agent specializing in real estate and real estate mortgages under IRS code section 856
- CMBS: Commercial mortgage-backed securities
For some roles, licenses will be required:
- Residential Real Estate Brokers done by each state
- Commercial Real Estate Brokers license a sponsoring broker
Learn What You Can Do With A Degree In Real Estate And Development And Explore Career Paths And Resources
Highly recommended websites for ongoing learning and resources:
- Adventures in Commercial Real Estate offers training, resources, and a job board.
Looking to expand your Excel skills? Excel skills are important to have for many entry level real estate analyst roles.
- Trump Excel offers free general Excel training.
- Break Into CRE and Adventures in Commercial Real Estate both offer paid training courses in real estate financial modeling. See links above.
- The USP Department offers Excel tutoring for students enrolled in USP 25, USP 152, and USP 185A. See the USP Newsletter for details or reach out to the USP Undergraduate Academic Advisor with questions.
Below is a list of titles RED majors alumni secured upon graduation or in their second position after graduating. Data gathered via LinkedIn.
- Housing and Real Estate Development Coordinator
- Transportation Planner
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How To Get Into Real Estate
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed’s data and insights to deliver useful tips to help guide your career journey.
Careers in real estate can be highly rewarding, especially for individuals who thrive in social working environments and enjoy working with property. Real estate offers many career paths, some of which have flexible hours and opportunities for growth, commission, or leadership. Understanding how to begin a career in real estate is key to establishing a career path which can be lucrative and rewarding.
In this article, we explain the main property sales jobs, provide steps for how to get into real estate, and describe the requirements, salary, and skills for real estate agents.
What Is A Career In Real Estate
Ask any layperson what a real estate professional does, and theyll likely tell you a real estate professional lists and sells single family homes. I cant tell you how many times Ive mentioned to people Im in real estate, and they immediately assume Im a residential real estate agent.
But the real estate industry is much more than just your local real estate agent. It is a diverse group of well-educated professionals designing, developing, investing in, and managing the places where you and I live, work, shop, and play.
From development to property management, from portfolio management to acquisitions, the industry offers a wide range of highly lucrative, rewarding, and impactful careers in real estate. In this in-depth look at CRE careers, Ill walk you through the various career paths available to help you choose the right one for you.
Browse our commercial real estate job board with 200+ job listings from some of the top firms in CRE. Its free to browse and free to post.
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Real Estate License Jobs In Richmond Hill On
- Understanding of the principles of selling, leasing, and marketing commercial realestate properties.
- Youre a confident and competitive sales professional who
|Part-timeWeekend availability +2|
|Estimated at $77.2K$97.7K a yearFull-time|
What Are The Responsibilities Of A Real Estate Appraiser
A real estate appraiser performs a variety of professional services when they prepare their reports which include:
- Assessing the general condition and location of the property. Identifying and estimating the value of all improvements, such as buildings , garages, pools, decks, etc., and all other structures on the property such as driveways.
- Assessing the value of land, which is based on its location, access to utilities, and other physical features.
- Assessment of sales comparable used for comparison purposes with your subject property.
- Assessment of any easements , encroachments, or unusual hazards .
- Identifying property boundaries and appraising the value of any rights or restrictions on the use of a property.
- Recording, in detail, all features that may be important to the appraisal process.
- Preparing detailed reports with calculations establishing your opinion of value in accordance with generally accepted appraisal standards.
- Preparing any additional documentation required by your clients, such as Preliminary Appraisers Estimates of Value and Preliminary Underwriting Packages .
- Maintaining current knowledge of local real estate conditions.
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A Career In Real Estate
As a career, real estate really is what you make it. There are so many different kinds of real estate careers, from residential to commercial, business broking and buyers agent just to name a few. We often hear that real estate professionals enjoy the flexibility and lifestyle this profession can provide. Check out a few more of the benefits of a real estate career below:
Where Does A Real Estate Appraiser Work
Real estate appraisers can work in a variety of places, including for banks or mortgage companies, for federal agencies, and privately. Appraisers are also able to work independently with real estate firms to help their clients with property sales.
Independent appraisal management companies have the biggest share of the market currently, accounting for about 70 percent of all appraisals, which includes both commercial and residential properties.
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Getting Started In Real Estate
Entry into the real estate field depends on education, training and interests. Most people begin as sales trainees in a brokerage firm. Other possibilities include office assistant, listing or rental agent, assistant in a department of a large real estate organization, or in the mortgage division of a bank or savings and loan.
Real Estate Careers: The Cons
There is an investment of time, money, and effort required to start a career in real estate. Also, it is a career that comes with no guarantees. Passing your states real estate licensing exam is difficult and demands a varied skill set and an understanding of complex topics. The training and tests are expensive, and you will want to dedicate some serious time to studying.
For example, in Minnesota, it is $65 for the test and $100 for the license. While in California, it is $60 for the test and $200 for the license. If you want to test the waters of the real estate industry, there are some great introductory courses starting at around $35.
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What Is The Job Outlook For A Real Estate Appraiser
The employment outlook for real estate appraisers is expected to grow at an average rate through 2022 as demand increases from baby boomers looking to retire and scale back their work responsibilities, as well as from millennials who are entering the real estate market.
With many states facing budget shortfalls, it is likely that there will be legislation proposing to lower or even eliminate appraisal requirements for property sales. This puts more of a demand on real estate professionals such as appraisers and brokers, which means more opportunities in this field. *THE U.S. Bureau of Labor Statistics
Real Estate Consulting Careers
Property consultants are in the business of providing advice on the property. They are the experts others look to when they need answers to real estate questions. Consultants must know every phase of the real estate business, as they use that knowledge in almost every consultation. They are often asked about the income opportunities and productive uses of different properties. There are relatively few brokers who specialize in consulting. But as owners and investors learn to see the benefits of professional guidance in developing properties and increasing revenue, the industry will expand. While gaining expertise in various real estate specialties, those who want to become real estate advisers continue their studies in financial management programs.
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