What is the first thing that comes to your mind when it comes to real estate? Obviously, real estate agents! But there’s much to that besides these wonderful people who help us buy and sell homes. Real estate companies such as Number One Property and the real estate industry in general, is an expanding and promising sector and there are many career paths you can consider besides being a salesperson. You only need to find the position that suits you.
Below are some of the real estate careers you can take up in case you’re looking for a job or thinking of a career switch. We will also examine what duties or responsibilities each of these positions entails, compensation, and education that is required. Hopefully, this article will help you get started and have a fulfilling career in this rewarding industry. So, let’s get started:
Real Estate Salesperson/Agents
Yes, we already mentioned this profession and that is for a reason. Real estate salesperson is the most well-known or ubiquitous career in the industry. In the US, real estate salesperson is also referred to as real estate sales agent, real estate sales associate or real estate broker. The primary responsibility of real estate agents is to assist their clients, either a seller or buyer, to locate or sell a property. Properties can be residential, commercial or other types of properties.
Other duties of a successful real estate salesperson may include building his/her client base for renting, buying, and selling properties, marketing their service online and other traditional advertising platforms, advising clients to make the right decision, showing prospective clients properties, negotiating prices, prepare and oversee relevant documents, and act as a liaison between all the parties involved in the property.
Salary: According to the Bureau of Labor Statistics (BLS), the median salary for real estate agents was $43,370 per annum (May 2015). There is also the potential to earn more than $110,000 per annum depending on the geographical location, market conditions, working hours, and other factors.
Education & Training: To qualify, you’re required to complete a fixed number of pre-license education hours to be eligible to attend the state licensing exam.
Real Estate Broker
Similar to a real estate salesperson, a broker mainly helps customers to buy, sell and rent properties. However, a real estate broker will have his/her real estate office and in the majority of the cases, a broker’s scope of duties is typically broader than a real estate agent. Real estate broker is licensed professionals, who not only runs and manages an office, they also lead salespeople. In addition, Brokers work independently, resolve conflicts within their organization, manage relationships with lenders, establish escrow accounts, and hire salespersons.
Salary: According to the Bureau of Labor Statistics (BLS), the median salary for real estate brokers was $56,860 per annum (May 2015). There is also the potential to earn more than $166,000 per annum depending on the geographical location, market conditions, working hours, and other factors.
Education & Training: To become a licensed real estate broker, you’re required to complete a fixed number of pre-license education hours to be eligible to attend the state licensing exam. Furthermore, depending on the state you’re working, you might also need to have minimum experience hours, as well as post-secondary education degree/diploma.
Real Estate Appraiser
This is another vital career path you can consider pursuing in the real estate industry. Maybe you want something more ambitious or challenging and don’t want to see yourself working as a real estate salesperson or broker, but like to be more granular in the process. In that case, you can work as a real estate appraiser. So, what does a real estate appraiser do?
In short, an appraiser is more involved in the value side of the business. A real estate appraiser estimates the market value of the land or buildings. Appraisers use multiple methods to determine a property’s estimated value. Properties may include either residential or commercial property.
The role of a real estate appraiser is crucial as they provide valuable insights and estimates of a property or land before it is being sold, refinanced or rented to another party. Additionally, an appraiser also provides reports of a property’s characteristics, overall condition, documentation with photos, verification of particular property on public records, and so on.
Salary: According to the Bureau of Labor Statistics (BLS), the median salary for real estate appraisers was $51,860 per annum (May 2015). There is also the potential to earn more than $97,000 per annum depending on the geographical location, market conditions, working hours, real estate appraisal fees and other factors.
Education & Training: The prerequisites to become a trainee appraiser, licensed residential appraiser, certified general appraiser or certified residential appraiser varies from state to state. For instances, you should have a minimum of 75 hours of education to call yourself a trainee appraiser. To be a licensed appraiser, you will need to have at least 30 semester hours of college-level education, 150 hours of appraiser education as well as 2,000 hours of on-the-job training completed within a year.
Mortgage Loan Originator (MLO)
If you assume that you lack the basic skills to sell people stuff and don’t want to appraise land or buildings either, then this is the career you might want to look in. Mortgages are an integral part of the real estate industry. As a mortgage loan originator, you’ll be responsible for handling the lending processes of the business. The primary duty of an MLO is to evaluate, authorize and approve mortgages for clients, both individuals and companies, based on specific loan criteria. Other duties will include generating leads, gathering loan data from applicants, determining each applicant’s risk, ensuring loan agreements are compliant with state and federal regulations, etc.
Salary: According to the Bureau of Labor Statistics (BLS), the median salary for real estate agents was $63,000 per annum (May 2015). There is also the potential to earn more than $130,000 per annum depending on the geographical location, market conditions, working hours, commissions, and other factors.
Education & Training: To work as a mortgage loan originator, you should complete at least 20 hours of applicable coursework. You will also need to pass a state exam.
There you have it—the four real estate professions and the job opportunities available to you. So, which real estate career is ideal for you?