The real estate industry is booming; in 2018, $200 billion was made in residential brokerage and $35 billion was made in commercial brokerage. Because of this, you may want to get in on the hot real estate action.
But not everyone is cut out to be a real estate agent. If you aren't, here are 7 real estate career paths you can pursue.
1. Leasing Agent
If you want more freedom and love interacting with clients, a career as a leasing agent may be perfect for you, especially if you have good negotiating skills. In this career, you'll have to find great tenants for property owners. If you're in the commercial side of things, you'll still have to find tenants, but instead of individuals, you'll be finding businesses.
Ideally, a leasing agent should be sharp, reliable, and friendly. They're basically the recruiting officer of the real estate world. You have to be good at spotting potentially excellent customers who will keep the property tidy and pay rent on time.
You'll have to work closely with the property owner to find out what sort of tenant they want, what rental prices they'd like, and other important details. It's then up to you to seek the perfect tenant they're searching for.
2. Property Manager
If you don't like running around too much, then consider being a property manager. While you still have to move in between the units to check up on the property and tenants, you won't have to drive around town to different properties.
As a property manager, you have to have good customer service and managerial skills. You'll have to deal with a lot of people living in one area, so you have to be firm, but fair.
This also means you have to be good with quick problem solving since tenants can be unpredictable at times. For some more troublesome tenants, you may have to deal with issues like antisocial behavior, late payments, and damage to their units.
Appraisers are professionals who use their knowledge and skills to determine the official value of real estate. This job will also always be in demand since someone needs to appraise properties before they're developed, sold, and taxed. This career has a lot to do with finance and economics, so if you have a strong background in either area, that'll help immensely.
As an appraiser, you can work either on your own or for a company. Also, you can either work as a residential or commerical appraiser. As of 2018, commercial appraisers have a higher median salary than residential appraisers do.
Jobs will never be scarce when it comes to analysts and consultants since the real estate world is always fluctuating. Being a consultant entails being in an office most of the time, so this can be ideal if you don't like making long treks across town to different properties.
This is a more "behind the scenes" type of job where you won't deal with buyers and sellers face to face. Instead, you'll conduct research on trends and stats so you can help foresee what's to come in the industry. If you like to put your head in the books, this may be your ideal career.
You may think a real estate agent is the same thing as a broker, and you'd be mostly right. They have the same responsibilities, but brokers have the potential to earn more. This is because they have to go through more education to get the qualifications to manage a real estate office.
If you have a real estate license and don't want to be an agent, this can be a great alternative. You'll get the chance to run a brokerage firm or work for yourself instead of for a boss. This is a great career path for people who have an entrepreneurial mindset.
Browse this post to get some great tips on running your first commercial real estate brokerage firm.
If you'd like to be on the legal side of things, you might want to study to become a real estate attorney. There will always be plenty of real estate disputes, so you won't ever be short on cases. Not only do they involve the properties themselves, but they can also involve any documents, which means there will be many conflicts that arise.
As a real estate attorney, you can also help protect those who are less aware. Since there are many people involved in the transactions, some may try to take advantage of naive buyers who are buying homes for the first time in their lives. You can help ensure the sale is legal, guide the transaction process, and help individuals with your knowledge in the industry.
7. Foreclosure Specialist
A foreclosure specialist is someone who handles all documentation and processes on a foreclosed property. Because of this, you need to be a detail-oriented person to excel in this career.
Not only that, but you also need to be extremely organized and able to meet deadlines impeccably. Foreclosures are very time-dependent, which means if you miss one detail or have just one extra delay, it can cost you your job.
Real Estate Career Paths for Success
By going down these real estate career paths, you're setting both you and your family up for success and comfort. A career in real estate can be very rewarding, but only if you put some hard work into it.
These careers require lots of studying and passing exams, so we suggest that if you're serious about a new career, you should expand your knowledge as soon as possible. The earlier the start, the more ready you'll be for your exam.
If you need to find a job now, browse our job postings section to find some work in the meantime.