A lot of young professionals are unaware of the wide range of real estate job opportunities that are available to them upon obtaining their real estate license. The real estate arena has multiple career options that any real estate license holder can opt for and create their successful real estate business independently.
So, if you are someone who prefers to work independently and has the skills to excel in the real estate industry, then this article may help you plan out your career path to discover the different real estate jobs out there.
Career Options In Real Estate Industry :
Real Estate Agents
We are going to start with the most known professionals within the real estate industry —real estate agents. This is the entry-level position most aspirants start at after embarking on their real estate career. They have to work under a broker. However, within this too, there are two kinds of agents you can choose to become, a residential agent or a commercial agent. When looking at these different real estate jobs you will want to find the right brokerage to hang your license.
Residential Real Estate Agent
The most popular, and the one most people are familiar with is the residential agent. Both homebuyers and sellers approach this agent to help guide them through the entire real estate deal. These agents work to appropriately value and price a house for sale or try to find the perfect dream home for families as per the potential buyers’ requirements. These agents deal exclusively with residential property matters.
The residential agent is the agent who helps people achieve an important milestone in everyone’s life — that of being a homeowner.
Commercial Real Estate Agent
Unlike a residential agent who works with individuals and families, a commercial agent works with businesses and corporations in finding the best property for their business ventures.
These are the agents’ business houses approach when they are looking to buy or lease new office property. They are the ones who help finalize real estate transactions when a popular franchisee is seeking to open a new outlet — think of it as a new branch of your favorite restaurant or coffee shop.
A residential agent has to conduct extensive market research on commercial properties, such as office buildings and storefronts, and determine the value of the property as their goal is to help their clients find the best property that will help them generate more business.
Real Estate Broker
A step up from being an agent is the real estate broker. After gaining around 3 years of experience, gaining further qualifications, clearing the licensing exam, and obtaining your broker license, you can take your career to new levels as a broker.
Although in terms of scope, both professionals — an agent and a broker have similar roles and responsibilities and require the same set of skills – the key difference is independence. An agent has to work with a broker; whereas a broker can work independently or set up his real estate brokerage and hire other real estate agents to work in his or her team.
For those of you considering obtaining a real estate broker’s license, a property manager could be a position to consider. Many individuals and business organizations invest in property. They then lease out this residential property or commercial property and generate passive income through rent.
However, they still require someone for the property management, both in physical terms that is the smooth operation and upkeep of the building and to ensure that financially the properties are doing well.
The role of a property manager is similar to a leasing agent as you will be dealing with other estate agents and brokers. You need to possess excellent communication skills as your duties would be wide-ranging to ensure that the tenants are satisfied.
Real Estate Appraisers
Real estate appraisers are not to be confused with home inspectors. The latter group focus on the physical aspects of a home, such as roofing, plumbing, etc. Whereas, real estate appraisers focus on the value of the property based on its location, size, amenities, and value of similar properties.
You need to get an additional appraiser’s license and then you can work as a commercial real estate appraiser or residential real estate appraiser. Your role is to determine the value of a property for sale, mortgage, or tax purposes.
By becoming a real estate leasing agent, your role would be to assist property owners who are real estate investors to find tenants for their properties. It can be either leasing to individual tenants in residential real estate or leasing to business organizations in commercial real estate.
This role requires a good command of communication skills, marketing skills, and negotiation skills. These skills are necessary as you would be directly dealing with the tenants and it would be your responsibility to ensure maximum occupancy in the properties you are handling.
Real Estate Investor
There are primarily two kinds of investor groups. The first group is the passive investors. Passive investors are those who invest their money and then hire real estate leasing agents and property managers to handle all of the day-to-day responsibilities.
However, there is also an active real estate investor. This group is commonly known as the ‘House Flippers’. However, an investor in this category can also deal with commercial real estate.
Basically, the investor buys properties at a lower value, carries out improvements or modifications; or else waits for the real estate market to pick up and then sells the property at a higher value, typically for a profit. This requires extensive knowledge and understanding of the real estate business, as the entire process hinges on investing in the right property, in the right location, and at the right value.