With an estimated two million active real estate licenses in the United States alone, the real estate industry and the available positions have never been more robust than they are today. In many cases, the first of many draws to the real estate industry is its inability to conform to the 8 or 9 to 5 schedule of a “regular job.” Others may cite the huge swings or ebbs and flows of commission. Regardless, if there were a time to look into a career in real estate, 2023 may be the best time to do so.
OPTIONS IN REAL ESTATE HAVE NEVER BEEN MORE ROBUST
Contrary to popular belief, the real estate industry comprises more than just bankers, brokers and real estate agents. Though you may only sometimes hear about them, there are many career opportunities in the real estate industry.
Getting your license is always encouraged. Many of our very own My State MLS staffers are licensed agents, appraisers and brokers!
If you’re looking for a change or genuinely have a passion for the wide world of real estate, we’ve attempted to make your search easier. Below, we list and describe the widespread, profitable, and pleasant opportunities in 2023.
Real Estate Marketing Specialists
You may like the real estate industry, but you’re not sure if you want the face-to-face aspect of real estate. Enter all marketing specialists. Nearly all businesses need an effective way to present themselves to their desired or target market. From graphic and print designers to SEO, social media and email marketers, the professionals who effectively develop, design, and execute marketing duties, strategies and methodologies are always in demand. How does anyone expect it to survive if an agency’s agents can’t find leads, prospects or, ultimately, clients? They don’t. This may be the best space for you if you have a knack for creating and developing real estate content or designs. If you can generate quality, legitimate leads, you will likely be held in even higher regard and, thus, in demand.
Real Estate Attorney
Real estate attorneys will always be necessary, from probate attorneys to attorneys handling land trusts. Like nearly every attorney, real estate lawyers need to complete extensive educational experience with high efficiency. If you have graduated college with at least a bachelor’s degree, you still need to acquire a Juris Doctor degree, pass the LSATs, and then pass the bar exam. That process takes at least 6 to 8 years to complete, add two years of experience practicing law, and then you can begin a career in real estate law. For those willing to put in the time, energy and dedication, becoming a real estate attorney will undoubtedly net you a six-figure salary starting, making the work worth it in the end.
Real Estate Investor
Often regarded as the most rewarding of real estate careers, a real estate investor is someone who purchases land, attempts to increase property value, and lists or sells that property to maximize their profits. To be a successful investor in anything, you will need to know where and what to and not to buy. The most successful real estate investors may admit they have all made poor investments and that it’s a rite of passage to fall on your face. That is only sometimes the case, but the difference between a good or a poor investment is often decided by experience. It is usually best to find a mentor before you set fire to your working capital.
Real Estate Agents
Starting a career in real estate often begins as a real estate agent. In short, real estate agents assist in locating, comparatively analyzing properties, and guiding their clients through the perils of buying a residential or commercial property. There are a couple of options when you are an agent; you can either be an agent for buyers or sellers, and you can either focus on residential or commercial sales or purchases. Here are brief differences between the two:
Commercial Real Estate Agents
Starting a career in real estate often begins as a real estate agent. In short, real estate agents assist in locating, comparatively analyzing properties, and guiding their clients through the perils of buying a residential or commercial property. There are a couple of options when you are an agent; you can either be an agent for buyers or sellers, and you can either focus on residential or commercial sales or purchases. Here are brief differences between the two:
Residential Real Estate Agents
The people you may think of first when someone says the word “real estate,” residential agents are the facilitators of the residential home buying process. In contrast, many agents focus on selling, buying, foreclosing, rentals or the luxury level of any mentioned. If you want to purchase a second home, this would be the professional you want by your side.
Pro Tip: To be that go-to person and improve your networking and social skills, it is far more likely to be retained for additional purchases.
Real Estate Broker
The difference between a broker and an agent is similar to a business owner and an employee. To be brief, a broker is an agent, but they have a more formal level of education, thus, a higher class or status of licensing. Agents must work within the umbrella of a broker, and in doing so, that broker (or brokerage) takes legal responsibility for any agent’s actions. This is one of the reasons brokers generally have a higher ceiling in terms of financial gain per closing. All brokers should have their real estate license in the state they practice.
Real Estate Developer
Developers purchase land and build real estate properties on them, including (but not limited to) condos, single and multi-family homes, office buildings and recreational facilities. To develop a new or previously developed property, a real estate developer will likely need to work with architects, engineers, leasing agents, lawyers, construction crews and contractors alike. Any professional you could think of that could be involved in the acquisition and erection of a property may be required. In most cases, a real estate developer will possess a four-year degree and have studied economics, urban or commercial planning, business and residential real estate, civil engineering and even architecture. Depending on experience and education, a real estate developer will earn a pretty hefty annual salary. Developers are the people that pull everyone together and plan their projects from the ground up.
Real Estate Wholesaler
If you’re interested in the potential to make money quickly, seeking a career in real estate wholesaling can become one of the most rewarding of the real estate industry. While many believe a wholesaler finds, fixes and flips homes, wholesalers are different. A wholesaler is part appraiser, part agent, and part broker (if they have the licensing to do so). To elaborate, someone that “flips houses” generally locates distressed houses, performs the repairs and then sells the home or property. Wholesalers only need to evaluate and present the appropriate information for repairs and market value, the convince the owner of the home or property to sell it. They may also seek out the assistance of investors to ai in moving the repair tie along. They are essentially a middle-man. If you poses strong negotiating skills and a knack for discovering “hidden gem” properties, this may be the career path for you.
Home Inspector
Home or real estate inspectors are self-explanatory. The inspector is often educated (not the same in every state, such as California). They will evaluate the home or property inside and out, searching for any structural, mechanical and health-related concerns that may reduce the house’s value before the sale. Home inspectors are also dispatched by financial institutions, such as banks, to guarantee the funding for the purchase is justified (when you finance a home, more is often required to be approved entirely for funding). While many inspectors receive a mild salary (relative to the real estate industry), those who receive extensive education and certification often are paid more.
Leasing Agent
Leasing agents are another early career path that can yield great results. They work directly with property owners and potential tenants to create a long or short-term rental agreement. Like real estate agents, leasing agents can choose commercial or residential. One focuses on leasing space to businesses, and the other to individual consumers. Regardless, you will be working with both the owner of the property and its potential tenants. Leasing agents are often required to interact more with people, so consider that before diving right in. If you are a people person, this could be your ideal career path.
Real Estate Appraiser
Often mistaken for inspectors, appraisers are real estate professionals determining the value of commercial or residential real estate. This means you must know how to evaluate and value properties based on location, features, functions, and other relative or similar properties. Many appraisers are (or were) agents, brokers, or even investors. It is also helpful (but optional in some instances) to have a strong background in either finance or economics, as you will also be gauging the real estate market and market trends to appraise the property correctly. Appraising can be very rewarding and generally commands a high five to six-figure income.
Mortgage Broker
If you like and are good with numbers (and people in many cases), consider looking into being a mortgage broker. Mortgage brokers are the go-between between financial institutions (banks) and loan borrowers (home buyers). They don’t loan anyone anything, and they analyze and advise. Mortgage brokers will explore loan products and present the most appropriate (or best) for the borrower, such as current or available interest rates, terms and availability. To become a mortgage broker, you will need to complete several processes:
- Complete pre-licensing and mortgage broker training
- Take and pass the SAFE Mortgage Loan Originator test
- Apply for a mortgage broker license
- Acquire a mortgage broker bond
- Complete additional required courses on mortgage lending in your state
- Acquire a network of buyers and lenders OR a job for an established mortgage brokerage
Real Estate Loan Officer
If your interest lies in helping people finance property within their budget, look no further than becoming a real estate loan officer. While it may sound intimidating, becoming a loan officer is relatively straightforward. First and foremost, you should have a background in finance, and then you must register with the National Mortgage Licensing System, which does require specific qualifications. Once you’ve completed all the requirements, you may become the official guide through the stress, trials and tribulations of purchasing real estate.
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