There are many real estate jobs available, each requiring different skill sets or training. Some real estate careers share many of the same requirements, allowing you to switch between the jobs as desired. Others are more specialized and require additional training or certification.
No matter what your career choice, there are a few general requirements you must meet to become a realtor. State-approved real estate courses and requirements vary based on location. If you are planning to move after earning your certification, make sure your new home does not have stricter requirements. Below are several of the most popular jobs for realtors.
Commercial real estate certification is required for your realtor license. Until you are certified, you cannot officially work in a real estate career. In all states, the basic requirements to get certified involve completing a state and national licensing exam. Approved real estate courses will prepare you for the certification exams. Many real estate classes are taught at universities, with in-person and online options available.
In most states, real estate certification programs only require a high school diploma. However, it is common for future realtors to get either an associates or bachelors in real estate. Some students will also take finances, economics, statistics or business courses, based on their future job interests. Even after you are certified, it is important to stay up to date with housing rules and regulations in your state. Some states will require you to either take a course or recertification exam every few years to retain your license.
Real estate agent jobs are divided into two categories, residential and commercial. Residential real estate agents are the most common type of agent. It is also the real estate career many imagine when they hear the term realtor. Residential real estate agents work with both buyers and sellers. They are responsible for single-family, luxury or vacation homes, as well as condos and even foreclosed homes.
You can work as a freelance real estate agent, meaning you are your own boss, or as part of an agency. Companies hiring new real estate agents may have additional requirements, such as a degree or previous work experience. Even if you work as an agency, you often perform the bulk of your work alone. An agency gives you access to some additional resources and helps you develop a network. No matter where you work, self-motivation is an important trait for real estate agents. You must be willing to work both inside and outside an office.
Real estate agent jobs also require good social skills. You must be able to clearly communicate with your clients and express their needs to other buyers and sellers. If there are any questions about the property, you must be able to find the answers. Advertising is another important skill. This not only applies to selling homes, but also offering your services as a real estate agent.
Commercial real estate agent jobs are similar to residential agents, but you are buying or selling business property. While the requirements are technically the same, commercial real estate agents benefit from having business or finance training. This gives you greater understanding of important business factors, such as gross rent multipliers, internal rates of return or capitalization rates.
Both real estate agent jobs work off of commission. This means you are paid a percentage of the real estate property value once the deal is closed. Because commercial real estate agents deal with businesses, the total costs are typically much higher than residential sales. However, residential agents often have more sales throughout the year compared to commercial real estate agents, which can balance the commission difference.
Another popular real estate career is developer. A real estate developer is a specialized agent who buys and sells land to build new property. The developer is responsible for coordinating the construction, including handling all the finances and hiring development teams, like architects, engineers and electricians. Developers also work with leasing agents and lawyers to ensure the land is safe and properly regulated for building.
Starting a real estate developer job requires additional experience outside of the basic realtor courses. Many developers need at least a bachelors in a relevant field, like civil engineering, architecture or business real estate. You must have economic and market training. Managerial experience is also helpful, since you are overseeing so many other groups. Most developers begin their career as an assistant.
A real estate development assistant commonly acts as a liaison between the developers and other groups. This gives you the chance to develop practical experience without taking on the bulk of the responsibility for a project. Real estate developers are one of the highest paying realty positions because of the additional education requirements.
While many real estate jobs require working with clients, some careers involve buying and selling your own property. As a real estate investor, you purchase houses or land as an investment, then build or repair the property to sell for a profit. Real estate investors require more marketing and financial knowledge as opposed to social skills. While there are no additional educational requirements to become an investor, your success depends entirely on your understanding of the real estate market.
This real estate career requires you to spot potential and appraise how much it will cost to improve a property. You must be aware of market trends and willing to wait for the best opportunity to sell your investment. There is a great deal of risk in investing, with some investors spending thousands of dollars and sitting on a property for years before finally selling it.
Not every real estate career is based around buying or selling homes. Property managers are responsible for taking care of homes, condos or buildings rented out by the property owner. Typically, the owner either owns too many properties or lives outside of the state where the property is located. As the property manager, you effectively act as a landlord. Whenever there is a dispute, you are responsible for acting on behalf of the owner.
Getting a real estate job as a property manager requires you to get your broker license. Getting a broker license is similar to getting your general real estate license. You must complete a certification exam, and in some states, you are required to have several years of previous realty experience.
Because you work with so many clients, customer service skills are vital to succeed as a property manager. You must also keep detailed records of your tenants and understand what services you are legally responsible for as the acting landlord.
This real estate career commonly involves working with additional groups, such as cleaning or lawn care services. For larger properties, such as an apartment complex, you are also responsible for marketing and advertising the property. Many property managers first work as real estate agents to build experience and develop a network.