Real Estate
The field of real estate is wide, with many different but wonderful opportunities for people, especially those who have plentiful energy and a positive attitude. As a real estate professional, you will be dealing with people during one of the most significant financial events in their lives, and you will get to participate in their joy. A career in real estate also provides flexibility and choices of environment in which to work, such as affiliation with a large or small firm as a listed salesperson.
Income directly reflects your efforts, with no limits on what you can earn. Successful real estate professionals are:
- Goal-oriented
- Persevering
- Self-motivated
- Ambitious
- People-oriented
- The potential for high earnings
- Status in the community
- Flexible schedules
- The opportunity to help others
- The intellectual challenge
Niche Areas
Numerous different areas will be open to you when you decide to enter the real estate industry. The educational requirements for each area vary, depending on the set of skills needed. Some areas of specialization include:
- Commercial property
- Industrial property
- Residential property
- Farm and land
- Appraisal
- Training
- Property management
- Leasing
- Development
- Auctioneering
- Administrative duties
- Finance
- Property acquisition
Types Of Associate, Undergraduate & Graduate Programs Available
The majority of real estate licensure and certifications are awarded by a large selection of national and regional associations, institutes, councils and societies. The degree of education you need depends on what type of real estate career you choose to pursue. For instance, with more salesperson experience and after passing an additional exam, your next step could be toward becoming a real estate broker. Brokers can own their own businesses and employ other salespeople.
Those who earn a bachelor's degree for their real estate career are likely to study real estate law, business, human relations, mathematics, marketing/advertising, communications and accounting. For more complex transactions you may want to consider earning a master's degree.
Typical Admissions Requirements
Many institutions offer pre-license courses to help prepare you for the real estate exam. Brokers and agents must be licensed, must be high school graduates and must pass a written exam. Requirements vary from state to state, including the number of hours of formal training necessary and possible continued education. Hours of formal training usually range from 60 to 90 hours. No national real estate certification exists, so check what requirements your state has in place for real estate education on realtor.org.
Careers In This Field
Just as there are many different real estate specializations, there are also many different career paths from which to choose. Real estate is a great field in which to capitalize on your analytical, communication and business skills. A few of the specific careers available in the real estate industry include:
- Real estate agent
- Residential / commercial / industrial brokerage
- Property manager
- Real estate appraiser
- Assistant property manager
- Real estate analyst
- Entrepreneur
- Building manager
- Urban planning (programs.educationforadults.com/urbanregionalplanning.html)
- Real estate counseling
- Real estate research
Salary Ranges In This Field
Real estate salaries vary widely depending upon the job position, type of company you work for, location of job, educational background and market indicators. According to payscale.com, property managers earn an average of $40,865 annually, while real estate sales agents take in about $37,000 per year. Real estate appraisers average an annual income of $42,789 and real estate brokers average $51,037 per year. Of course, those figures include the salaries of individuals who have just entered the field, as well as those who have been working in real estate for decades.
Future Outlook
According to the Bureau of Labor Statistics (BLS), real estate professionals will find their industry growing fairly well, because the expanding U.S. population needs housing and commercial space, and because real estate continues to be viewed as a good investment.
With the median age of U.S. realtors now in the early 50s, the BLS predicts 151,000 more will be needed by 2014 to replace retiring sales professionals.
Part-timers and those who practice real estate on the side will find that increased use of technology is allowing full-time agents to serve more customers. Also, real estate regulation has increased. Marginal agents will need to invest in technology and stay current on legal changes, or face being squeezed out, the BLS predicts.
What this means for you is the potential for an exciting career. Just make sure you have the right education.
- http://www.relibrary.com (The Real Estate Library)
- http://www.realtor.com (National Association of Realtors)
- http://www.areuea.org (American Real Estate & Urban Economics Association)
- http://www.realestatecareer.com
- http://www.bls.gov (Bureau of Labor and Statistics)
