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Real estate encompasses approximately 30 percent of the national GDP and most people do not realize there are a variety of jobs in this field. According to Bureau of Labor Statistics, employment of real estate brokers and sales agents is expected to be 11 percent through 2022.*
Explore additional career information below.
*Source: U.S. Department of Labor, Bureau of Labor Statistics, Occupational Outlook Handbook, 2014-15 Edition, Real Estate Brokers and Sales Agents, on the Internet www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.htm. National long-term projections may not reflect local and/or short-term economic or job conditions, and do not guarantee actual job growth.
Interested in a career that can offer control of your own work schedule? Real estate sales can offer you that opportunity and more. However there are other aspects to the business. So before you embark on a real estate career, it’s import to consider the pros and cons of becoming an agent.
What does a real estate agent do on a day-to-basis? That’s hard to say, because every day is different. As an agent, your challenges and opportunities will vary widely depending on your skill set. Find out what a real estate agent does on a typical workday.
Becoming a real estate agent is a major career change, but that hasn’t stopped people of all ages and occupations from entering the field. No matter where you’re coming from, there are a few basic requirements. Find out how to become a real estate agent.
Many new real estate agents may find successful careers; however, there a just as many who will struggle. What separates the high-achievers from the rest? Accomplished real-estate professional Josh Pomerleau explores five important steps to pursue success as a newly licensed real estate agent.
Could this be the year you launch a new career in real estate? According to Toby Schifsky, National Director of Real Estate at Kaplan Real Estate Education, as the American economy rebounds, growth in the real estate industry is expected to be positive. But before you make the big leap into a new career, there are three important questions you should be asking yourself.
There are many reasons why people choose to pursue a career as a real estate agent, including opportunities for a flexible work schedule and the chance to become your own boss. Read more to explore an infographic that illustrates and explains the major advantages of a career in real estate.
For many people, gaining a foothold in real estate sales can be a confusing process. Although you don’t need a college education to enter the business, having one prepares you with invaluable knowledge and skills. Real estate agents also require a license that is regulated by each individual state
Once you’ve earned your real estate license, your next step is to connect with a real estate brokerage that will sponsor you. This is a decision that can change the direction and focus your real estate career, so select your broker wisely. Here are few tips you can follow.
Real Estate Agents and Brokers
The most popular and the well-known branch within the real estate industry is residential. Realtors chose this career path help people to find, purchase, or sell properties. They also assist clients with paperwork, qualifying, property searches, financing, and compliance with residential real estate regulations. A successful realtor is a knowledgeable professional in areas such as real estate laws, fair housing laws, and financing. They must also have a working knowledge of government real estate finance programs.
Others may choose to work as a commercial real estate agent. Commercial real estate is more complicated than residential because it also deals with investment analysis and value of commercial properties and tenants, not just in terms of market value but also business value. In this field, real estate agents will deal in industrial real estate, office buildings, shopping centers, and retail properties.
Both residential and commercial real estate agents must operate under the umbrella of licensed real estate broker. To open a brokerage, agents must study and pass the real estate broker exam offered by the state in which they want to do business. Brokers generally earn a higher salary as they usually keep all of the commission from their production, and part of every commission from their agent’s transactions as a broker fees.
One of the most lucrative and challenging careers in real estate is land development. This career path requires extensive knowledge of many aspects of real estate and business. To convert a piece of land into a profitable industrial, commercial, or residential real estate enterprise takes a great degree of skill and resources.
Real estate developers engage in extensive market research and planning, choosing and securing a particular piece of land, obtaining financing, planning layouts of future development, and supervising actual development process. The main element needed to succeed in land development is an accurate assessment of building costs and time of completion. After all, land development involves large investments in materials and man hours to complete. The developer is also responsible for the project’s success by promoting the project and obtaining reliable tenants.
Farm and Land Brokerage Career
A land broker helps people with acquisition of farm land raw land. This branch of real estate deals primarily with acquisition of raw land for farming, commercial, residential, and industrial expansions. Individuals who venture into this area of real estate become expert in estimating income potential of a given land parcel for any of above mentioned applications. To be successful here you need to have a good knowledge of farming, commercial development, various building codes, and local zoning regulations, along with traffic mitigation requirements. It is also critical to know the local land market and its potential.
Urban planning is based on prediction of city growth and development and aimed at efficient utilization of available resources while improving people’s lives. Much of the work is involves working with or for local government. There are various careers in urban planning, including architectural, engineering, administrative, transportation, managerial, public relations, and more. If you are interested in pursuing a career in urban planning, and you have experience in one or more of these related areas, you should inquire with a local government office for additional information.
Real Estate Appraising
Real estate appraisers have to apply a practical knowledge of economics, math, accounting, and real estate construction when placing a value on properties. Appraisers are often asked to value property for loan purposes, insurance policies, income property value for sales and acquisitions, and other related topics. Appraisers must be accurate, punctual, and diligent.
This work requires frequent travel, property inspections, taking data, real estate research, value assessment, calculations, and the production of the final appraisal report.
Property managers are responsible to real estate owners by ensuring that a property is full and maintains good tenants, and are responsible to tenants by running safe properties. Most commonly, property managers work for real estate firms, but some work directly for the owner of property or can work for trust companies and banks. The size and type of property will dictate how the property must be managed. For example, if you manage an apartment building, you may be on call 24/7, while industrial buildings tend to require management only during business hours. Duties of a property manager require that the property manager ensure that all tenants comply with property usage policy, all property equipment is properly maintained, and prospective tenants are fully screened both financially and for credit. The property manager oversees regular inspection of property conditions and retains contractors to fix or improve property. Property managers only work for owners of investment real estate.
Real Estate Counseling
Many people, especially in today’s economic environment are seeking answers from expert in the area of real estate. Most of the real estate brokerages do not provide consultation about income opportunities or real estate investment comparisons and projections. Since real estate investments are substantial, the real estate counseling field is expected to grow quickly within the real estate market. Individuals who wish to enter the real estate counseling field need to have a complete understanding of real estate values and profitability assessment. Real estate counselors provide home owners and real estate investors with advice on how to develop property, how to maximize its value and improve returns on real estate investments. Since the real estate market is constantly changing, real estate counselors are also required to continuously update their knowledge in the area of real estate investment and economic conditions.
Real Estate Researcher
Since most of the real estate market is based on the future expectations real estate, researchers are at the forefront of the industry and keep a watchful eye on the economy and social trends. They use this knowledge to predict new trends will affect the real estate market. Investors and developers rely heavily on real estate research data. Real estate research can be classified into two major categories: economic research and physical research. Economic research deals with general and specific questions in regards to financing, real estate demands, types and numbers of potential real estate buyers, local market potential, demands for specific types of real estate, and so on. Physical real estate research mainly deals with construction efficiency, building material selection, safety, and construction engineering.
Deciding to change your career is easy…making that change happen can be difficult. So many questions arise, such as: How much I have to invest to get started? Do I have the right qualifications to work in your industry? Will I enjoy working in it? This video examines reasons why real estate can be one option for career changers.
If you’re a newly licensed real estate professional, this may be the first time you’ve ever been in charge of your own career. But along with that advantage comes added responsibility, such as preparing a business plan and maintaining your focus on growth and achievement.
For decades, holding an open house to showcase a property has been a staple of the real estate business model. Nowadays, however, virtual open houses, website listings, and slick property videos are becoming the new norm. Is there still a place for open houses in today’s marketing strategy?
If you are considering a career in real estate, you probably want to know if it’s a good time to get started in this ever-changing business. In this popular video, Kaplan Real Estate Education’s Director Toby Schifsky examines today’s real estate market and the many factors that affect its health.
By passing your real estate exam and aligning yourself with a broker, you’ve accomplished two key steps in starting your new career. However, as a newly licensed real estate salesperson, there may be additional courses you may be required to take.
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Access definitions and FAQs related to real estate.
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Kaplan Real Estate Education's Toby Schifsky looks at the factors to consider when pursuing a real estate career.
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Maylee talks about her experiences with Kaplan Financial Education and preparing for her exams.
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