Real estate is a broad field that touches many different industries. From investing to leasing and management, opportunities for real estate professionals are nearly endless.
If you’re interested in working in this industry, you may wonder what the different types of jobs are in real estate. There are many potential career paths within this field, each with its responsibilities and risk factors.
Understanding these roles can help you determine which area of real estate interests you most so you can strategize your plan of attack moving forward. Here is an overview of some standard job titles found in the real estate industry.
Property Managers
As a property manager, you manage the day-to-day operations of a portfolio of real estate properties. A property manager works directly with real estate owners or investors. You will be responsible for identifying and screening tenants, collecting rent, and communicating with tenants to ensure the properties are being taken care of. In addition to managing properties, you may be responsible for overseeing repairs and maintenance. Some property managers may offer additional services, such as marketing and accounting. Real estate property managers are typically employed by prominent real estate investment firms, such as real estate investment trusts (REITs), private equity firms, and real estate investment groups (REIGs).
Commercial Real Estate Agents
Depending on the type of real estate you’re selling, you may need to get a real estate license to do so legally. Commercial real estate agents sell commercial real estate, such as office buildings, retail spaces, hotels, warehouses, and land. Commercial real estate agents may act as salespeople or brokers. Unlike residential real estate agents, commercial real estate agents are typically paid a commission based on the property’s sale price. The commission is generally a percentage of the sales price, which can vary from 2% to 6%. Commercial real estate agents typically earn a higher commission than residential real estate agents, which is one reason why many individuals prefer working with commercial real estate agents over residential real estate agents.
Real Estate Investors
Real estate investors are individuals who purchase properties with the intention of renting them out. Most real estate investors are highly experienced, willing to take on high levels of risk, and primarily looking to earn a passive income. Although there is a high rate of return in this industry, investors often face risks due to the potential for market fluctuations and tenant issues. There are many different ways to invest in real estate. You can purchase a single property and become a landlord, invest in commercial real estate, purchase a piece of property with a partner or purchase a real estate investment trust (REIT). You can also invest in real estate through crowdfunding websites. Real estate is an extremely popular investment choice, with total global assets valued at $217 trillion. You must do your research and learn as much as possible by studying real estate investments to make a successful career in this area. The Wall Street Prep self-study program can help you do just this.
Real Estate Appraisers
Real estate appraisers estimate the value of properties for various reasons, such as for insurance claim purposes or for selling a piece of property. Appraisers may work for insurance companies, banks, title companies, or individual clients. To become a real estate appraiser, you’ll need to complete a state-approved training program and pass a state-issued exam. Once you’ve completed your education, you’ll need to find a real estate appraiser job through a job board, real estate site, or a classified ad website.
Real Estate Lawyers
Real estate lawyers specialize in the real estate industry and advise clients on various real estate legal issues. Real estate lawyers are often contracted by real estate investors or businesses looking to purchase property to counsel them on their investment. Other times, real estate lawyers work with real estate agents to draft contracts for selling real estate, such as residential and commercial properties. Real estate lawyers may also advise clients on real estate legal issues, such as property disputes between neighbors. Real estate lawyers may work for a private law firm, the government, or a large company in a legal department.
Conclusion
Real estate is a great industry to get involved in. It offers endless opportunities for creativity and growth. You can work as a property manager, commercial real estate agent, investor, real estate appraiser, real estate lawyer, or any combination of these roles. Whether you choose to focus on one or do them all, you’ll be sure to find success in real estate.
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