Real estate is one of the most competitive, lucrative, and multifaceted market sectors in the world. According to Indeed.com, the average real estate agent salary is $95,324 per year, while Glassdoor reports the average broker salary as $79,590, depending on the state. Besides the great salaries, real estate is an exciting and versatile field to work in, with no two days ever looking quite the same.
Real estate is a multifaceted industry, and there are so many important layers involved. Generally, the sector has key areas each with other sub-sectors that all have great potential for a career. These include:
Sales: Real estate agents and brokers facilitate property transactions, guiding buyers and sellers through purchases, sales, and leases. As a real estate agent, you should always be in the know of local market conditions, and be knowledgeable about home trends in different areas. You can check out an infographic a little later from the National Realtors Association about the first year of being a real estate agent.
Development: Real estate developers bring all the great ideas to life, working either independently or as part of a consortium to build or renovate homes, offices, commercial spaces, and industrial parks. Developers can then sell, lease, or rent the property.
Finance: if you love big-money deals, then real estate financing is right up your alley. Real estate financiers provide funding to developers, buyers, and investors. Investing in the right deal at just the right time can turn you quite successful
Construction: Real estate contractors build and renovate properties, overseeing construction projects and subcontractors.
Property Management: Property managers oversee the daily operations of leased and rental properties. Their responsibilities usually include rent collection, property maintenance, and tenant management. Their primary responsibility is to ensure that properties remain profitable and well-maintained.
Real estate legal and arbitration: Real estate deals are always based on the law, and therefore good lawyers are needed to see these deals through. Legal heads may also see through deals such as mortgages, financing, leases and work letters, and broker/client disputes.
Marketing: Marketing involves getting the word out there about your offers and potential deals. This might include social media, telemarketing and cold-calling, email marketing, luxury marketing, and SEO, amongst a variety of other types.
If you’re currently enrolled in a college program already, you can pay for essay and find more time to learn about the practical bits of real estate on the side.
Above, you can see the typical path of an independent real estate agent. Real estate is quite flexible when compared to other careers when it comes to navigating the educational route. Very few universities offer a degree in real estate, although you might find flexible online universities offering degrees such as a Bachelor’s in Property Valuation.
Let’s explore some of the best general undergrad degrees for a real estate career right off the bat.
A business administration degree equips you with a good understanding of general business principles. This makes it suitable for various real estate roles, including sales, development, and property management, where strong business acumen is essential.
You can also choose a Bachelor of Business Administration with a major in Real Estate Management. You’ll probably learn about portfolio management, valuations, property insurance, tax, loans, and mortgages.
This degree imparts specific knowledge about industry laws, regulations, and practices, in line with the relevant professional, policy, and business communities. Aspiring real estate agents, brokers, and developers will find this quite useful.
This is for students who want to venture into residential and commercial sales including development, lending, banking, property management, and construction.
This bachelor’s degree program is ideal for students who want to venture into property valuation, property law, property finance, and property management. The degree is also designed to offer students practical skills associated with complex valuation, management, financial, and legal principles.
Traditionally, a finance degree focuses on financial markets, investments, and risk management. Financiers with this degree can go into real estate financing, valuation, and investment, and they may work across a wide variety of domains.
On the other hand, an accounting degree covers financial accounting, auditing, and taxation. This makes it advantageous for careers such as real estate accounting, property management, or real estate investment, where financial expertise is critical.
With facility management, you will be more on the service side of facilities such as commercial complexes, stadiums, and industrial complexes.
A degree in construction management delves into construction principles and practices. This is essential if you want to lean more towards being a developer or a contractor
These degree programs also offer variants with a master’s degree which would be beneficial and strategic for those who want to specialize further and attain more senior positions. Common master’s degree programs in real estate include:
For professionals already working in real estate, a graduate degree can open doors to higher-paying and more senior positions. Additionally, licensing plays a crucial part in working in the real estate sector in areas such as agency and brokerage. Some of these professional licenses include the CCIM Institute, NAIOP, and the Society of Industrial and Office Realtors.
Not only is a career in real estate highly lucrative and rewarding, but it also offers the opportunity to go into one of the most versatile fields where each day brings new excitement. By selecting the right degree, gaining practical experience, being licensed, and staying informed, you can succeed in this dynamic field.