CAREERS IN REAL ESTATE
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Note: this page is current as of Tuesday, February 7th, 2023
WONDERING WHAT YOU CAN DO WITH A REAL ESTATE LICENSE?
Ever wondered what you can do with a Real Estate license? The options are so diverse, and cover a wide variety of opportunities, requiring varying strengths. With so many options, you might not even know about some of them! If you’re wondering what you can do after passing the Real Estate exam, keep reading for a description of different options available to you with a broker’s license.
Residential Real Estate Agent
The Residential Real Estate Agent aids the purchase of homes between buyers and sellers. Having a facilitator is extremely valuable to the success of the transaction. A residential real estate agent’s success depends on how great their customer service skills are. The agent finds their own clients, and excellent customer service skills are a must. Income is commission based, so the agent will earn more with more leads. Building an extensive network and putting the client’s needs first are essential to the job.
Commercial Real Estate Agent
The Commercial Real Estate Agent is comparable to the Residential Real Estate Agent, but instead of dealing with houses, condos, and townhomes, they will sell and buy properties for businesses. Working in this area requires systemic knowledge of business and finance, because they work with gross rent multipliers, capitalization rates, and internal rates of return. Again, income is commission based, but according to the National Association of Realtors® (NAR), brokers working in commercial earned twice as much as brokers working in residential during 2017.
The property manager ensures the financial and physical welfare of the property, as well as maintaining tenant satisfaction. The property manager needs excellent customer service skills, managerial skills, and be a quick-thinker. Working in property management requires a good understanding of finances, facility operations, and documentation skills.
The leasing agent works to find the perfect tenant to lease a property, working directly with the property owner. They also have the choice of which area they’d like to work in: residential or commercial. In the commercial sector, they work with businesses instead of individual tenants. Leasing agents work face-to-face with clients and tenants, requiring great communication skills, as well as knowing how to pilot negotiations and other dealings. The leasing agent needs a good understanding of marketing and promotion to drive leads for their property.
Real Estate Investor
The Real Estate Investor can have either an active or passive role. The active investor is generally considered a “house flipper” who buys and flips residential properties. They could also aid the work of another investor or contractor who is buying the property for resale. The passive investor provides funding for a real estate project, but doesn’t oversee the day-to-day activities of the project. Even with minimal funds to invest, a person can become an investor through crowdfunded real estate investing.
Foreclosure Specialists can be employed by banks or private lenders to maintain the documentation and process when a property is being foreclosed on. They are responsible for examining the financial records of the client and processing the documents so the property can be resold quickly. The Foreclosure Specialist has outstanding organizational skills and needs to meet important deadlines.
Real Estate Attorney
The Real Estate Attorney has education beyond the Real Estate course. Attorneys specializing in Real Estate have several options. They can promote tenant rights, working to ensure equal housing opportunities, or offer legal counsel during large real estate purchases, and everything in between.
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