Find the information you need to get a real estate degree and start your real estate career.
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A real estate agent shows a couple one of the new
houses on the market.
The real estate industry is much more than well-dressed agents who show open houses. The field includes a dynamic group of professionals who work together to help consumers buy, sell and maintain properties. People look to real estate professionals for guidance with the many important decisions related to buying or selling real estate. In uncertain economic times, consumers rely on real estate agents, appraisers, property managers and assessors to negotiate profitable deals and protect their investments.
Regardless of whether the housing market is thriving, real estate professionals with a high level of education and experience will always be in demand. Real estate careers flourish wherever there are people, whether in large metropolitan areas that offer a steady flow of work or in smaller towns that have the potential for growth. With the help of technological advancements, the real estate field offers flexible hours, the ability to work from home and the option of being self-employed.
Responsibilities differ by the nature of the job, but the main goal of every real estate professional is to build trust in clients by consistently meeting their expectations. A real estate career involves working with the public, developing good client relationships and making industry contacts. Those in real estate must also be knowledgeable about housing markets and regulations.
A real estate career encompasses a wide range of job possibilities with great potential for advancement. Here are several real estate career options and their accompanying responsibilities.
Real estate agents and brokers are primarily responsible for finding properties that fit a buyer's needs. They must understand property tax laws and financing options, and effectively market properties that need to be sold. Often working more than 40 hours a week, real estate agents spend the majority of their time on-site with clients. Since most real estate agents work on commission, their salaries widely vary, earning between approximately $18,000 and $93,000 annually. Because many brokers hold management positions, they earn slightly more, with a base salary of approximately $33,000 to $100,000 annually.
Property managers are hired for their expertise in managing community or homeowners' associations, office buildings, apartment complexes or commercial properties. The responsibilities vary by specialty, but generally include dealing with the financial aspects of real estate management, collecting association dues and hiring individuals for services such as landscaping, janitorial duties or security. More than half of property managers are self-employed, and salaries range from approximately $18,500 to $90,000 annually.
The main task of real estate appraisers and assessors is to calculate the estimated value of a property. Assessors determine a property's value primarily for tax purposes, while appraisers typically handle estimates for commercial businesses or to help real estate firms set an accurate sale price of a residential property. According to the US Department of Labor, employment is expected to grow faster than average through 2014, with salaries ranging from approximately $22,000 to $81,000 annually.
Whichever area of real estate interests you, a successful real estate career requires negotiation skills and ability to work with the public. You've also got to be flexible; one benefit of a real estate career is that it lets you manage your own schedule, but you must also be willing to adapt to the demands of your clients' schedules.
Other helpful skills include organizational thinking, mathematical aptitude, proficiency in computer and digital technology, and effective presentation skills. To make sure you refer clients to trustworthy specialists, real estate professionals must also be able to build a network that includes others in the industry as well as those in related professions, such as lawyers, mortgage lenders and insurance agents.
People enter the real estate field with diverse educational backgrounds and varied career goals. However, your chances of success are directly related to your level of preparation and commitment. This is one career that really requires self-motivation, and you will be way ahead of the competition if you've got solid knowledge and education in your toolkit. Here are some important areas of education and licensing to consider.
Every state requires real estate agents and brokers to have a license. This license is obtained by passing a written examination and must be renewed every one to two years by attending continuing education courses or seminars. A real estate broker's license also requires the candidate have experience in the field and a minimum training program of 60 hours.
For real estate appraisers, licensing qualifications vary by state but must conform to the standards set by The Appraisal Foundation, according to the US Department of Labor. Property assessors must meet licensing criteria that have been determined by an assessor board at the local or state level. A license is not required to be a property manager.
Depending on your real estate career goals, a variety of bachelor degree majors can give you a solid foundation to prepare you for a real estate career, including:
In addition to the core finance and economics classes you'll take with these degree programs, you should seek out courses that cover real estate law topics, land-use planning, ethics and environmental issues. Marketing and finance courses are especially important if you are interested in managing or owning a real estate company.
Most employers look for real estate professionals who have a high level of expertise in handling the financial and legal complexities that accompany real estate transactions. Including an MBA degree program in your real estate career plan will sharpen your business skills and provide you with practical experience that will increase your appeal to potential employers. For career changers who may need to work full time while attending school, an online MBA degree program is a smart option due to its inherent flexibility.
New England College
New England College has top flight online master's programs in business grounded in 60+ years of campus-based education. Specialized programs are geared to help advance students' careers in banking, health care, non-profits, operations, real estate and more.
