As the population increased, the demand for more settlement areas and for comfortable housing kept the real estate business booming. This has caused the establishment of over a billion houses, thereby opening up land spaces where other businesses can thrive profitably. In this article, we will define real estate, understand real estate licensing and reveal marketable real estate careers that come with great working conditions and pay.
What is Real Estate?
Real estate is simply landed property with natural resources such as rocks, minerals, etc alongside it. As a business, real estate can be used for industrial or residential purposes. Residences in real estate are classified by their connection to neighboring residences and land. One of the categories in real estate includes the attached dwellings which comprise apartments, terraced houses, condominiums, and multi-storey. Some other categories are the semi-detached and detached dwellings which consist of duplexes and detached houses respectively. Finally, we have the portal dwellings which consist of mobile homes or residential caravans, houseboats, and tents. Chawls, villas, and Havelis which are not very popular housing patterns are used in certain parts of the world.
How Can I Start a Real Estate Career?
The first thing you should understand is that there a lot of real estate career opportunities that come in with diverse qualification requirements. You can kick-start your quest in one of the many real estate careers when you possess the right qualification in your area of interest. You’ll basically need to be certified by an institution after successfully scaling through all needed tests. After that, you would be required to work in for brokerage for about two to three years.
How Can I Get A Real Estate License?
As you may know, getting a real estate license is an important necessity if you seek to build a thriving real estate business or career. Getting your license means that you can get a commission from your purchases and sales, access to the multiple listing service (MLS), market growth, knowledge, and relationships, paying commission to your broker and annual fees, loyalty to your broker and agent disclosure. Therefore, you can get access to a real estate license and take your business to the next level when you undertake the following processes according to blog.hubspot.com
Understand State Licensing and Education Requirements
A real estate license gives realtors the chance broker, sell and rent legally. Additionally, You would be required to take pre-licensing courses and licensing requirements which differ state by state. These classes can be taken online and in-person depending on what suits you. You would be required to check the reciprocity agreements which apply in your state. These reciprocity agreements could be less when you have a degree.
Take a Pre-licensing Course
Pre-licensing courses will demand a financial budget and a lot of time invested in study. The classes could last for several weeks or less depending on the pre-licensing school. In addition, you have an opportunity to work with schools that give you a schedule that aligns with your time. The prices differ by state and most times go from $500-$1500. You’re best advised to find out the price of your state from the licensing body.
Pass your state licensing Exam
Apparently, the licensing exam takes about 1-4 hours to complete as this is dependent on your state. The exam consists of close to 100 questions with a pass mark requirement of 60%-75%. These multiple-choice questions cover national and state principals and laws. It’s essential that you obtain a certification of completion from your licensing school or an official real estate transcript in your license application.
File a Real Estate License Application
After you’ve successfully scaled through the exam, you’ll need to submit your license application, test results and application fees. Interestingly, license application fees cost between $50 to $250. In addition, a background check which costs between $40 and $80 will be undertaken. It’s in your best interest to check if your state requires you possess the Errors and Omissions (E&O) insurance before application as it protects real estate agents from lawsuits and financial losses as a result of the work. However, it’s important to note that individuals who apply must be at least 18 years of age with either a high school diploma or GED. The license will take between one to six weeks to undergo procession after application.
Find a Real Estate Brokerage
A real estate brokerage is a place where real estate agents work. You’ll be required most times to work with a brokerage for at least two years. It’s part of the practice involved in building great real estate careers. This brokerage will be responsible for your sponsorship throughout your period of engagement with them. You’ll need to ask yourself key questions about the policies that guide the brokerage company so you can know if it’s a good fit for you.
Join the National Association of Realtors (NAR)
Funnily enough, most individuals in diverse real estate careers shy away from associations. In this case, it’s a necessity to join the association for recognition and increased earning potential. Participating in the Multiple Listing Services allows seeing the listings of other realtors which strengthens your stance.
Renew Your License Regularly
A lot of realtors tend to forget that renewing your license is very important to your stay in the business. These licenses usually expire between two to four years and may require that you partake in courses of up to 90 hours so as to remain updated with the best real estate practices.
How can I get a Degree in Real Estate?
Getting a degree in real estate will first require that you gain admissioninto the program. These programs are dimensioned into graduate and undergraduate programs depending on the one run by the institution. Below is a list of some of the best institutions where you can study real estate and get into some of the possible careers. They include; The following real estate careers are our top ten based on earnings, working hours and flexibility. They include;
10. Leasing Consultant
Salary: $43,121 per year The leasing consultant has a specific duty of ensuring that the building is occupied with tenants. This work demands that you work on the weekends and possesses a level of flexibility. This is a career path for you if you’re passionate about marketing and negotiations. You get to talk about new openings and run promotional events on the properties while remaining updated with the best marketing practices. This specialist is responsible for preparing and organizing all the documents and processes respectively in the foreclosure of a property. He is handled with reviewing the financial statements of the client and the foreclosure process in order to resell as soon as possible. Very importantly, a foreclosure specialist needs to have great organizational skills in order to keep up with timelines and deadlines.
8. Property Manager
Salary: $49,494 per year A property manager is responsible for the upkeep of property both residential and commercial. In residential properties, they can act as repairmen and leasing agents in a bid to familiarize themselves with the tenants of the property. However, acting in these capacities depend on the size of the property and the people skills of the property manager.
7. Commercial Real Estate Agent
Salary: $60,504 per year He is tasked with the responsibility of helping businesses get locations that will boost their trade down to their downlines. This may connote leasing office spaces or finding a perfect location for a bread business to build a bakery. They carefully analyze statistics and data in order to get what is perfect and befitting. This is one of the best real estate career paths for you if you possess strength in data analysis and research.
6. Real Estate Managing Broker
Salary – $66,129 per year Most times, there’s a lot of confusion between two real estate careers; a real estate agent and a real estate broker. The difference is that the real estate broker possesses educational qualifications and a license and is qualified to handle an office. However, this is a good place to start when you’re on your way to becoming an agent as it remains one of the few real estate career paths that demand a license.
5. Commercial Appraiser
Salary- $75,880 per year A commercial appraiser basically handles all matters that concern appraisal of the properties. His duties are sectioned into office and community as he spends part assessing properties which he will appraise. The commercial appraiser learns his appraisal strategy from established appraisers and dispenses it to those he teaches. This remains one of the real estate careers that demand you possess a license.
4. Corporate Real Estate Managers
Salary: $101,360 per year Corporate real estate managers are the individuals who are hired by companies to help them manage their real estate properties. This duty demands that you possess a lot of experience and a license to prove your credibility. In addition, you’ll need to convince the company about how your experience can help them achieve their goals and yield profit.
3. Commercial Leasing Manager
Salary: $112,723 per year He handles the negotiation and transactions with businesses when it comes to real estate property. A commercial leasing manager is always on the lookout for shakes in the market place so as to tailor it to meet the budgets of the businesses he works with. A real estate attorney is a good place if you want to further your education beyond real estate and build a stellar career.
2. Real Estate Attorney
Salary: $118,000 per year At this position, you act as an advocate for tenant rights and consul before any major real estate purchase to avoid litigation issues in case they arise.
1. Real Estate Investor
Salary: 123,937 per year As a real estate investor, you can either be active or passive. Active investors would buy and flip a property or support the contractor who is buying a property with the purpose of resale. Passive investors don’t engage themselves in the activities of real estate. They would rather buy and wait till someone is interested and then they would sell it off for a profit. For this cause, among all the real estate careers, many aim for this spot because of the financial reward and flexibility attached. Real estate careers are opportunities in the real estate business where n individual can excel. Starting a career in real estate demands that you fit the requirements which differ career by career. Yes. Real estate has great career opportunities that are fulfilling and financially rewarding. You can make more than $42,000 per year at least in any of the real estate careers.
Conclusion
A real estate career is very rewarding as property always appreciated and never depreciates. Choosing a career path for yourself should never be a hasty decision as it would determine the trajectory that your life will take over the years. Make up your mind to do your best and be the best and you’ll surely excel in any career path.
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