Working in the real estate industry can be quite rewarding because many of the professionals that work in the industry not only help people buy their dream homes but also end up making a tidy sum for themselves in the process. Students interested in sales should take note at the possible career options and salaries of this type of work. According to the Bureau of Labor Statistics (BLS), professionals in the real estate industry can make anything between $42,680 and $106,611 annually. Some of factors that determine someone’s earning potential include working experience, education qualifications, employer, and job title. Read on to learn more about the lucrative careers in this industry.
Commercial Real Estate Appraiser
The work of a commercial real estate appraiser is to determine the value of properties. The appraisal may be for tax, accounting, investment, insurance, or income projection purposes. To excel in this field, one must have a good grasp of appraisal techniques, as well as be good at mathematics, economics, and accounting. Figures published by salary.com show that the annual median salary for real estate appraisers currently stands at $86,253. The top 10% professionals in this field can take home as much as $106,611 every year, while the bottom 10% earn about $65,867 in the same period of time.
A property manager’s main duty is to maintain a client’s property in order to realize the highest possible return on investment (ROI). Some of the things that a property manage can do to achieve this goal include screening tenants, collecting rent on time, carrying out minor repairs, and maintaining cleanliness. For their efforts, property managers take home an annual median salary of $83,425, according to salary.com. The top ten percent of managers earn an average of $116,215, while their counterparts at the bottom 10% of the salary scale take home a hefty $61,790 per year.
Real Estate Agent
This work involves helping people buy and sell residential and commercial properties. The expertise and knowledge that some real estate agents possess enables their clients to save money, time, and the trouble of looking for potential buyers or sellers. Statistics published by the National Association of Realtors (NAR) show that 84% of homebuyers use the services of real estate agents. This shows that you can make forge a successful career in this niche. The median salary for real estate agents is $54,910 annually. This is according to figures from the BLS. In addition, 57% of real estate agents are self-employed. This can be the right career if you would like to be your own boss.
Your work as a land developer is to turn land into a financially profitable investment. In addition, you have to take into account all the costs associated with developing residential or commercial buildings on a particular piece of land. It is also your duty to promote the finished development to prospective buyers or tenants. The median salary for land developers is $64,000 annually according to BLS figures. A land developer in the top 10% earning percentile earns as much as $98,000 annually while a bottom 10% banks about $41,000. Job opportunities in this niche will grow by 16 percent through 2020.
Real Estate Analyst
A real estate analyst is a professional with a good grasp of real estate industry dynamics. Duties involve researching and analyzing housing trends, builder sentiment, mortgage delinquencies, and interest rates associated with mortgages. The aim is to give buyers and sellers analytical insight that can help them make the right decisions. Professionals in this niche earn a median salary of $88,000 every year. An analyst in the top 10% percentile makes about $146,000, while one in the bottom 10% earns approximately $46,000 annually.
Although careers in the real estate industry pay well, you require the right education qualifications. To stand out from the competition, you should have a bachelor’s or master’s degree in business administration, finance, real estate, or economics.
Alex Wright is a writer who creates articles relating to the field of real estate. In this article, of explains a few profitable real estate careers for students pursuing a real estate agent degree.