When you consider the idea of jobs in the real estate industry, the first to come to mind for many is a real estate agent helping people buy and sell homes in your neighborhood.
But careers in the real estate industry are far more diverse than what you might initially think.
Sure, helping people buy and sell homes is a part of the real estate career field, but what about buying and selling office buildings, industrial sites, land and agricultural resources?
Then consider leasing and renting – residential and commercial property management are both fields that require specialized skills and experience in real estate.
And someone has to pay for all this real estate, right?
That’s where mortgage banking, appraisal and the title insurance industries enter the real estate mix.
There is also a whole host of analysts with strong data science skills that underpin the industry’s ability to forecast prices, supply, demand and demographics that are important to investors, buyers, sellers, lenders and speculators
So, safe to say real estate careers can be diverse and offer a wide range of opportunities for those interested in working in the industry.
Residential real estate jobs are a subset of the larger real estate industry, and they specifically focus on buying, selling, and leasing residential properties such as houses, condos, townhomes, and apartments.
Residential real estate jobs typically involve working for a brokerage or real estate agency, although some professionals may work independently.
Some common residential real estate jobs include:
Residential real estate agents help clients buy, sell, and rent residential properties. They work with clients to understand their needs and preferences, show them properties that meet their criteria, and help them negotiate a sale or lease.
A luxury real estate agent is a real estate agent who specializes in the buying and selling of high-end and expensive properties, such as luxury homes, estates, and vacation properties.
Luxury real estate agents typically work with high net worth clients who are seeking properties that are not only expensive but also exclusive and luxurious, often featuring high-end amenities, unique architecture, and stunning locations.
A part-time real estate agent performs most of the same duties a full-time agent does, but typically with less buyers and sellers and subsequently, fewer hours per week.
Part-time real estate agents help clients buy, sell, and rent residential properties. They work with clients to understand their needs and preferences, show them properties that meet their criteria, and help them negotiate a sale or lease.
Like real estate agents, brokers are typically more experienced and knowledgeable than real estate agents, who are licensed to sell real estate under the supervision of a broker.
Brokers can supervise and manage agents, as well as provide additional services such as property management, real estate investment consulting, and real estate market analysis.
Agents and brokers typically earn a commission for their services, which is a percentage of the total sale price of the property.
In addition to their legal and ethical responsibilities to their clients, both real estate brokers and agents must adhere to professional standards set forth by industry organizations such as the National Association of Realtors (NAR), as well as their state level association and state laws.
Residential property managers oversee the day-to-day operations of rental properties, such as apartment buildings or single-family homes.
They are responsible for handling tenant complaints, scheduling repairs and maintenance, collecting rent payments, and managing finances.
Residential real estate appraisers determine the value of residential properties for sale or financing purposes.
They examine the property, research local real estate trends, and use a variety of methods to estimate the property’s value.
Mortgage brokers help clients obtain financing for the purchase of residential properties.
They work with lenders to find the best rates and terms for their clients, and assist with the loan application and approval process.
Residential real estate attorneys specialize in legal matters related to residential real estate transactions.
They may review contracts, represent clients in court, and provide legal advice on matters such as zoning laws and property disputes.
Real estate developers plan and execute projects to build or renovate properties.
This may involve purchasing land, securing financing, managing construction crews, and marketing the finished product.
Jobs in commercial real estate involve buying, selling, leasing, developing, managing, and financing commercial properties, which can include office buildings, retail centers, industrial properties, hotels, and other types of non-residential properties.
Commercial real estate professionals often work for real estate investment firms, development companies, property management companies, or commercial real estate brokerages.
Some common jobs in commercial real estate include:
Commercial real estate brokers help clients buy, sell, and lease commercial properties.
They work with clients to understand their needs and preferences, show them properties that meet their criteria, and help them negotiate a sale or lease.
Commercial property managers oversee the day-to-day operations of commercial properties, such as office buildings or retail centers.
They are responsible for handling tenant complaints, scheduling repairs and maintenance, collecting rent payments, and managing finances.
Commercial real estate developers plan and execute projects to build or renovate commercial properties.
This may involve purchasing land, securing financing, managing construction crews, and marketing the finished product.
Commercial real estate appraisers determine the value of commercial properties for sale or financing purposes.
They examine the property, research local real estate trends, and use a variety of methods to estimate the property’s value.
Commercial real estate loan officers help clients obtain financing for the purchase of commercial properties.
They work with lenders to find the best rates and terms for their clients, and assist with the loan application and approval process.
Commercial real estate attorneys specialize in legal matters related to commercial real estate transactions.
They may review contracts, represent clients in court, and provide legal advice on matters such as zoning laws and property disputes.
The employment outlook for the real estate industry varies depending on a number of factors, including the overall state of the economy, the demand for properties, and the level of competition within the industry.
However, overall, the real estate industry has seen steady growth in recent years, and many experts expect this trend to continue.
According to the U.S. Bureau of Labor Statistics (BLS), employment of real estate brokers and sales agents is projected to grow 2 percent from 2020 to 2030, which is about as fast as the average for all occupations.
This growth is expected to be driven by a growing population and the need for real estate professionals to help individuals and businesses buy, sell, and lease properties.
Additionally, the demand for rental properties is expected to remain strong, particularly in urban areas where housing is in high demand.
This is likely to create more opportunities for property managers and real estate developers.
However, the real estate industry can be cyclical, and it is susceptible to changes in the economy and other external factors.
For example, during economic downturns, demand for properties may decrease, which can lead to job losses within the industry.
Additionally, the industry can be competitive, and real estate professionals must be able to adapt to changing market conditions and keep up with the latest industry trends and technologies to stay competitive.
Overall, while the real estate industry can be unpredictable, it is generally considered to have a positive employment outlook, with many opportunities for those interested in pursuing careers in the industry.