Most people do not realize how multifaceted realtor career options may be. Real Estate Industry has grown and became multifaceted and complex which has resulted in great expansion of realtor career choices and specialties. While there are many options as to what you can do professionally in real estate most people only familiar with three main professions, residential real estate broker and real estate agent. In this article we will attempt to expand your horizons as to what you can do professionally in real estate.
Residential Brokerage Realtor Career
The most popular and the most known branch of real estate industry is residential. Realtors who chose this career path help people to find, purchase or sell properties assisting their clients with paperwork, qualifying, property searches, financing and compliance with residential real estate regulations. A successful realtor is a knowledgeable professional in areas such as real estate laws, fair housing laws, financing of various types which includes private lenders and government real estate finance programs. As a residential realtor you have to know your local area, local demographics and economics because successful real estate agents go beyond described above duties and provide their clients with additional valuable information helping them in their decisions. Establishing yourself as expert is very important to a residential realtor because it creates a stream of referrals from satisfied clients and directly affects realtor income.
All residential real estate agents must operate under the umbrella of licensed real estate broker. If you would like to open your own brokerage, first you have to study and pass the test of a residential real estate broker. Brokers generally make more than real estate agents keeping part of the real estate commissions from every transaction and charging real estate agents broker fees. While such financial arrangements vary from broker to broker in general if you are a real estate agent, be prepared to pay about 30% of your gross commissions to a broker.
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Commercial Real Estate Realtor Career
You may choose to work as a commercial realtor; it is common that some residential real estate professionals later in their careers transition into commercial real estate due to higher income potential. Commercial real estate is more complicated than residential because it also deals with the investment analysis and value of properties not just in terms of market value but also business value. It deals with industrial real estate, office buildings, shopping centers and stores.
Commercial realtors have to be experts in terms of access to labor and raw materials, transportation, utilities, energy, commercial zoning, tax laws and liabilities. Such requirements make it more challenging for newcomers to enter commercial real estate market but for those who are willing to invest their time and effort and build a long-term lucrative career this could be a viable choice.
Land Development Career
One of the most lucrative and challenging careers in real estate is land development. This career path requires extensive knowledge of many aspects of real estate and business. To convert a piece of land into a profitable industrial, commercial or residential real estate enterprise takes a great degree of skill and resources.
Real estate developers engage in extensive market research and planning, choosing and securing a particular piece of land, obtaining financing, planning layouts of future development and supervising actual development process. The main element of success in land development is accurate assessment of profitability of the project. After all, land development involves large investments and costs. Once the development project is complete land developer promotes the project to the target market it was built for.
Farm and Land Brokerage Career
If you are interested in helping people with acquisition of rural and farm land you may consider become a land broker. This branch of real estate deals primarily with acquisition or land for farming and commercial, residential and industrial expansions. You will have to become an expert in estimating income potential of a given land parcel for any of above mentioned applications. You need to have a good knowledge of farming, commercial development, various laws and local zoning regulations, transportation, etc. It is critical to know your local land market and its potential well because some of the regions are more dynamic in terms of land acquisitions than others and your income is directly tied to the activity of a chosen market.
Urban Planning Career
Urban planning is based on prediction of city growth and development and aimed at efficient utilization of available resources while improving people’s lives. Much of the work is involves working with local government. There are various careers in urban planning – architectural, engineering, administrative, transportation, managerial, public relations, etc. If you are interested in pursuing urban planning and you have experience in related areas you should inquire with a local government office for additional information.
Career in Real Estate Appraising
As a real estate appraiser you have to apply practical knowledge of economics, math, accounting and technical knowledge about real estate construction, market value and its adjustments, insurable value, income property value and other related topics. As an appraiser you have to be accurate, punctual and diligent.
This work requires frequent travel, property inspections, taking data, real estate research, value assessment, calculations and producing appraisal reports.
Property Management Career
To summarize as Property Manager it is your responsibility to protect owners’ real estate investment. Most commonly property managers work for real estate firms but some work directly for the owner of the property or trust companies and banks. Depending on the type and the size of property your responsibilities will vary. For example, if you manage an apartment building, you may be on call 24/7 and you have to ensure that all tenants comply with property usage policy, all property equipment is properly maintained, you may have to prescreen new tenants, inspect property conditions, dispatch contractors to fix or improve property. If you are a commercial property manager you depending on the size of your operation you may spend most of your day in the office handling all the issues by phone.
Real Estate Counseling Career
Many people, especially in today’s economic environment are seeking answers from expert realtors. Most of the real estate brokerages do not provide consultation about income opportunities, real estate investment comparisons and projections. Since real estate investments are substantial, real estate counselors’ field is growing. If you would like to become a counselor you have to be an expert in various aspects of real estate, especially value and profitability assessment. Real estate counselors provide home owners and real estate investors with advice on how to develop property, how to maximize its value and improve returns on real estate investment. Since real estate market is constantly changing real estate counselors are also required to continuously update their knowledge.
Real Estate Researcher Career
Since most of the real estate market is based on the future expectations real estate researchers are at the front of the industry keeping a watchful eye on the economy and social trends and predicting how these trends affect real estate market. Realtors of various types and real estate investors rely on real estate research data. Real estate research can be classified into two major categories, economic research and physical research. Economic research deals with general and specific questions in regards to financing, real estate demands, types and numbers of potential real estate buyers, local market potential, demands for specific types of real estate and so on. Physical real estate research mainly deals with construction efficiency, building material selection, safety and construction engineering.
As you can see, there is no lack of career choices in real estate. You can apply your talents and build your realtor career in any of these industry branches.
Read more about California realtor career in residential real estate.