Which real estate occupations are currently the most lucrative and successful, and which one is the best fit for you? One of the real estate industry’s best attributes is the variety of professionals to choose from. It enables a wide range of occupations and careers to suit nearly everyone’s interests, abilities, and personalities. Though most people associate real estate with agents and brokers, there are more than a dozen real estate-related vocations unrelated to purchasing and selling real estate.
If a career in real estate is something you are thinking about, you have a lot of options. You just need to conduct a self-evaluation before committing to a career in the real estate market. This article will assist you by outlining the top 10 choices, their benefits, and everything you’ll need to get started.
1. Real Estate Instructor
A real estate instructor offers pre-licensing training to individuals preparing to take state exams for real estate agents. A career in real estate instruction requires a variety of qualifications, most notably a solid foundation in finance, real estate law, and business administration. Aspiring real estate agents can receive training from various sources, including webinars and online real estate classes, in addition to traditional classroom settings. Often, community colleges and universities that offer real estate instructor programs hire seasoned construction professors.
In addition to years of real estate expertise, industry certifications, and prior classroom teaching experience are prerequisites for becoming a real estate instructor. Most jobs require a real estate license in the subject you plan to teach and a four-year college degree. Generally speaking, you’ll need a solid grasp of contracts, real estate laws, and markets.
You are responsible for creating curricula and providing continuing education to students who want to work in real estate as a faculty member. Excellent written and verbal communication skills are necessary. The ability to speak in front of an audience is also a prerequisite for this vocation. A real estate instructor’s base pay varies from $78,434 to $106,988, per Salary.com.
2. Siding Installer
House siding contractors install various types of siding on homes or commercial structures. Installing siding on the exterior of a building, house, workplace, or other structure is part of a bigger construction project. Your responsibilities include using tools and other equipment to install siding evenly and solidly over the face of a building. Some of the materials you use are steel, aluminum, vinyl, stucco, and wood. Essential skills include physical strength and stamina, as you must use heavy tools such as nailers, hammers, and sheathing.
Your other duties may consist of installing flashing, fascia, and gutters. Having any particular schooling to work as a siding installer is unnecessary. Instead, most job requirements require some experience. To get your foot in the door, find an experienced siding installer and offer to work as their apprentice or assistant. Alternatively, you can seek to work for a sizable construction firm where you can obtain expertise in general building and eventually become a siding specialist.
You can work as an independent siding installation contractor after you’ve gained the necessary experience. Siding installation for home remodeling is usually more profitable than siding installation for businesses. According to ZipRecruiter, the average salary for a siding installer is $27 per hour. You can use internet advertising and word-of-mouth marketing to promote your services.
3. Landlord
Landlording is yet another fantastic career in real estate. One distinction between real estate investors and landlords is that the latter may choose not to manage their apartment rentals, while the former may not. In addition to having the ability to identify a strong market and a desirable property to purchase, becoming a successful landlord also requires the ability to manage a rental property and interact with tenants. You need to become an authority on the rental market and the property analysis covered in the first section to find and close profitable transactions.
You must be proactive, organized, and a strong communicator for the second portion. You must stay on top of rental inspections, rent collection, property maintenance, and upkeep. In addition, as the landlord, you must be ready to go through the unpleasant eviction process if your tenant stops paying rent or breaks the lease terms in any other way.
4. Airbnb Host
An Airbnb host is another real estate career comparable to but distinct from being a landlord. An Airbnb host is the manager of a property, not a landlord. This is usually a short-term rental property rented out nightly. In other words, this means starting an Airbnb business.
To become an Airbnb host, you must have a different persona than a landlord. You have to be more dynamic and open to more day-to-day work. You must locate a lucrative short-term rental, buy it, renovate it, and furnish it for a pleasant stay before you even begin this career in real estate. Compared to a long-term rental, this requires a larger initial investment. Forge a partnership with a local dumpster rental company to facilitate property cleanouts and renovations efficiently.
The answer to the question of how much money you can make on Airbnb is contingent upon several factors, including your market, property, marketing approach, daily pricing, and occupancy rate. What is your expected salary? Add optional additional fees per stay (such as your cleaning fee) and multiply your nightly rate by the number of nights on the reservation to determine your payout. This is the subtotal of your booking. Subtract any applicable taxes and fees from the subtotal of your booking.
5. Real Estate Agent
One of the best and most well-liked careers in real estate is becoming an agent. Sales agents for real estate assist buyers with buying and selling homes. This implies that you can represent the seller and buyer or even handle both sides of the transaction as a dual agent. A career as a residential or commercial real estate agent is another option.
But before choosing this professional route, remember that only some are a good fit for the job description of a real estate salesperson. It calls for a particular set of abilities that only some have. Most importantly, to persuade people to make such costly purchases and sales as a home, you have to be born a salesperson. Additionally, you must have outstanding people skills to provide homebuyers and sellers with all the help they require, including emotional support.
According to Indeed.com, the average yearly compensation for a real estate salesperson or agent is $87,390. A real estate broker typically earns $75,068 annually in addition to a commission of $42,000. The housing market, experience level, location, and education degree can affect these salaries.
6. Real Estate Broker
There are two comparable kinds of real estate jobs: broker and agent. But the only thing that separates them is their employer. In essence, real estate brokers sign contracts with brokerages. Thus, real estate brokers employ real estate agents. On the other hand, brokers can choose to work for themselves or launch their brokerage firms.
You can find a career in real estate that aligns with your interests based on your personality and skill set. One career path you could choose if you have the drive to start your own business is becoming a real estate broker. The regulations in your jurisdiction will determine how to become a broker in real estate.
Generally, you can only apply for a broker’s license after working as a real estate agent for one to three years. Additionally, you might need to pass the broker licensure exam and finish a training program. The average real estate broker can expect to make approximately $110,000 a year, which is divided between a base income of $68,000 and commissions of $42,000, according to data compiled by Indeed.com and Income.com.
7. Property Manager
Working as a property manager is one of the most alluring careers in real estate when deciding what to do with a real estate license. Whether a property is residential or commercial, a property manager’s job is to ensure that it operates efficiently and, in the end, generates revenue for its owner. When it comes to residential properties, this might mean playing several roles, like that of a maintenance specialist and a leasing agent.
Depending on the size of the property and the capabilities of the property management companies, all or some of these responsibilities may be outsourced; the property manager’s job is to supervise their execution. Commercial property managers are more likely to experience this. According to Compensation.com, residential property managers in the US make an average compensation of $71,000 in real estate.
8. Real Estate Wholesaler
Wholesaling is one of the most remarkable careers in real estate for making quick cash without committing to an investment in property over time. An estate wholesaler does not have to make any repairs or improvements to the property, unlike a house flipper, a real estate professional we’ll discuss next.
However, wholesaling isn’t a way to profit passively from real estate. To find a decent deal, you must aggressively look for buyers and sellers of real estate and aggressively market the house. Finding a buyer is required by a fixed date to profit from the transaction.
The wonderful thing about real estate wholesaling is that it allows you to enter the real estate market even if you lack the funds to pursue other careers in real estate options, such as buying rental homes to resell. If you have a keen sense of distressed homes and are an adept negotiator, this is among your top real estate job options. Done right, it can yield substantial returns, but it will require time. Establish ties with a licensed and skilled plumber to promptly address any plumbing issues during property transactions or renovations. According to ZipRecruiter, most wholesalers make between $60,000 and $102,000.
9. House Flipper
Fix-and-flip properties are another well-liked avenue to pursue a career in real estate. In contrast to wholesaling, this tactic involves extensively renovating the home before listing it for sale. In addition, you must purchase and temporarily become the property owner while making the necessary repairs.
Locate a troubled asset on sale for less than it is worth. Then, determine the necessary repairs and the after-repair value (ARV). After that, you should offer the owner a fair price and negotiate it. The next step is to purchase the land, remodel the home, find a buyer, advertise the property, and close the deal.
Being a house flipper will require you to have contacts in the industry because refurbishing a property takes a whole team. Being a house flipper will require you to have contacts in the business because renovating a property takes an entire team. For instance, you might need to collaborate with an experienced pool builder to offer added value to clients interested in properties with pool installations. Additionally, you require strong coordination and management abilities. According to ZipRecruiter, flipping real estate brings in $78,000 per year.
10. Real Estate Attorney
Professionals with expertise in real estate law handle the legal aspects of property disputes. For instance, the attorney is responsible for intervening and diffusing conflict when there is a problem with the title, paperwork, or transfers. Attorneys are most valuable when they advise clients on guaranteeing the sale is lawful throughout the transaction process.
You must complete a lot of schooling to practice a career in real estate law. After completing your undergraduate studies, you must pass the LSAT, become a Juris Doctor, and then pass the bar test. It could often take six to eight years to finish this process. After that, you must devote two more years to gaining legal experience.
Additionally, if you intend to dive into a diverse market, seek legal professionals with Chinese real estate attorneys for valuable insights into international transactions. According to Salary.com, becoming a real estate attorney will rake in an even more remarkable $160,000 yearly.
Ultimately, there is much more to the real estate business than just residential real estate. It includes a wide range of job options that call for various skill sets. There are a plethora of options for where to take your career in real estate after receiving your real estate license!
