For those who are determined to be their own bosses and create their own schedules, there are several work prospects in the real estate industry. But real estate differs from most other “be your own boss” prospects in that you may actually generate a sizable income from it. There are several positions that pay well over $100,000 annually in some places.
The rivalry for the highest paying real estate employment is becoming more intense due to the rise in students enrolled in relevant programs. It should come as no surprise as top-earning realtors can earn over $200,000 a year, according to ZipRecruiter.
In spite of this, there are significant variances between various real estate positions in terms of both the position description and the prospective pay. Based on average salaries from the most recent year, we are about to talk about some of the real estate careers that pay the best.
Real estate agent
Real estate agents help clients sell, buy or rent land and buildings, usually for a preset commission. Their duties include creating listings, promoting and showing properties, mediating negotiations and preparing all necessary documents. Agents must be familiar with the most important landmarks, communities and statistics of the area they serve.
To pursue a real estate agent career, you’ll typically need to be 18 years old, take some courses and pass a licensing exam. While most employers prefer candidates with a degree, it’s usually not a requirement.
Real estate agent pay $61,480 on an annual average basis. Because of the nature of the job, earnings and work schedules can be pretty irregular. Being a real estate agent requires a great deal of flexibility, as most agents need to work on the weekends and evenings and spend a great deal of time away from their desks.
Real estate broker
Just like real estate agents, brokers represent buyers, sellers or renters of a real estate property during a real estate transaction. The main difference between the two professions is that real estate brokers can work independently, have their own real estate firms and employ real estate agents. To become a real estate broker, you must be over 18 years old, complete some relevant courses and pass an exam. In most states, you need at least one to three years of experience as a real estate sales agent and must take several additional courses.
According to the U.S. Bureau of Labor Statistics, real estate brokers earn an average of $86,490 annually. Some brokers are self-employed, while many manage a real estate office or work under a franchise agreement. Depending on the form of work, brokers usually need to be flexible regarding work schedules, ready to step in at any hour if or when a negotiation goes awry. They also bear a lot more legal responsibility than real estate agents.
Real estate attorney
Real estate attorneys act in the interest of the seller, renter or buyer during a real estate transaction. Some states require an attorney when buying or selling a property. Real estate attorneys can help clients understand the legal side of the transaction and negotiate the best terms.
Read Also: Who Makes The Most Money in Commercial Real Estate?
Real estate attorneys are lawyers by profession, so they need to have a Bachelor’s degree and a Juris Doctor degree. They must also pass the state bar examination and adhere to continuing education requirements. According to the U.S. Bureau of Labor Statistics, lawyers in the real estate field make $189,490 on average per year.
Real estate developer
Real estate developers search for, buy and improve potentially prosperous lands. They manage and supervise the construction of residential or commercial structures on acquired sites. In most cases, they are also responsible for the project’s funding.
To become a real estate developer, you must have a bachelor’s degree in a related field. Other requirements, including licensing and certification, depend on the state you plan to work in. It’s useful to gain some experience in the real estate market before pursuing a real estate developer career. Most professionals start with entry-level real estate jobs such as real estate agents.
According to the U.S. Bureau of Labor Statistics, real estate managers — a broader category for developers — earn $70,030 annually. Salary research websites, such as ZipRecruiter, indicate that this number can go as high as $146,500.
Property manager
Property managers are responsible for the financial operations of income-producing residential and commercial properties. They ensure that rent, mortgages, taxes and insurance premiums are paid on time. If you want to pursue a career in property management, you’ll typically need a high school diploma. Most employers prefer candidates with a relevant degree and some years of experience in real estate sales. Certain states require professional credentials or licenses.
On average, property managers in the U.S. earn $70,030 per year. The majority of property managers work full-time out of an office. However, some on-site apartment managers must live in the complex they manage.
Real estate consultant
Real estate consultants guide clients through the most important facts to consider during a real estate transaction. Their work is typically centered around financial analysis, investment planning and asset management. Most of their clients are real estate investors.
To be a real estate consultant, you must be at least 18, take some related courses and pass the certification exam. You’re not required to obtain a degree, but you must possess deep financial knowledge and analytical skills to succeed as a consultant. Real estate sales agents — the broader category for real estate consultants — earn $61,480 on average. Salary research websites suggest that most consultants can make a bit more than that.
Mortgage loan officer
Mortgage loan officers help real estate buyers find the loans with the most ideal mortgage terms. They evaluate clients’ creditworthiness and guide them through the application process. A mortgage loan officer can represent a bank, credit union or mortgage broker.
If you seek to become a mortgage loan officer, you must be over 18 years old. You typically need to register with the Nationwide Multistate Licensing System & Registry and take 20 hours of courses. Most employers prefer candidates with a degree and prior financial or clerical experience. Loan officers in the U.S. earn $80,570 on average per year.
As you can see, there are many employment openings in the real estate industry. There are many possible certifications you can obtain, regardless of whether you want to negotiate deals, determine property values, or manage the loan process. Whatever your hobbies, there’s a strong chance one of the highest paying real estate careers may be a match.
