15 Types of Jobs in the Real Estate Industry
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The real estate industry offers more than just sales jobs. Depending on the role a person wants, there is a place in real estate for job seekers from all walks of life. Construction professionals, bankers, investors and attorneys all have essential roles to play in the real estate industry.?
When someone stops to consider real estate careers, their immediate thoughts probably go to real estate brokers and agents. These are often the most visible jobs in the real estate industry, which employs roughly 1.8 million people in its residential part and just over 3.9 million people on the commercial side.
Unemployment rates for real estate careers are at historic lows. The Bureau of Labor Statistics (BLS) estimated a 2.6% unemployment rate across positions in the industry as of November 2022.
For job seekers who want to break into the industry, there are options other than sales. Consider the following 14 real estate careers.
Note: Unless otherwise specified, all salary information provided in this story comes from the U.S. Bureau of Labor Statistics’ Occupational Outlook Handbook.
1. Real Estate Attorney
Median Annual Wage: $127,530 (legal services)
Real estate attorneys are lawyers who specialize in reviewing transactions that involve property. They ensure the legality of transactions, explain documents and resolve conflicts. These attorneys have passed the bar exam and have the proper licenses to operate in one or more states.
Attorneys often represent either the buyer or seller. One attorney cannot represent both. Some states require an attorney for all real estate transactions. This is one of the best-paying jobs in real estate.
2. Compliance Specialist
Median Annual Wage: $124,650 (for all compliance managers)
Compliance specialists in the real estate industry focus explicitly on the regional and jurisdictional regulations that apply to all real estate. That includes property regulations that touch every inch of a property. Elevators, boilers, sprinkler systems and building facades are just a fraction of the responsibilities on compliance specialists’ plates.
Most compliance specialists are resourceful individuals who have at least a high school diploma and real estate experience. Additional certification or education, such as a bachelor’s degree, may be necessary.
3. Property Accountant
Median Annual Wage: $77,250 (for all accountants and auditors)
Property accountants focus on handling the financial aspects of real estate sales, rentals or purchases. They can work in commercial or private settings. Property accountants have a bachelor’s degree in accounting or finance, although some companies may ask for real estate experience.
Real estate accountants often need experience with balance sheet reconciliation and general ledger accounting. Comfort working with computer programs such as Excel and Word is also essential.
4. Mortgage Loan Officer
Median Annual Wage: $63,380 (all loan officers)
Mortgage loan officers carry specific licenses and are representatives of mortgage brokers, banks, credit unions or any other institution that offers home loans or negotiates them for consumers. Most mortgage loan officers (known as loan originators) match the financial profile of a buyer to a home loan at the best possible rate and lowest cost.
Mortgage loan officers can have different duties depending on the bank they work for. Still, most vet information on loan applications and collect documents to support consumers’ loan requests. They track deadlines and help homebuyers close the loan for sale. Most loan officers have a bachelor’s degree, but a Mortgage Loan Originator (MLO) license is a requirement for this job.
5. Real Estate Broker
Median Annual Wage: $62,010
Real estate agents, realtors and brokers often perform many of the same job duties — but there are key differences. An agent is anyone who has obtained a real estate license. Realtors have pursued the National Association of Realtors (NAR) certification. Yet real estate brokers are different. They have passed an additional exam: the broker license exam.
The primary difference between brokers and agents is that brokers may own a firm or be independent contractors. Agents must work under the supervision of a broker.
Real estate brokers negotiate and arrange real estate transactions and are responsible for several things, including agent recruitment and staff management. Brokers typically receive larger commissions for their work with clients. They also usually receive a share of the commissions from owners they supervise.
6. Home Inspector
Median Annual Wage: $61,640
Home inspectors examine houses, condos, townhomes or other dwellings before their sale. They report on the home’s structure and condition. Many mortgage companies require a home inspection before prospective buyers close on a home. Some sellers pursue home inspection before placing it on the market.
Home inspectors usually have a high school diploma. Many inspectors possess licensing or certification in one or more states. Because home inspection requires an expert level of knowledge regarding all building codes and regulations, they usually have experience in construction trades, including carpentry, electrical work and plumbing.
7. Real Estate Appraiser
Median Annual Wage: $61,340
Real estate appraisers have an essential job. They conduct on-site real estate inspections to estimate the value of land and buildings before their sale, mortgage, development or taxation. Commercial appraisers look at income-producing properties like office space and stores. Residential appraisers focus on single-unit homes or condominiums.
Appraisers prepare written reports on values and maintain data about the property for later reference. Most appraisers need a bachelor’s degree and state licensure or certification.?
8. Property Manager
Median Annual Wage: $59,960
Property managers, like real estate managers, handle the day-to-day work of ensuring a rental property stays clean. They collect all necessary payments from tenants or individual owners. Managers who work for apartment communities often do so in an office on-site. Those who manage rental houses may work out of their home or in a separate office.
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9. Real Estate Manager
Median Annual Wage: $59,230
A real estate manager handles the work of managing a residential, commercial or industrial property. That includes maintenance, appearance and the preservation of resale value. Real estate managers share several responsibilities with property managers, including collecting rent and arranging repairs.
Real estate managers often work in an office environment, but they may occasionally need to show apartments or rental houses to prospective tenants. To become a real estate manager, experts recommend a high school diploma or equivalent. Many employers, however, prefer college graduates — especially if finances or contract management is a priority for the job. A background in real estate sales also helps.
10. Real Estate Developer
Median Annual Wage: $57,871
Real estate developers oversee new construction and renovation projects at new property developments. That includes the financing, marketing and management of the project. Sometimes developers purchase property or partner with existing owners for projects.
As part of their work, developers scout new projects and supervise construction and management. They must find investors and lenders to fund their projects.
Developers do not need formal education or authorization to do their jobs. Still, many in this field have state licensing due to a background in real estate brokerage or as general contractors. The average real estate development salary varies based on title and position.
11. Escrow Officer
Median Annual Wage: $51,527
Escrow officers are third parties who oversee contract terms between buyers, sellers and any real estate agents during the purchase or refinancing of a home. Their job duties also include the deposit and proper handling of escrow funds. Officers also order the title documents required for home sales. They ensure the validity of all mortgage and purchase contracts.
Escrow officers may work for title companies or independent real estate attorneys. They do not work for the buyer or seller and are a neutral party. Most escrow officers have a bachelor’s degree or significant real estate experience.?
12. Real Estate Agent (Realtor)
Median Annual Wage: $48,770
Arguably the most visible job on the list, real estate agents focus on listing and selling commercial and residential property. They often focus on working with buyers or sellers, although some agents prefer to do both.
Real estate agents need excellent people skills and attention to detail to do their jobs well. They must also excel at networking and marketing their services. Staying up on the neighborhood and national trends in pricing, design and market conditions is a must.
Some agents join the National Association of Realtors, a professional group whose members must meet specific accreditation standards.
13. New Home Sales Consultant
Median Annual Wage: $48,340 (all real estate sales agents)
New home sales consultants handle many of the same duties as real estate agents, such as showing properties and handling client paperwork. Unlike realtors, these consultants usually work for a real estate developer or property management company. Their primary duties involve selling brand-new homes in a planned community. They meet prospective buyers for tours of model homes and assist them with moving into the community.
The requirements to become a home sales consultant are less than those of real estate agents and realtors. Most companies require a sales background but do not ask for a real estate license (at least to start).
14. Foreclosure Specialist
Median Annual Wage: $46,415
Foreclosure specialists are realtors who have pursued and earned the Short Sales and Foreclosure Resource (SFR?) certification. This gives realtors the ability to help direct distressed sellers to the proper professionals to aid them as they sell their homes. It also allows those realtors to support buyers with an interest in distressed properties.
15. Leasing Agent
While real estate agents can help those who want to buy a home or commercial space, leasing agents work with renters to fill tenant vacancies. Leasing agents are typically employees of property owners or management firms. Leasing agents have four major responsibilities as part of their job:
Some leasing agents share responsibilities with property managers, but the average salary is significantly lower across the United States: $32,722.
Final Thoughts
The real estate profession involves many moving parts to run smoothly. From sales agents and brokers to assessors and accountants, each person who works in real estate must be a knowledgeable professional to do their job well.
Real estate jobs attract people from all walks of life and with diverse backgrounds. Whether a person’s career started in retail sales, building trades or finance, real estate has a place for them.
Top Takeaways
(Reporting by NPD)?