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There is no doubt that making a career in the real estate industry is a challenging and time-consuming endeavor. However, there is also a massive potential for both professional and self-development opportunities backed up by high income, which is precisely what makes this career path so attractive for so many people.
However, while you have probably already considered becoming a professional real estate agent, the great news is that there are some more lucrative job opportunities on the real estate job market.
In the article below, we will share the essential information about several profitable real estate career paths, including titles like real estate investor, home inspector, real estate attorney, property manager, and real estate developer. Continue reading to find out more about each job’s responsibilities and requirements.
The first and most obvious career path in real estate is that of a real estate agent. Real estate agents are responsible for helping their clients buy, sell, or lease properties, as well as answering their questions, ranging from “how hard is wholesaling real estate” to more specific and complicated ones.
To become a real estate agent, you will need to obtain a real estate license from your state. The requirements for obtaining a license vary from state to state, but they generally need you to be at least 18 years old and to have completed a certain number of hours of real estate education.
Once you have obtained your license, you will need to find a broker to work for. Having been employed, you will be responsible for marketing properties, showing properties to potential buyers or tenants, negotiating contracts, and assisting with the closing process.
Real estate agents typically earn a commission on the properties they sell or lease, which means that their income is directly proportional to their productivity.
A real estate investor is an individual who uses their own money or capital from other sources to purchase properties with the intention of holding onto the property or reselling it for a profit.
There are a few different ways that real estate investors make money. The most common method is through rental income, which is generated by renting out properties to tenants.
Another way to make money as a real estate investor is through appreciation. This is when the value of the property goes up over time, which makes selling it more profitable.
Lastly, real estate investors can also make money through flipping properties. This is when they purchase a property, make improvements to it, and then sell it at a higher price.
To be a successful real estate investor, you need to have a good understanding of the real estate market and be able to identify properties that are undervalued and have the potential to appreciate in the future. You will also need to have the financial resources to purchase properties and make any necessary repairs or improvements.
A property manager is an individual who is responsible for overseeing the day-to-day operations of a property or properties. Property managers are often hired by landlords or property owners to take care of their rental properties.
To become a property manager, you will need to have a minimum of a high school diploma. However, many property management companies prefer to hire candidates who have a college degree, preferably in business administration or a related field.
As a property manager, you will be responsible for tasks such as marketing vacant units, screening potential tenants, collecting rent, maintaining the property, and dealing with tenant complaints.
Property managers typically earn a salary, plus a commission on the rental units they fill.
A home inspector is an individual who is hired by either a buyer or a seller to inspect a property before the sale is finalized. The main purpose of a home inspection is to identify any major defects or problems with the property.
To become a home inspector, you will need to complete a home inspection training course and pass an exam. Some states also require you to be licensed. Once you are certified, you will be able to start your own home inspection business or work for an existing home inspection company.
As a home inspector, you will be responsible for conducting thorough inspections of both the interior and exterior of properties. For that reason, you need to have a keen eye for detail and be able to identify any potential problems with the property. After the inspection is complete, you will need to prepare a report detailing your findings.
Home inspectors typically charge by the hour or by the square foot of the property.
A real estate attorney is an individual who specializes in handling legal matters related to real estate transactions. Real estate attorneys are often involved in assisting with the purchase or sale of a property, preparing and reviewing leases, and handling evictions.
To become a real estate attorney, you will need to obtain a degree from an accredited law school and pass your state’s bar exam. Once you are licensed, you can either start your own law firm or work for an existing law firm that specializes in real estate law.
As a real estate attorney, you will need to have a thorough understanding of both state and federal laws related to real estate transactions. You will also need to be able to effectively communicate with both buyers and sellers, as well as their respective attorneys.
Real estate attorneys typically charge by the hour or by the project.
A real estate developer is an individual who plans, finances, and oversees the construction of new real estate projects, such as commercial buildings, residential subdivisions, and mixed-use developments.
To become a real estate developer, you will need to have a minimum of a bachelor’s degree in real estate or a related field. However, many developers also have a master’s degree or MBA. In addition, you will need to have several years of experience working in the real estate industry.
As a real estate developer, you will be responsible for acquiring land for development, securing financing for the project, obtaining the necessary permits and approvals, and overseeing the construction process.
Real estate developers typically earn a salary plus a commission on the projects they develop.
To sum up, there are many different career paths that you can take in the real estate industry. The six careers that we have listed above are just a few of the most popular and profitable options out of the bunch.
So, if you are interested in making a career in real estate, we recommend that you research each of these options in more detail separately to find the one that best suits your current skills and interests. Good luck!
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