Employment through real estate can be financially and personally rewarding for workers. Real estate agents and brokers provide guidance to clients who are undertaking the huge financial decision of buying a home.
In addition to the satisfaction of helping clients buy or sell a home, this career field can be financially lucrative. With the proper commitment and effort, real estate workers can create a strong client base for a lasting, rewarding career.
Requirements for Real Estate Careers
In order to become a real estate agent, an individual must meet education and experience requirements. Additionally, an applicant must pass a state and national licensing exam. Real estate jobs require agents and brokers to understand a variety of knowledge related to real estate. This knowledge should be maintained and built upon when a person passes the licensing exam.
In addition to a high school diploma, real estate or college courses are required in order to take a licensing exam. Having a two or four-year degree is preferred by employers. Colleges offer real estate degree programs. Additionally, business, finance, statistics and economics classes are beneficial for this career field. Real estate workers should also be familiar with the legal aspects of the housing market, including mortgages and financing. Many real estate education and licensing is available online for anyone interested in online education.
Personality Qualities and Interests
Individuals from a variety of backgrounds and skill sets have the potential to achieve a successful real estate career. However, certain qualities are beneficial in this career area. In order to thrive as a real estate agent, you must understand how to be your own boss and create financial independence. Success in this real estate is partially reliant on a worker’s ability to be a self-starter.
Some personality traits and qualities help real estate workers build strong client relationships and future business prospects. Agents and brokers who are trustworthy, personable and mature are more likely to close housing contracts and make commission. Strong communication skills are necessary to explain all relevant details to potential buyers and sellers. Additionally, real estate workers must exhibit good judgment when choosing what properties to showcase to clients. Having a neat appearance and an engaging tone makes a person more likely to be hired by a real estate agency.
Because a job in real estate does not operate like a typical office job, agents and brokers must show flexibility and adaptability in a variety of situations. Having a positive attitude is helpful to show clients your versatility and build a successful real estate career.
Work Environment for Real Estate Careers
The duties of a real estate worker vary from day to day. In this career, agents can make their own schedule. However, they should expect to work irregular hours. Meetings with clients will happen in various locations under changing weather conditions.
New clients will be met frequently, usually on the evenings and weekends. Workers in this career field should expect to work at those times. Real estate agents and brokers often work overtime during busy periods. There is no leaving work behind in this career area. However, the amount of hours and income available to workers is reliant on the real estate market and current state of the economy. If the economy is experiencing a down turn, real estate professionals may experience a decrease in work hours. Some work can be done from home if a broker employs a real estate agent. The agent may be provided an office at the broker location.
Daily Responsibilities in Real Estate
The general responsibilities of real estate workers are centered on helping clients buy, sell and rent properties. Extensive knowledge of the real estate market is necessary in order to find homes and neighborhoods that align with a client’s budget and personal preferences. Additionally, understanding the local tax and zoning laws is necessary when negotiating contracts.
New real estate workers must work hard to gain experience and make connections with clients. This involves meeting with prospective buyers and sellers to show properties. An agent can specialize in selling certain types of properties including commercial, industrial and agricultural sites.
When a real estate agent is not meeting clients, they will be looking for properties to buy and sell and comparing housing prices. Meetings between sellers and buyers must also be organized. Real estate professionals can negotiate prices during these meetings.
Another required duty in this career field is drawing up a contract to be signed by a buyer and seller. When a contract has been finalized, a percentage of the sale is given to the real estate agent and/or broker involved in the transaction.
Income for Real Estate Jobs
Working in real estate can be very lucrative, but it takes time to build up relationships with clients in order to create financial stability. As career experience and strong client base is gained over time, income will increase.
Income and job availability in real estate is based on the economy and real estate market in the country. Economic downturns and rises have a huge impact on income levels and housing jobs needed. When the economy is experiencing a down turn, there are fewer job openings in the real estate market. The income of an agent or broker also varies based on the type of property involved in a negotiation. Certain properties are sold at a higher value, which results in a larger commission percentage being dispersed.
Real estate brokers own real estate businesses, while real estate agents are employed through these companies. Brokers make a consistently higher income than agents. The median income for brokers in 2017 was $56K. The median income for agents in 2017 was $47K. Real estate agents are also required to pay a specific percentage to a broker after a contract is finalized.
Potential for Growth
When real estate workers put time and effort towards their goals, careers in this field have potential for growth. Real estate agents have the freedom to build up their relationships with clients and in turn make their business stronger. Because income from housing sales is based on commission, agents have an unlimited potential to increase their income.
The percentage of jobs available in the real estate field is expected to increase over time, as demand for homes increases. More wealth will flow into the housing market as properties are bought and sold at a higher rate in the future.
Agents can become real estate brokers by passing an additional licensing exam. As a broker, an individual can manage their own real estate company and hire agents. Doing this will increase a real estate worker’s future income potential.
Lastly, real estate agents can be self-employed instead of working for a broker. Self-employment allows an agent to receive a larger amount from housing negotiations, because a fee is no longer paid to the broker.