Choosing A Career In Real Estate
If you consider a career path especially in the real estate sector, the choices are plentiful—as are opinions about the opportunities it presents. To some, the sky is the limit and there is no better career choice. Others contend that it is a challenging endeavor that is certainly not for everyone given the level of effort and dedication it requires. Yet a greater number of people agree a career in real estate is much like life itself: you get out of it what you put into it. Garbage in Garbage Out! The key is to form your own opinion when considering a career in real estate. It begins with knowledge. The rest is up to you.
What do you need to know? Real estate is a career field that combines human interaction, sales, a service ethic, and geography and economics. The compensation is usually good and can be great. Pay is often based on commission, so the more properties (and, especially, the more high-priced properties you sell), the more money you will make. However, the real estate sector is much more than just buying and selling. Besides the various positions involved in the actual sale, there are tens of other jobs within the field. The engagements with a lot of other people makes way for many paths into real-estate-related work.
There are four general areas of jobs in commercial real estate. They include:
Land development: This involves the process of finding raw land and finding someone to build a building on it.
Commercial sales: This involves the sale of a new building after it’s built on the developed property, or selling an existing commercial building.
Commercial leasing: This involves the process of leasing space of a building that has been sold.
Property management: This involves managing the property, which ranges from collecting deposits to property upkeep.
Types of Real Estate Professionals
In the real estate industry, there are several categories of jobs under the general heading of “people who handle all that goes on, like the sale of houses and other properties.” Most people especially newbies are unaware of the distinctions among these roles and use the titles interchangeably – even though the legal requirements behind various titles differ. For example, could you review the difference between a real estate agent and a broker? These especially has been more often used as same.
Anyone who sells real estate on behalf of the owner is a real estate agent. To practice, in most part of the world like America or Australia, you must first take a training course, pass a test, and receive a license. Requirements for licenses varies depending on these countries.
There exist two typical levels of licensure. The initial level allows you to work as a real estate agent or real estate salesperson (the two are essentially synonyms) under the supervision of a broker.
In order to become a real estate broker requires the second level of licensure, awarded after a minimum period of practice as an agent, further study, and a more stringent test. This is not the case in majority of the countries in Africa.
A university degree is not necessary for licensure (a high school diploma is), but having one does help with getting a job. As it is, this is still relative to the legal framework of that country.
Real estate clerks do not need licenses, though they do need relevant experience. They maintain records and handle paperwork and other administrative duties for real estate brokerages.
There are other positions that do not differ by degree of licensure. Associate brokers, for example, are those who are licensed as brokers themselves but nonetheless work under the supervision of another broker.
“REALTOR” is a legally protected phrase owned by the National Association of REALTORS. It does not refer to a separate level of licensure, but to a member of the Association. Members must meet the high professional and ethical standards set by the association.
However, ‘REALTOR’ and this Body is particularly under the American Legal Framework. This means that the practices and modus operandi would be a lot different in Nigeria and across countries of the Africa.
Other Common Real Estate Jobs
There are many positions in other fields whose work is necessary to the sale of real estate. These include appraisers, inspectors, bankers, and attorneys. Each category can include a number of different job titles.
After a building is built or renovated, an inspector comes in and ensures that the building is up to code. Some inspectors specialize in residential houses, others in commercial and other types of buildings.
As most real estate properties are not bought for cash, bankers have processes for deciding whether to issue a loan. That process begins with an appraisal – that is, a professional estimation of the financial value of the property.
Real estate appraisers also set values for property tax purposes, for setting compensation levels in cases of seizure by eminent domain, and to assist in negotiations between buyers and sellers and renters and owners.
Real estate appraisers must be either certified or licensed, and several levels of licensure exist. After the appraiser performs his job, any of various types of loan professional takes over on the bank side of the equation, while any of several types of mortgage professionals help the buyer negotiate the process.
Loan underwriters make sure that you are able to repay a mortgage before granting approval for it. The underwriter will either approve, suspend, or turn down your mortgage application.
Licensed closing agents or closing coordinators ensure that the financial transaction proceeds properly and accordingly.
Real estate lawyers make sure all legal agreements involved in the sale are properly drawn up, as well as handling any disputes about ownership.
Consultants and real estate analysts help potential buyers understand how to invest in real estate in order to get a good financial return.
Real estate managers manage properties belonging to investors.
Mortgage consultants, or loan officers, advise borrowers on choosing the best mortgage and assist in helping them fill out loan applications. They make their money through commissions on the loans.
Foreclosure specialists facilitate the process when a home or property is reclaimed by a bank due to non-payment on a mortgage. They may help the homeowner, the lender, or the new buyer with procedures, or possibly all three. Foreclosure specialists usually work with banks and real estate companies.
Real Estate Job Titles
Here’s a list of Real Estate Job Titles across various areas of Real Estate Investment.
1. Appraiser (Licensed Real Estate Appraiser, Appraisal Manager)
2. Brokers and Agents (Others are Closing Agent, Assistant Broker, Associate Broker)
3. Closing Coordinator
4. Commercial Real Estate Broker
5. Director of Real Estate
6. Realty Specialist
7. Real Estate Agent
8. Real Estate Associate
9. Real Estate Clerk
10. Real Estate Consultant
11. Real Estate Manager
12. Real Estate Specialist
13. Real Estate Analyst
14. Licensed Sales Consultant
15. Sales Assistant
16. Loans Specialist
17. Loan Documents Coordinator
18. Loan Documents Closer
19. Loan Processor
20. Loan Underwriter
21. Retail Loan Specialist
22. Mortgage Specialist
23. Mortgage Advisor
24. Mortgage Consultant
25. Mortgage Coordinator
26. Mortgage Loan Processor
27. Mortgage Loan Underwriter
28. Mortgage Professional
29. Mortgage Specialist
30. Foreclosure Specialist
31. Inspector (Home Inspector, Building Inspector, Commercial Inspector)
32. Real Estate Attorney
33. Title Coordinator
34. Title Examiner
35. Marketing Coordinator
Do you think they are emerging job roles in the industry? Let’s hear from you.