Constructing a Career in Real Estate
The field of real estate offers many profitable career opportunities for an entrepreneur with the aptitude for this profession. Real estate is a vast and expansive field, allowing entrepreneurs to pick and choose from many specialties. Each specialty, however, requires adequate education and training in order to become proficient in the trade. The following provides a brief synopsis of four possible options in real estate that could expand into a profitable and productive career.
Residential Real Estate Broker
Residential real estate brokerage offers an entrepreneur the opportunity to use his or her business skills in a challenging field. Real estate brokers help clients buy and sell real estate properties. Brokers help clients appraise the value of their property and offer marketing strategies that will obtain successful results.
As a broker, you will be expected to guide buyers to the best deals, accompany them to view properties and negotiate offers with sellers. When selling real estate, you are responsible for marketing and showing the property as well as negotiating final deals. An entrepreneur entering the residential brokerage field may earn anywhere from $30,000 to $60,000 annually, depending on his or her abilities and skills. Naturally, this figure will rise as one gains greater experience and expertise.
Commercial Real Estate Broker
Commercial brokers provide similar services as residential brokers, but they specialize in commercial properties such as office buildings, apartment buildings, warehouses, retail shops, shopping centers, industrial parks, etc. For an entrepreneur to be successful in this profession, he or she must be knowledgeable about commercial properties and their value as investments for the future. He or she must also be aware of growth possibilities in the area to be able to recommend which properties have the potential to offer good returns for their clients.
A career as a commercial broker requires business, finance, and people handling skills. Brokers must be able to calculate property values and their potential so good judgments on purchases can be made. Salaries for commercial brokers range anywhere from $70,000 upward, depending on experience and expertise.
Property management offers yet another real estate career option for an entrepreneur with business and financial skills. Property managers perform many duties to include marketing residential or commercial properties, finding suitable tenants, leasing properties, collecting rents, supervising property maintenance, and repair, and acting as liaison between property owners and tenants to meet tenant needs.
As a property manager, you will handle all financial transactions between tenants and owners; this requires that you have some knowledge of business finance and record keeping. You are also responsible to uphold all legal aspects concerning tenant screening, collection of rent, termination of leases, etc. Depending on your individual business skills, you may have a network of residential or commercial properties you are managing concurrently, maximizing your salary potential. Good business sense and people handling skills can help any entrepreneur do well in this field.
Real Estate Counseling
The job of a real estate counselor is to offer professional advice on real estate properties. Such advice could include suggestions on how various types of properties can generate more income or how properties can be used more productively, etc. Owners looking for ways to maximize their residential or commercial assets often turn to professional real estate counselors for their input.
Before counselors can offer such valuable assistance, they must first accrue the knowledge, wisdom, and experience required of an individual in this field. As the potential for real estate counseling grows, more experienced brokers may offer their services in this expanding profession.
There are many ways an entrepreneur can capitalize on careers within the real estate field. By taking into consideration his or her background, education and skills, as well as personal interests and goals, he or she should have little trouble choosing a career in real estate to suit his or her need.
Author Bio: Alex Wright is a writer who creates articles relating to real estate. In this article, he offers a handful of careers in this field and wishes to encourage further study through real estate degrees.