National Association of REALTORS® membership consists of over 1.46 million licensed agents. And by the look of it, these numbers increase every year.
But in this growing industry, careers in real estate extend beyond sales agents.
If you’re interested in a lucrative career, you may find your niche right here. We’ve put together a list of five real estate careers that pay well.
1. Real Estate Agent
Most real estate industry careers begin at the agent level. Residential real estate agents contract with buyers or sellers to help the sale of a house. Commercial agents aid in the buying and selling of business and investment property.
Skills in sales, customer service, and marketing can help you succeed as a residential agent. But becoming a successful commercial agent takes advanced financial and analytical skills too.
You must pass a state licensing exam to become a real estate agent. And your license permits you to sell properties of any size and value. Since real estate agents work on commission, higher-value transactions net higher pay.
Average Annual Salary: $82,898
2. Real Estate Broker
The function of a real estate broker is much like that of an agent. But a broker receives more training to prepare them to manage agents and a brokerage firm. Becoming a real estate broker is the natural career progression of an agent.
Average Annual Salary: $100,514
3. Property Manager
Property management is a dynamic field with varied real estate responsibilities. Property managers are like landlords, except they don’t own the property they manage.
Property managers may provide any number of the following duties:
- Find and screen tenants
- Collect rent payments
- Perform maintenance and repairs
- Resolve tenant complaints
Credentials needed for property management differ by state. Some stipulate a real estate broker and/or property management license. The salary of a property manager depends on the payment structure in their contract.
Average Annual Salary: $49,880
4. Real Estate Attorney
In many states, a real estate attorney must appear at closing. They review deeds, manage title transfers, and prepare closing documentation for signature. Real estate attorneys represent the legal interests of clients and settle legal disputes.
Besides having a law degree, attorneys must pass the state bar exam where they practice. Real estate attorneys likely charge clients an hourly rate. But they could quote a flat rate for the legal services needed.
Average Annual Salary: $152,612
5. Mortgage Broker
The goal of a mortgage broker is to help finance real estate deals. They have lending experience and a network of mortgage lenders at their disposal. Mortgage brokers can connect you with a lender offering favorable loan terms.
To earn a mortgage broker license, you must complete state-required training. Then, you’ll have to pass the mortgage originator exam. Mortgage brokers rely on their industry knowledge and relationship-building skills to succeed.
Mortgage brokers earn a commission for each deal closed. So although the job is flexible, your salary depends on the number of clients you work with.
Average Annual Salary: $77,202
Real Estate Careers That Pay Well
Now that you’ve learned about different real estate careers, which sounds right up your alley? Salary is an important component, but there’s more to consider than that. Customer service and relationship building are key skills to have, no matter which career path you choose.
If you found this informative, check out our other job-related blogs.