Real estate business is definitely a lucrative business, if it is supported by a strong market research. Therefore a career as a real estate agent is a highly rewarding career choice for anyone who is interested in making a lot of money in a short span of time.
In fact, real estate business is a service business. So the job satisfaction deriving from serving clients in a real estate business actually surpasses the satisfaction derives from the high earning potential.
There are many career options available for qualified candidates in the field of real estate. However career as a real estate agent is most rewarding among all of them. Real estate agents are also known as property agents, property managers, real estate managers, real estate dealers, property dealers, real estate brokers, property brokers, real estate consultants and property consultants.
Career aspirants in real estate business may opt for a management qualification with specialization in property management and real estate business management. There are many colleges and universities across the world that offers MBA qualification with specializations in property management and real estate management for the eligible candidates. After passing his graduation, a candidate may join for a MBA program in property management. Duration of such a program is generally two years.
Candidates with MBA qualifications are mostly preferred by large real estate companies, commercial real estate companies and property firms. However, generally speaking, anyone can become a real estate agent provided that he has the right set of skills and knowledge requirements necessary for a property business.
Skill Set Required
Since real estate business is a service-oriented function, career aspirants in this field must have a service mentality. A successful real estate agent is one who has thorough knowledge about various property laws applicable to his area of expertise and he must have in depth knowledge about various property transactions. He should also have good communication, and interpersonal skills. His client management skills along with sales skills must be excellent.
Major employers of real estate agents include real estate companies, property firms, construction companies, private builders, investment banks, and mortgage firms. Scope for self-employment is huge in real estate sector.
Career Options Available
There are various career options available for qualified real estate agents. A real estate agent can function as a residential real estate agent, commercial real estate agent, real estate appraiser, real estate advisor, real estate manager, and mortgage broker. Real estate agents can also work as independent real estate consultants.
Real Estate Agent – Residential
Residential real estate agents deal with only the residential properties. To become a successful residential real estate agent, one should be at least 18 years of age and should be a graduate in any of the subjects. In the United States of America, a residential real estate agent is supposed to pass a written examination on various property laws and property transactions. For appearing for this written test, a career aspirant needs to attend at least 30-90 hours of in-house training on real estate business. Career aspirants may be provided the required support by the National Association of Realtor’s of the USA. More details are available at http://www.realtor.org
Real Estate Agent – Commercial
Commercial real estate agents deal with all commercial properties such as office buildings; space for hotels, restaurants, hospitals, shopping centers, commercial complexes and industrial plants. Career aspirants in this field may apply for a certification from the Commercial Investment Real Estate Institute (CIREI) of USA. The institute conducts an educational program for career aspirants in commercial real estate business and after the successful completion of the course, the candidates become a Certified Commercial Investment Member (CCIM).
Real Estate Appraisers or Property Appraisers
As the name suggests, a real estate appraiser appraises the value and quality of a real estate property. Real estate appraisers generally work for investment firms and financial institutions such as banks and mortgage firms.
Property Managers or Real Estate Managers
Real estate managers generally work for large real estate firms, commercial builders and construction companies. A real estate manager must have a professional qualification in property management, normally a MBA (Master of Business Administration) qualification with specialization in property management. Career of a property manager requires good analytical skills, appraisal skills, client management skills, negotiation skills, interpersonal skills, and marketing skills.
Aspiring property managers may apply for a certification program from the Institute of Real Estate Management (IREM) of USA. After the successful completion of the institute’s certification program, a career aspirant will become a Certified Property Manager (CPM).
Real Estate Advisors/Consultants or Property Advisors/Consultants
A real estate agent who serves commercial real estate firms and private builders in the capacity of an advisor is known as a real estate consultant. A real estate consultant must be a resourceful person with strong networking skills. Real estate consultants help investors to make right decisions regarding property investments and transactions.
Real estate agents who work for mortgage firms and investment banks in order to appraise the value and quality of the property to be mortgaged are known as mortgage brokers.
Real Estate Entrepreneurs or Self-Employed Real Estate Agents
Real estate agents with great entrepreneurial spirit may start own real estate ventures by investing the necessary capital required. Qualities that make a successful real estate entrepreneur include an illustrious nature, risk-taking ability, ability to predict the real estate market trend and strong speculative skills. He should also have good sales and marketing skills along with strong negotiation skills. Most of the real estate entrepreneurs are engaged in developing poor properties so that these properties can be sold at a higher premium rate.
Real Estate Careers with Investment Banks and Financial Institutions
Recent trend shows that many investment banks and financial institutions are venturing into real estate business offering mortgage services such as MBS, CMOs and CMBS. Services such as MBS or residential mortgage-backed securities are offered for residential property owners while CMOs or collateralized mortgage obligations are offered for property owners who are willing to mortgage a property against their bank loans.
CMBS or commercial mortgage-backed securities are also offered by these banks against the mortgage of real estate. So these investment banks and financial institutions require qualified and able real estate agents to carry out these financial transactions against property mortgages.