So, you passed the exam and just got your real estate license… Now, what can you do with it?
Congratulations on Getting Your Real Estate License!
Before you ask what you can do with your license or what career opportunities you have in real estate, take a moment to congratulate yourself. did it! You made it through real estate school and passed your exam – amazing work!
Before you worry too much about how to get your first job in real estate, take a moment to appreciate everything you have already invested into your career. What you accomplished up to this point was not easy! The team at VanEd - Real Estate School is proud of what you have accomplished thus far.
Even with the amount of work you have invested into your career up to this point, you know that this is only the beginning. You have an entire future ahead of you with many exciting possibilities. One of the best parts of working in the real estate industry is the incredible opportunities available to you. But with so many possible career paths, where do you start?
Here is our list of the top 8 real estate careers you might consider after getting your real estate license.
What Can You Do With a Real Estate License?
Having a real estate license does not lead you down any specific path. There are many real estate career paths that match the different skills and interests of those with a license.
Before your get your first job in real estate, it is important to consider your options. There are many opportunities available to those who earn their real estate license. Even though being a real estate agent may seem the obvious first step, there are many options to consider.
1. Real Estate Agent (Buyers Agent or Sellers Agent)
This seems like the most popular first job in real estate. A real estate agent aids in the sale of a property. The main purpose of this job is to represent the seller or buyer of a property. This position involves a fair amount of networking, interacting with others, and paperwork. Real estate agents usually earn a commission, or percentage, of the amount their property was sold/purchased for. In most states, a real estate agent must work under a brokerage. Learn more about the difference between agents and brokers here.
If you want to take one step further into the industry, consider joining the National Association of REALTORS® and becoming a REALTOR®. Taking the extra steps to become a REALTOR® indicates to buyers, sellers, and other real estate industry professionals that you have made the commitment to provide a high level of professional service to your clients by securing a strong educational foundation.
The GRI designation is the mark of a real estate professional that has made the commitment to provide a high level of professional services by securing a strong educational foundation. If you are still in the mindset to learn more about the industry, consider obtaining this valuable certification!
3. Real Estate Broker
Like agents, brokers assist with the sale, leasing, and purchase of real estate or real property. However, brokers have the unique opportunity to work independently or manage other agents.
A broker may specialize in retail property, investment property, farmland, businesses, industrial or medical facilities and dozens of other types of property.
Some brokers specialize in resort management or assist government agencies with redevelopment of industrial sites or reclamation of land. But, in many states, you are required to work in the real estate industry for a few years before you can become a broker. Still, this is a great goal to work towards. Additionally, brokers make more money than agents on average so this may be a great opportunity if you are interested in increasing your salary.
4. Property Manager
Once an investment property is purchased or developed, it needs to be managed. The property manager handles the day-to-day operations of a property. This includes staffing, contracting for services, repairs, maintenance, and leasing. Often property management is a salaried position. This gives a little more stability to those who are hesitant to work for commission.
5. Real Estate Appraiser
An appraiser’s job involves developing an opinion of the market value or other value of real estate property. Almost all houses under contract or people looking to refinance need to undergo an appraisal. It is a great way to be active in the real estate field and get a consistent paycheck. Appraisers need to be experts in their market. If you feel like you are an expert in your area, appraisal may be a great career for you to consider.
6. Mortgage Broker or Mortgage Loan Originator
Mortgage loan originators work with loan processors and underwriters to create a home loan.
A mortgage loan originator typically works for a bank or mortgage lender and guides mortgage borrowers through the application process.
A mortgage originator helps people find the right type of loan and the best mortgage terms for their individual needs.
7. Real Estate Investor
Real estate investors invest in or purchase real estate that is used for income-generating purposes. Real estate investors will typically purchase a property and rent it out for a few years so the property can gain equity.
Investors will then sell the property when they can make a profit. The renters typically pay the amount of the monthly mortgage on the property. By the time it is time to sell the property, the seller makes a profit based on equity gained from the past few years and the market’s rising value.
8. Real Estate Attorney
A real estate attorney is licensed to practice real estate law. These attorneys have the knowledge and experience to advise the parties involved in a real estate transaction, such as a home sale.
In a home purchase transaction, both a buyer and seller can hire an attorney to represent their interests. Real estate attorneys typically make a three-figure salary.
Real Estate Jobs - Choosing Your Niche
When it comes to choosing what type of job you'd like in real estate, there are many niches to specialize in. Choosing a specialty will define your career and help you stand out in the industry.
When choosing which real estate specialty to pursue, remember that your interests and skillset are the top priority. While it may seem like choosing the easiest or most lucrative market is the best path, make sure your interests and skills align so that you not only make a high salary, but also feel satisfied and fulfilled.
Here are a few real estate niches to consider if you choose to become an agent or broker:
1. Residential Real Estate
These agents usually work with families or individuals looking for a home. The most common property types are single-family homes, condominiums, co-ops, townhouses, duplexes, triple-deckers, quadplexes, high-value homes, multi-generational and vacation homes.
Consider this niche if you:
- Love working with people
- Know how to find properties that suit different families or individuals
- Are great at multi-tasking and working with multiple clients at once
- Enjoy working in fast-paced environments
2. Luxury Real Estate
These agents usually work with ultra-wealthy individuals who have assets of $30 million or more. They're among the world's wealthiest individuals and it is difficult to break into this field of real estate without connections or a network already established.
Consider this specialty if you:
- Have connections who are looking for luxury properties
- Understand what makes a home luxury
- Love diving into the latest trends and following the top brands
- Are comfortable working with ultra-wealthy clients
3. Commercial Real Estate
These agents usually work with clients interested in purchasing business properties. These properties include shopping centers, strip malls, medical centers, educational buildings, hotels, offices, and apartment buildings.
Consider this specialty if you:
- Enjoy working with businesses
- Have a thorough understanding of commercial property values and assets
- Have an eye for commercial real estate value
- Have a background in understanding the needs of businesses
4. Industrial Real Estate
These agents usually work with clients interested in purchasing property for manufacturing and warehouses. These properties are commonly used for research, production, storage, and distribution of goods. The main difference between Industrial and commercial properties is in the zoning of the property and the construction of the buildings.
Consider this specialty if you:
- Understand the needs of the industrial industry
- Can work to develop relationships within the industry
- Know how to assess an industrial client’s needs
- Have an industrial background and connections
- Have an understanding of regulations and laws
5. Land and Vacant Property Real Estate
These agents usually work with clients interested in purchasing land. These properties include vacant land, working farms, and ranches. Vacant land includes undeveloped, early development, reuse, subdivision, and site assembly parcels.
Consider this specialty if you:
- Can see the potential in a blank plot of land
- Understand the farming industry
- Can help your clients see multiple possibilities
- Have thorough knowledge of property values within your area
What To Expect Your First Year in Real Estate
Every real estate professional’s first year at their first real estate job is different. But, there are certainly similar experiences that can be expected
It is important that you find a brokerage that invests in your growth and continued education. Even though you completed some difficult real estate courses, you still have a lot to learn about being in the industry. Make sure you find an experienced mentor who can take the time to show you how the day-to-day business of how the industry is handled.
Growing Your Sphere Of Influence
A real estate career is made of the relationship you build. Your first years in the real estate industry will be defined by the success of your networking efforts. Your happy clients quickly become an expanding network of possibilities when they start referring you to their friends and families. It is important to establish positive working relationships with each client you meet.
Do Not Forget Your Opportunities to Learn and Grow as a Real Estate Licensee!
As a real estate professional, you are a life-long learner. There are many great educational opportunities available in the classroom or out in the market. It is important to remember that real estate professionals have certain requirements that need to be met to renew their licenses. Continuing Education (CE) courses are required education that must be taken to renew a license. The CE requirements vary in every state.
Written and Published by: VanEd