The real estate industry is one of tremendous depth. While working as a residential real estate agent is the most commonly known career in the business, there are numerous other roles within real estate that can provide long-lasting and lucrative careers. Let’s take a look at what some of those opportunities might be.
Commercial real estate agent
Working as a commercial real estate agent is astronomically different from working as a residential agent. Rather than assisting families and individuals in finding their next home, commercial agents help businesses pick and purchase locations that will yield a high return on investment and fuel growth. This can range from finding a new office space for an expanding company to finding a lot where a new building could be built. Working in commercial real estate is regarded as more demanding and strenuous than residential real estate. Commercial real estate agents deal with a wide array of parties and are therefore tasked with collecting and analyzing far more data than agents on the residential side.
Like agents, appraisers can work in the residential field, the commercial field, or both. Residential appraisers gather information about residential properties in order to provide an estimate of the given property’s value. Residential appraiser work can be done for private or public purposes. Private appraisers determine home values before a sale or mortgage is agreed to, whereas public appraisers do so under contract for the government for tax purposes. Commercial appraisers essentially perform the same service, except they operate in the commercial space.
Property managers work for property owners and are tasked with making sure a property runs smoothly and remains in a condition where it can be profitable. If a tenant files a complaint that their sink is broken, that complaint goes to the property manager. In some instances, the property manager is the one to go in and make the repair. In others, they hire someone to do it for them. In either instance, the maintenance of the building falls on the property manager.
Real estate investor
This is another well-known career within real estate. Unlike working as an agent, becoming a real estate investor requires no training or certifications. Anyone can buy a property with the goal of selling it for more and making a profit. The tricky part is actually executing that goal. Investors need to have a strong understanding of the markets in which they hope to enter so that they don’t purchase assets that can not be flipped for more. Real estate investors can operate in an active or passive manner. Active investors buy properties and quickly begin the process of renovating and reselling them. Passive investors make their purchases with the intention of holding onto the properties for an extended period of time before eventually looking to sell.
Real estate attorney
Real estate attorneys help property buyers and sellers navigate the process of completing their transactions. Numerous states require a real estate attorney to be present at closing, meaning that the demand for the work real estate attorneys provide is mandated and will therefore always exist. A real estate attorney will review all paperwork and advise on any problems that may arise throughout the closing process.