How to Pick a Career Path in Real Estate
The real estate industry has many career paths. While most people may first think of real estate sales, there are many other opportunities that require a variety of analytical and social skills. Before choosing a career path, assess your skills and interests as well as the available educational opportunities in your area.
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Instructions
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Consider your interests. Are you interested in selling real estate? If so, would you prefer to sell residential or commercial properties? Are you interested in property management (making sure buildings and grounds are in acceptable condition)? Are you interested in helping people finance their properties (mortgage or construction lending)? Would you like to invest money in commercial or residential property? Would you like to develop a housing project or a commercial development such as a shopping center or an office park?
Conversely, do any of these subjects seem boring or intimidateing? No matter how lucrative the field seems, you may not succeed if the work does not interest you.
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Consider your personality. Are you a "people person"? That is, do you enjoy working with people, helping them to make decisions about their home or business? Or are you more analytical, preferring to conduct research and analyze reports to come up with solutions to problems? Are you a combination of these? Do you prefer to work in an office or "get out in the field" to look at and evaluate properties?
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Consider your skills: Do you have a real-estate license? (Many real estate offices and community colleges offer courses.) Are you familiar with computers, for word processing, calculating and Internet research? Do you have acceptable writing and speaking skills? Do you have a college degree or coursework in a business or engineering program?
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Consider the real estate market. Many industry jobs, including real estate sales, are subject to changes in the economy. In a recession, there are fewer jobs available than in more profitable times. There are good times and bad times to enter the real estate profession.
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Check the educational requirements, certification requirements, salary and outlook for the real estate careers that interest you. Look for schools that offer the coursework and/or certification you need. Some common real estate jobs are: appraiser, broker, corporate or residential sales agent, mortgage or commercial lender, property manager, investor and developer. Each of these has different requirements.
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Based on your findings, choose your career path. Follow the recommended training and certification procedures. Establish and maintain relationships with people in similar career paths through classes and professional groups. Keep current on industry trends.
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Tips & Warnings
Ask real estate professionals about the careers you are considering. For example, make an appointment with an appraiser to find out about the job. If appropriate, ask if you can "shadow" the person for a day or a half-day to determine if it's a job you'd enjoy.
The real estate industry is highly regulated, and requirements for various jobs may change rapidly and often. Conduct thorough research into the most recent information available in order to make your decisions.
