A career in real estate is worth looking into. Those who are looking for the best real estate jobs that pay well just need to know where to look.
Table of Contents
- Is Real Estate a Good Career?
- 8 High-Paying Real Estate Jobs in 2022
- How to Choose the Right Real Estate Career
- Wrapping It Up
The real estate industry is filled with lots of jobs that allow you to be your own boss. It not only enables you to set your own schedule, but it also allows you to potentially earn much. That is if you’re willing to put in the work.
The best paying jobs in real estate will require a lot of output from you. Just because you’re your own boss does not mean you can be lackadaisical with your work. If you want to achieve a thriving career in real estate, you will need to work harder than everyone else.
In this article, we will discuss the pros and cons of a real estate career and which jobs are worth checking out. If you’re wondering how to get into real estate, this might help point you in the right direction.
Is Real Estate a Good Career?
A job in real estate isn’t always a guarantee of a big salary, but certain jobs in certain locations pay well over a hundred grand annually. That’s already a lot of money, even by today’s standards.
However, there are major differences between getting a job in real estate and getting a well-paying real estate job. For instance, a real estate assistant job is quite different from a real estate photography job. Both have different requirements and have different earning potential. However, both can be very promising careers, too.
It’s basically the same with other real estate jobs. Having a career in real estate comes with its own benefits and drawbacks.
Pros of Having a Job in Real Estate
Here are some of the reasons why a career in real estate rocks:
You Are Your Own Boss
“I am my own boss.” Everybody loves the sound of that. A career in real estate will allow you to say that to people.
You get to have your own business without actually having to put out as much capital as those required by conventional businesses. You become an independent contractor. Making important business decisions rests solely on your shoulders. If you have a good attitude and a great work ethic, the possibilities are endless.
You Enjoy Greater Flexibility
Getting into a real estate career affords you greater flexibility when it comes to your schedule. You no longer need to deal with the mundane 9-to-5 working life. Your schedule consists of meeting new people and socializing with them to build your network.
You Can Easily Get Started
It doesn’t take much to start a career in real estate. If you have enough time and money, you can take the required real estate training courses and get your license. Depending on which state you’re in, the entire licensing process can take a few weeks to a few months.
You Can Earn a Lot
If there’s one great thing about getting started in real estate, it’s the financial reward. Depending on the job, you can potentially earn more than $100,000 annually.
You Get to Help Fulfill People’s Dreams
Buying a house is perhaps the biggest purchase an ordinary person will have to make in his life. It is something most of us dream about. Having a job in real estate allows you to help make people’s dreams come true. More than the financial reward, it is having the satisfaction of knowing you were somehow involved in fulfilling a person’s dreams.
Cons of Having a Job in Real Estate
On the other hand, here are some of the downsides of a real estate career:
It Is Not for Everyone
Although everyone is free to give it a try, a career in real estate is not for everyone. You must have good administrative and organizational skills to manage your business and schedule.
Not everyone has the ability to be organized. Nor does everyone have the capacity to deal with people with different backgrounds and personalities.
It Will Cost You
Another setback for having a career in real estate is that it is going to cost you. Taking up real estate-related courses and paying for the different examination and licensure fees will cost you.
For instance, it costs $65 for the test and $100 for the licensure in Minnesota. In California, a test will cost you $60 and set you back $200 for the license.
You Will Work Longer Hours Than Those Who Have a Regular Job
While there is greater flexibility in terms of schedule, don’t pop the champagne just yet. The tradeoff for not having a 9-to-5 job is you will have to work longer hours than you’re used to. That is if you want to be successful at your job.
Such flexibility will require adaptability and responsiveness to a client’s calls and needs. Are you willing to drop everything—even time with your loved ones—when a client calls?
It Is a Highly Competitive Industry
The industry is a very competitive one. Some would say it’s a dog-eat-dog world. Do you have what it takes to match wits with the competition and always be a step or two ahead?
It Can Be Affected by Non-Industry-Related Factors
Case in point, COVID-19. While it is more an exception than a rule, you cannot deny the pandemic’s adverse effects on the industry. Companies were laying off workers left and right, which led most folks to question job security in the industry.
It is true that the industry made an impressive recovery in 2021. However, the fact that a non-industry-related factor greatly impacted the workforce would make one rethink a career in it.
8 High-Paying Real Estate Jobs in 2022
Based on last year’s average, here are the top 8 high-paying jobs in real estate, ranked from highest- to lowest-paying ones:
1. Mortgage Loan Officer (Average Annual Income: $152,639)
One of the highest-paying jobs in real estate is that of a mortgage loan officer. As the mortgage loan officer, you will act as the Mortgage Loan Originator (MLO). Your job is to shop around for different loan options for clients based on their financial situation. The job is pretty simple and straightforward but is also very rewarding.
A career as a mortgage loan officer offers limitless earning potential. MLOs typically earn around a 1% commission of the total mortgage amount. According to Fortune Builders, the average annual income of an MLO is $152,639.
Just like any other real estate job, the mortgage loan officer should both have a state license and national accreditation. With all the various certifications needed for the job, it’s no wonder why this is one of the most financially fulfilling jobs in the industry today.
2. Real Estate Director (Average Annual Income: $122,999)
The real estate director’s main job is to look for potential properties for big companies to develop. As the director, you will be responsible for the acquisition of new properties, managing the company’s development portfolio, and negotiating deals.
A real estate director’s salary will vary depending on several factors like education, certifications, experience, location, and other skillsets. While their average annual income is currently $122,999, it can go up to as high as $230,000, according to ZipRecruiter.
The director’s job is a senior management position that requires years of solid real estate experience. You will also need to have a bachelor’s degree in real estate, business, engineering, or finance to get this position.
3. Real Estate Investor (Average Annual Income: $119,731)
If you take a look at the pros of having a career in real estate, most of them can be found in real estate investing. It gives you flexibility. It makes you your own boss. The earning potential can be great. And even if you don’t have money, you can still get into real estate investing through other means.
While the given average annual income for real estate investors is currently $119,731, they can earn much more than that. Real estate investing gives you limitless earning potential if you only knew where to look. The good thing about real estate investing is it allows you to build equity as you build wealth. You just need to be wiser with your goals.
Real estate investors have different goals and strategies. Some like to buy undervalued properties, rehabilitate them, and sell them for a profit. Others just go the micro flipping route. Still, others decide to convert those properties they buy into rental properties.
There are several ways to get started in real estate investing. Plus, you don’t need a special degree to buy an investment property and make a profit off it.
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4. Real Estate Portfolio Manager (Average Annual Income: $103,422)
A real estate portfolio manager’s job is to do tons of research on market trends and trading activities to come up with the appropriate investment strategies for clients. If you take this job, you will mostly be concerned with real estate investment opportunities for your clients.
A certain level of expertise in real estate is required to become a real estate portfolio manager. You will be tasked with asset allocation, risk management assessment, transaction supervision, and strategy execution.
Real estate portfolio managers earn an average income of $103,422 annually, according to ZipRecruiter. The bottom 10% made less than $47,230, while the top 10% made more than $156,150. The salary levels depend on the employer, the industry, one’s experience, and the location of the job.
If you’re looking for the best paying job in real estate investment trusts, this may not be it for you. But it’s close enough. Plus, it pays really well, provided you know where to look. But take note that it requires a bachelor’s degree in business administration plus extensive real estate experience.
5. Real Estate Attorney (Average Annual Income: $95,701)
As a real estate attorney or lawyer, your job is to prepare and review real estate contracts and documents that ensure your client’s interests are fulfilled. You can either work for a seller or a buyer and provide legal services in a real estate transaction.
The average annual income of a real estate attorney in the US is $95,701, according to Fortune Builders. On top of what they’re making yearly, they also get a 6% bonus each year. That’s an additional $5,742 based on the average reported income.
If you want to earn as much as $167,953 per year, Los Angeles is the place to go. Real estate attorneys in LA receive 27% higher total compensation than the average US real estate attorney.
Since it is a specialized job, real estate attorneys are required to have special licensing on top of passing the typical bar exams.
6. Site Engineer (Average Annual Income: $93,945)
The site engineer is needed on-site to help manage construction and provide valuable input on the technical aspects of civil engineering. As a site engineer, you will be required to go to construction sites to assess the site’s physical and environmental conditions. You also get to determine the different technical challenges of the project and recommend solutions.
ZipRecruiter lists a site engineer’s average annual income at $93,945, going from as low as $35,000 to as high as $167,000. This pay range heavily implies that skill level, experience, and location all play crucial roles in dictating one’s salary as a site engineer. It also suggests that there is room for advancement in this profession.
As a site engineer, you must have a bachelor’s degree in engineering or construction and an excellent understanding of engineering, construction, and design.
7. Real Estate Agent (Average Annual Income: $85,081)
Agents are individuals who are trained and licensed to represent buyers and sellers and negotiate real estate transactions. A real estate agent job involves finding the best possible deals for your clients, whether they’re buying or selling properties. Agents can specialize in representing buyers or sellers. Either way, you cannot serve as both buyer’s agent and listing agent on one transaction (except in states that allow dual agents).
Fortune Builders lists a real estate agent as the third-highest paying career in real estate, with an earning average of $85,081 a year. Agents typically earn by getting a commission of between 4% and 6% of a property’s sale price.
If you’re wondering how to be a real estate agent or if it’s an easy job, it will depend on your personality and attitude. As we mentioned earlier, a career in real estate is not for everyone.
Becoming a real estate agent involves long hours of extensive studying to pass your final and licensure exams. It is easy to get into, but the standards for licensed agents are pretty high. In addition, you need to be creative in building your network and generating leads.
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8. Realtor (Average Annual Income: $78,447)
Most folks often confuse a Realtor with a real estate agent. Like an agent, the Realtor can represent either a buyer or a seller and perform all the duties of a real estate agent.
All Realtors are real estate agents, but not all agents are Realtors. The main difference is that Realtors are members of the National Association of Realtors (NAR). Most buyers and sellers prefer working with Realtors because they are required to abide by the NAR’s rules, which are known to be quite strict.
Surprisingly, real estate agents earn slightly more than Realtors despite the stricter standards imposed on the latter. The main reason is that most Realtors work for real estate firms. Realtors commonly give around 30% to 50% of their commission to their firms, sometimes leaving them with a mere 1.5% commission. There are also cases when Realtors work with brokers and not with firms. The broker who provides the leads will also want their cut.
How to Choose the Right Real Estate Career
In choosing the right real estate career, you must make sure you meet the qualifications needed for the job you’re looking for. You can’t just go applying for a real estate director post fresh out of high school. Other positions have stricter requirements that need to be met.
This is why most people who get into real estate get jobs as real estate agents first. They use it as a stepping stone to launch their careers in the industry. A certain level of education and industry knowledge will take you a long way if you want a real estate career.
If you think being a real estate agent isn’t for you, then perhaps a career in real estate investing is. It’s a lot easier to get into and gives you all the flexibility and freedom to operate. You can choose from different investment strategies to help you achieve your goals. If you need help, you can talk to a real estate consultant to help you make the best investment decisions.
Wrapping It Up
There are lots of great and rewarding real estate jobs out there today. You just have to know where to look. As far as a career in real estate investing is concerned, you will need the right tools to help get you started and keep you on the right track. This is where a real estate website like Mashvisor comes in handy.
Mashvisor specializes in data analytics, helping thousands of people get started on their real estate investing careers. The site has a huge database that covers almost all markets in the 2022 US housing market and has the right tools investors need. Many investors can attest to how the website has helped them find the right investment properties.
By providing investors with the relevant market data and the right tools for highly accurate data analytics, Mashvisor has produced some of the most successful and happiest real estate investors today.
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