Just like a college degree, a real estate license opens up doors to a plethora of job opportunities. You can choose the obvious one—being a real estate agent/broker—or choose one of the dozens of other careers that require licensure and deep knowledge of the real estate industry.
While being a realtor is the obvious choice for many people, real estate careers don’t only revolve around selling properties.
The industry offers so much job flexibility that we’re spoilt for choices. From property managers to foreclosure specialists, real estate investors, and escrow officers, real estate has a career for everyone. In this post, we’ll explore the 5 other jobs you can pursue with a real estate license.
Getting Started in Real Estate
The first step to starting your career in real estate is to get a real estate license. While not all jobs in real estate require a license, you’ll want to get one to expand your knowledge and increase your chances of landing a lucrative job. So, how do you get a real estate license?
The process, qualifications, cost, and timeline vary by state, so it’s important to understand your state’s licensure requirements.
Although licensure requirements vary by state, virtually all states require applicants to be at least 18 or 19 years of age and complete a pre-licensing course that requires 30 – 90 hours of coursework. Here’s how to get a real estate license in 5 simple steps.
- Meet your state’s pre-licensing requirements (Be at least 18 years of age and a US citizen)
- Take a pre-licensing course – this can be completed online and will educate you on the real estate industry.
- Pass the state’s real estate exam – the test includes approx. 100 multiple choice questions and covers state and national principles and law.
- Find a sponsoring broker – Most states don’t allow real estate agents to work on their own. You must work under a licensed broker who sponsors your first 2 to 3 years as a licensed agent.
- That’s it! You can now start practicing or looking for other jobs that require a real estate license.
Jobs You Can Do with a Real Estate License
Now that you have a real estate license, what other careers can you pursue apart from being a real estate agent or broker?
1. Property Manager
National Average Salary: $52,457 a year
Property managers are responsible for overseeing the ongoing condition of the owner’s property and ensuring the tenant’s satisfaction.
These professionals work closely with the property owner to get the property ready for rent, act as middlemen to collect payments, and get the tenants to sign the lease/rent agreements. They also coordinate repairs and arrange for tenants to move out at the end of their lease.
Property management jobs are on the rise, and according to industry sources, the job market is expected to grow 10% over the next 10 years.
2. Real Estate Appraiser
National Average Salary: $62,346 a year
Real estate appraisers do exactly what the title suggests: appraise the value of property. Appraisal is the process of assessing the value of real estate property, collectibles, or antiques.
These professionals are responsible for assessing the value of residential and commercial properties. A lender, homebuyer, or property owner may use the services of an appraiser during the home-selling process to determine the value of the property.
Even with a real estate license, you’ll need a specialized license to pursue this career. According to the US Bureau of Labor Statistics (BLS), property appraiser jobs are projected to grow 5% from 2023 to 2032.
3. Home Inspector
National Average Salary: $53,501 a year
Property inspections are a critical part of the home-buying process. A real estate inspector inspects the property for defects during the home-buying process.
These professionals examine the structural aspects of the home, heating and cooling systems, electrical work, plumbing, water, and sewerage to ensure they’re functioning optimally. In some states, like California, you don’t need to be licensed to be a home inspector.
4. Foreclosure Specialist
National Average Salary: $60,243 a year
A foreclosure specialist is usually employed by a lender and is responsible for managing the foreclosure process. They’ll review the financial standing of the property owner and process the foreclosure cases so the home can be resold quickly.
5. Escrow Officer
National Average Salary: $62,519 a year
An escrow officer is an important person in real estate closing. They are responsible for processing and finalizing real estate deals.
These professionals hold and disburse funds, documents, or property in trust for another party. In real estate, escrow officers hold onto the funds (escrow money) the buyer gives as part of the home purchase. To become an escrow officer, you must be a licensed professional, have training in escrow, and be experienced in the field.
Wrapping Up
That’s it! The5 main careers you can pursue with a real estate license. This list is by no means exhaustive. Other careers you can pursue with a real estate license include CE instructor, real estate investor, title examiner, and real estate marketing specialist.
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