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Real Estate Employment

Real Estate employment remains strong throughout the US, despite recent negative economic cycles and the employment rate is expected to increase by 12.8 percent for real estate agents, brokers, appraisers, and property managers due to anticipated demographic and economic changes by 2012. Evolving technologies may improve the employment outlook as skilled and knowledgeable agents are required in the real estate process.

Real Estate employment statistics for 2002 reveal that property, real estate, and community association managers held about 156,290 jobs. Compensation for real estate employment varied significantly depending upon the size and nature of the employer, its geographic location, and economic conditions. In 2002, most property, real estate, and community association managers earned between $25,470 and $56,000. The lowest 10 percent of the profession earned less than $17,450, and the highest 10 percent earned more than $86,650. Most real estate sales agents earned between $21,010 and $52,860, with the lowest 10 percent of the profession earning less than $15,480, and the highest 10 percent earning more than $83,780.

There are a number of professionals employed to handle the tasks associated with the buying, selling, and managing of properties.  Common real estate professionals include agents, brokers, property managers, real estate office managers, analysts, acquisition specialists, title examiners, and more.  Specialization and specific training is often necessary for these positions.  To ensure smooth transactions, professionals work closely together and assist each other with a number of processes.

The two most recognized real estate professions are agents and brokers.  Their duties are very similar, which often causes their titles to be misused.  Real estate agents are responsible for independently selling clients’ real estate.  They are commonly employed by brokers on a contract basis, and handle negotiations in order to benefit the seller.  Brokers, on the other hand, will work with buyers and sellers, and often must take a neutral stand as a liaison between the two.  They must be constantly pursuing new properties and prospective buyers to maintain an income because their salary is commission based.  These professionals often work in residential estates, but others will specialize in areas such as industry, agriculture, commercial, or other forms.

Property and real estate managers are often employed by owners of apartments, industrial, retail, or business offices to maintain properties and ensure performance.  These managers are responsible for a number of financial duties including collecting rent, creating and following budgets, following all mandatory regulations and laws, enforcing any lease or rental agreements, and they act as a liaison between tenants and owners.  They report frequently to the employer to ensure all parties have up to date knowledge of activities. 

Analysts employed in the real estate industry are able to enter specialties such as market, title, leasing, or financial analysis.  While all analysts must collect, organize, review, and enter a vast amount of data, each serves a specific purpose.  Market analysts, or real estate analysts, are responsible for gathering specific information pertaining to the value of homes, properties, locations, etc.  Title analysts review all title work, ensure the legal status, and approve documents.  Leasing and financial analysts will pull candidates’ financial records and determine eligibility for loans, leases, and credit ratings.  Professionals must be very careful and meticulous when preparing all pages. 

While the majority of real estate jobs offer candidates comfortable work environments and adequate office space, little time is actually spent within their facilities.  Travel is necessary to meet with clients, show homes, deliver necessary documents, etc.  With the advances in technology, many realtors have been able to work from home, and occasionally property managers may be asked to live within the estates they oversee.  Work weeks are generally longer than 40 hours; therefore, evenings and weekends may also be filled with work related activities.  In spite of the long hours, the majority of associates are allowed the freedom to set their own schedule. 

Training and educational requirements for real estate careers generally vary by specialty, but formal education or related experience are often the minimum requirements for entrance into this industry.  Candidates interested in management, analyst, or other skilled occupations are commonly required to obtain a bachelors degree in addition to on the job experience.  Agent and broker occupations involve more extensive requirements, and licensure.  Professionals in these trades must be high school graduates, a minimum of 18 years old, and pass a state approved written examination.  Brokers must complete 30-90 hours of classroom training, gain anywhere from one to three years of experience, and pass a state licensure examination. 

Due to the relative ease of entering real estate careers, there is often high competition associated with all occupations within the field.  Although flexible hours and easy entry attracts large numbers of professionals, many are deterred by the slow sales often associated with winter months, and decreased economy.  Average growth is projected for the real estate industry as a whole, but associates with formal education and college diplomas will have the best prospects available.  Candidates should thoroughly investigate all aspects before deciding on any career.

For more information on real estate employment, please visit the following sites:

• Miamisburg Environmental Management Project
• National Association of Home Inspectors
• SNL Financial
• The Real Estate Library
• Real Estate Economics

If you are searching for real estate employment, or looking to hire a real estate professional, visit iHireRealEstate.  We are a niche job board focusing only in real estate positions.  A few of the job titles we offer include:

• Space Planner
• Space Designer
• Zoning Specialist
• Appraiser