A salary in real estate? Is that a possibility? Well, yes it is, in the many support areas that surround real estate brokerage. If you don’t like the insecurity of a commission-only position, one of these vocations may appeal. They are all good, solid ways to earn a living and while they may not offer the pizzazz of a sales job, they pay fairly well and often have the flexible work situation you may be seeking.
Firstly, there’s management. Owners of real property need managers to oversee their properties and protect and augment their investment. Managers are needed for commercial and industrial properties, multifamily residential buildings, both rental and condominiums and for real estate portfolios that may include a mixed bag of investment properties. Owners hire managers as do banks and other institutions that have real estate holdings.
The duties of real estate managers may include rent and maintenance collection, maintaining books and paying expenses, overseeing repairs and maintenance, dealing with tenant complaints and generally keeping the property in top condition. Sometimes managers are required to live on-site, and may even occupy their unit as part of an employment package. Salaries vary, as do requirements. In California, a broker’s license is required for a person or company that leases, offers for sale, negotiates, or collects rent for properties; an individual working as a manager for a licensed management company with a broker’s license would need a salesperson’s license to do his job.
Another area of the real estate business that rewards with a salary is appraisal. Appraisers determine the value of properties on behalf of banks and other lending institutions, developers, insurance companies and taxing bodies. Their appraisals are based on comparative analysis, and this work requires the collection and review of considerable data, and an understanding of principles of basic mathematics, accounting and economics. As individuals and institutions rely on the appraiser’s reports to make decisions, appraisers need to be patient and thorough and express themselves clearly and cogently. We’ve seen appraisal reports that are more like books than articles.
Becoming an appraiser takes time. First you must complete 150 hours of pre-license education in seven courses, and pass a proctored exam for each. You have three tries at the exam before you must retake the course. When you pass all seven, you can apply for a trainee license and take another exam. As a trainee, you must work under the direct technical supervision of a certified appraiser, whether residential or general. After 200 hours of experience at this level over at least 12 months, you can apply for a residential license and start your official career as an appraiser.
The field of real estate development is a wide one, with many exciting career opportunities. There are property scouts who seek out suitable development sites and conversion candidates. Analysts evaluate the investment potential of properties, preparing complex studies called best use reports, pro forma analyses and development cost breakdowns. Further expertise is required to research and secure financing, select and oversee contractors and prepare marketing and sales campaigns.
Real estate development requires a team of individuals working together to bring a project to fruition and careers are available for both left and right brained individuals; development requires intelligence, analysis and creativity. Often, these positions pay very well and the work environment can be exciting. Prepare for many meetings.
If you are community minded, you might consider a career in urban planning. Urban planners liaise with representatives of both the public and private spheres – civic groups, developers and governmental boards, to plan for growth and development of neighborhoods and entire cities. If this interests you, you should look into college offering degrees in urban planning. Career opportunities exist in all the organizations that are involved in planning. An interest in architecture is a good starting point.
All of these opportunities in real estate make rewarding careers. And since most pay a salary, they offer a level of security that may be absent in the sales arena. You can still be in the real estate game, while actually knowing what you are taking home each week. Something to think about.
