What Real Estate Career Makes The Most Money?
What Real Estate Career Makes The Most Money?
If you're considering a career in the real estate industry, one of the most common questions you may have is, "What real estate career makes the most money?"
While there are various paths you can pursue in the real estate field, it's essential to understand that income potential can vary based on several factors, including experience, location, specialization, and market conditions.
Each of these following careers has the potential for making millions of dollars annually, depending on your skills, knowledge, and ability to put deals together, but for the sake of giving you solid numbers, we’re going to cover average annual income.
Let's explore some of the top real estate careers known for their earning potential.
Commercial Real Estate Broker
Average Income: $143,033*
A career as a commercial real estate broker can be highly lucrative.
Commercial brokers work with clients on buying, selling, and leasing commercial properties such as office buildings, retail centers, and industrial complexes. Successful brokers often earn substantial commissions based on the value of the transactions they facilitate.
By building a strong client base and consistently closing high-value deals, commercial real estate brokers can enjoy significant income potential.
How to Get A Job As A Commercial Real Estate Broker
Obtain a real estate license: Research the licensing requirements in your state and complete the necessary education and exams to obtain a real estate license.
Gain foundational knowledge: Familiarize yourself with commercial real estate by studying relevant courses or pursuing a degree in real estate, finance, or a related field. This will help you understand the industry and its dynamics.
Seek an internship or entry-level position: Gain practical experience by interning or working at a commercial real estate firm. This will provide exposure to the industry, build your network, and enhance your skills.
Build a professional network: Attend industry events, join professional organizations, and network with established commercial real estate professionals. This can help you find job opportunities, gain mentors, and expand your knowledge base.
Apply for positions and showcase your skills: Tailor your resume and cover letter to highlight relevant skills and experiences. Emphasize your knowledge of commercial real estate, ability to negotiate deals, and strong communication skills. Prepare for interviews by researching the company and showcasing your passion and dedication to the field.
2. Real Estate Developer
Average Income: $136,647*
Real estate development involves acquiring land, obtaining financing, and overseeing the construction or renovation of properties.
Experienced developers who undertake large-scale projects like residential communities, commercial complexes, or mixed-use developments can generate substantial profits through sales or rental income. However, real estate development requires substantial capital, expertise in market analysis, and an ability to manage complex projects.
It is difficult to estimate how much commercial real estate developers make since development is an entrepreneurial venture and profits can be in the millions, but there are larger companies out there that hire a real estate developer on their safe that is responsible for overseeing and managing their projects.
How to Get a Job as A Commercial Real Estate Developer
Gain relevant education and knowledge: Obtain a degree in real estate, finance, urban planning, or a related field to build a strong foundation of knowledge in commercial real estate development.
Acquire industry experience: Seek internships or entry-level positions at real estate development firms or related companies to gain practical experience and learn about the development process.
Build a professional network: Attend industry events, join real estate associations, and connect with experienced professionals in the field. Networking can lead to mentorship opportunities and help you discover job openings.
Develop financial and analytical skills: Familiarize yourself with real estate financial modeling, market analysis, risk assessment, and feasibility studies. These skills are crucial for evaluating investment opportunities and making informed development decisions.
Showcase your passion and commitment: Highlight your knowledge of real estate development, demonstrate your creativity and problem-solving abilities, and express your passion for creating successful commercial projects in interviews and job applications.
3. Real Estate Investment Trust Manager
Average Income: $138,232*
REITs are investment vehicles that own and manage income-generating real estate properties.
As a REIT manager, you would be responsible for overseeing the operations, acquisitions, and strategic decisions of the REIT portfolio. REIT managers can earn significant compensation through a combination of base salary, performance bonuses, and potential equity ownership in the REIT.
This career path requires a deep understanding of real estate finance, asset management, and investment analysis.
How to Get a Job as A Commercial Real Estate Investment Trust Manager
Gain relevant education and expertise: Obtain a degree in finance, real estate, or a related field to develop a strong foundation of knowledge in investment analysis, financial modeling, and asset management.
Acquire industry experience: Seek internships or entry-level positions at REITs, real estate investment firms, or financial institutions to gain practical experience in analyzing real estate investments, managing portfolios, and understanding REIT operations.
Build a professional network: Attend industry conferences, join professional organizations, and connect with professionals in the REIT industry to expand your network and gain insights into job opportunities.
Develop financial and analytical skills: Hone your skills in financial analysis, risk assessment, portfolio management, and market research. Familiarize yourself with REIT regulations, accounting practices, and valuation methods.
Demonstrate leadership and communication skills: Highlight your ability to lead teams, make strategic investment decisions, and effectively communicate complex financial information. Showcase your understanding of the unique aspects of managing REIT assets and delivering value to investors.
Being able to accurately run numbers on commercial real estate investments and perform proper financial modeling is crucial to most roles within the industry. Watch this video to learn more about underwriting commercial real estate investments:
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* According to data from Glassdoor.com