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Unlike much of the rest of the economy, the real estate industry has been doing quite well. Though the robustness varies between sectors, with the residential side of real estate doing best, the industry is hardly in the hangdog state that nearly every other part of the economy has been in.

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If you don’t aspire to join the elite ranks of real estate investment management, you still have before you a wealth of rewarding positions in property management, real estate services, and residential brokerages, as well as very challenging development roles in corporate real estate. Beware though: Skills in one real estate market aren’t necessarily transferable to other markets. Select your location carefully. And once you’re in, be prepared to ride the roller coaster of a cyclical industry. Although the real estate industry is in a protracted boom period right now, veterans assure us that busts will come, and those busts won’t be pretty.

Career Tracks

Real estate isn't a single career, but a number of activities involving property transactions. The following descriptions of career tracks provide a general overview of the roles those going into real estate might choose.

Real Estate Agents and Brokers
Agents and brokers sell other people's property for a commission. They generate lists of available properties, determine competitive and fair prices for properties, learn as much as possible about a property's features (e.g., whether a home has a garage or is close to a school), market them through advertisements and open houses, meet with potential buyers, show homes to clients, help buyers finance their purchases, and assist in drawing up contracts. The primary distinction between sales agents and brokers is one of licensing. Brokers have typically undergone a more rigorous licensing process that requires greater work experience, training, and examination than that of the agent. Unlike agents, brokers can practice real estate independently.

Appraisers
Real estate appraisers estimate the value of properties for taxation or valuation purposes using a series of standard methodologies. They gather statistics and information about the property, using blueprints, records, and survey drawings. Though they are relatively immune to the cycles of the industry, appraisal positions are somewhat insular within the industry and don’t offer the mobility across functions as do other positions.

Most appraisers specialize in either residential or commercial property. Residential appraisers generally determine mortgage rates or work with corporate relocation firms. Commercial appraisers counsel their clients on buying versus leasing properties, help building owners determine market rents, analyze their investments, and appeal property-tax assessments, in addition to determining mortgages on commercial properties such as restaurants and car washes.

Property Managers and Asset Managers
Property managers manage and lease properties for owners. Their day-to-day duties include a broad spectrum of activities: leasing or managing the leasing out of property to tenants, handling tenant complaints and relations, maintaining building occupancy levels, maintaining desired lease rates, preparing reports for property owners, preparing budgets, hiring service employees, collecting rents, paying bills, negotiating contracts, and maintaining and repairing property. Most people starting out begin as on-site managers. With experience, on-site managers can become assistant property managers. Property managers are gradually given charge over more complex properties.

Many people transfer from property management to asset management. Asset managers help an organization make decisions about purchasing, developing, and selling properties. They assess property values, research taxes, zoning, and population growth, negotiate contracts, and review holdings to determine which properties are no longer turning a profit.

Corporate Real Estate Managers
Corporate real estate managers are professionals who work for large businesses such as Krispy Kreme and McDonald's, picking sites that provide maximum visibility and population density. To be successful, corporate real estate managers must know a great deal about a company's products and customers. They should also understand zoning, utilities, building codes, and market values.

Developers
Real estate developers oversee the entire process of developing and building a property, from buying the land and preparing it for development to hiring architects to saying yea or nay to the color of the carpet. Developers come up with estimates of the time and money required to complete a development. They manage the labor force involved, help locate equipment and workers, and bring the construction plan to life. Developers usually start out in entry-level jobs at development firms and work their way up.

Compensation

Without equivocation, many real estate professionals will tell you that they are in it for the money. Still, different functional areas offer vastly different compensation opportunities. Most people in the industry spend a few years in lower-paying positions before their earnings begin to take off. As an undergraduate entering the market, you might earn anywhere from $20,000 to $40,000, with the exception of financial analyst positions, which earn more. As an MBA, you’ll earn less than your colleagues who chose more traditional postgraduate careers. Average MBA salaries from top-20 schools start around $70,000 for most real estate positions. However, if you exit your MBA program with substantial industry experience, you’ll earn significantly more than your colleagues who are switching careers.

Experienced commercial brokers and asset managers have the potential to earn well in excess of $150,000 annually, pushed into orbit by performance-based compensation. Retail broker and agent income can reach stratospheric heights as well, but tend to be less common and lower than that of commercial brokers. Compensation in property management is more stable with less upside potential. Property managers and affiliated positions often earn a solid base salary, averaging more than $50,000, but without the upside potential of brokerage and investment roles. Roles in the services area also pay a base salary with few performance-based incentives. These roles also have the disadvantage of not being widely transferable across the industry. Corporate real estate positions offer strong base salaries and the incentive programs of the corporations in which they reside.
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wukeming (ID: 148701)
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Thanks for share. Very useful

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peterkensely (ID: 432094)
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看了,感觉很有用。谢谢。

wangyu73cn (ID: 38860)
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Great! It describes so clear a whole picture of this industry that I would like to come back to review it from time to time. Thank you very much!

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