Real Estate

Because purchasing or renting a home or business is one of the biggest and most important purchases/investments one will make in their lifetime, real estate is a booming industry and will continue to prosper for many years to come. In fact, according to the most recent statistics, there were more than 5 million people involved in the real estate business who helped generate more than $2.1 trillion into the U.S. economy in 2007 alone, according to the National Association of Realtors. These figures demonstrate how important real estate is to solidifying both the nation's and world's economy. Thus those who choose to pursue careers in this field are expected to experience many lucrative and career employment opportunities.

Common Career Paths:

Real Estate Broker and Sales Agent

Real estate brokers and sales agents are responsible for being the liaison and price negotiator between buyer and seller. They ensure that transactions go through and that everyone gets what they want. This means sellers are able to find someone who is ready and willing to purchase property at a reasonable price and buyers are able to find an establishment that meets all their needs and is within their budget. With that said, a real estate broker and sales agent must have impeccable knowledgeable about surrounding communities and the property they are selling/showcasing, including tax laws and zoning information. Typically brokers and agents acquire all of their information by obtaining listings of other properties in the market. The majority of brokers and sales agents deal with residential property, but some deal with commercial—such as selling office buildings and hotels to very wealthy business clients. With that said, both a broker and a sales agent does the same exact line of work, except a broker is licensed to manage their own real estate business and an agent is typically employed by a broker. In order to become either of the two, generally a bachelor's degree in real estate, finance, business administration, statistics, economics or a related field is generally required. They must also get proper licensure. Those who decide to pursue this field should see many satisfying career opportunities. In fact, opportunities for real estate brokers and sales agents are predicted to increase 14 percent, adding 74,300 new jobs in the market, according to the U.S. Bureau of Labor Statistics. Salaries vary, especially because most are paid heavily in commission. However, according to the most recent figures from the Bureau, real estate brokers and agents earned between $27,390 and $101,860 in 2008.

Real Estate Appraiser and Assessor

The main responsibility of a real estate appraiser is to give his or her clients real and unbiased estimates of a particular property's value and quality. They always take into consideration any environmental issues and surrounding areas which may affect its worth. For example, if the property is next to a major highway it may intensify or depreciate the property's value. They also consider the specific architectural style of the piece of property and whether additional renovations to the property have been completed. Typically one chooses to either be a residential appraiser and will assess homes, condominiums and townhomes for example. But there are others who choose to be commercial appraisers and assess the value of hotels and stores for example. An assessor on the other hand does the same exact line of work as an appraiser; however an assessor focuses more on the value of an entire neighborhood for tax purposes for example, while an appraiser focuses more on just one piece of property or home within that neighborhood. In order to become an appraiser or assessor, generally one must earn a bachelor's degree in economics, finance, mathematics, computer science, or a degree in some other related subject. Taking some courses in business or real estate law can also be highly beneficial. Those who aspire to get into this field must also get State certification. Typically, one must be a bachelor degree holder to apply for certification but some states allow associate degree holders to apply. Since jobs in the specific area are limited, the Bureau of Labor Statistics warns that employment opportunities will only see about a 5 percent growth within the next decade. While jobs in this area will see fierce competition, it is possible to land a job with hard work and determination. According to the Bureau, real estate appraisers and assessors earn on average $34,330 and $66,640 a year.

Property Manager

Property managers are extremely important as they are the ones who are responsible for ensuring that the value of a property is always kept intact. Typically this is achieved through good management and keeping a watchful eye on all operations of the residential or commercial property. This property can include anything from an apartment complex, retail store to even assisted living facility. In addition, property managers are also responsible for ensuring that tenants are satisfied with the establishment by providing the unit with janitorial/maintenance services, security, and addressing any other concerns or complaints a tenant might have like fixing a pothole in the middle of a driveway. Typically property managers are also in charge of making sure the property is at maximum occupancy to increase profits. They also make sure rent or mortgages are paid on time and that tenants are abiding by lease and contract conditions/negotiations. They are also usually in charge of payroll for other employees and ensure that other taxes and bills are paid in a timely manner. Typically, project managers are employed either by an individual or through a property management firm. Either way, those who wish to pursue this career should get a bachelor's or even a master's degree in real estate, business administration, accounting, or finance. While a degree in this field will help you acquire the position you want, most applicants undergo a trial period with extensive "on-the-job training." Others on the other hand work their way up to ladder starting off as a leaser or assistant for example. Employment opportunities for this area should be good the Bureau of Labor Statistics predicts, especially for those who aspire to be property managers for healthcare and "elderly" facilities. On average, property managers earn between $31,730 and $68,770 a year, according to the Bureau.