3 answers
Leah
Student
Rock Hill, South Carolina
2
Questions
Asked
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Would Real Estate be a good career to go into?
What would I want to major in if I wanted to go into Real Estate?
Also what are the different roles or areas in real estate to work in, and a brief explination of them, and which ones are more benifiting?
How does recieving money work for the different areas in real estate?
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3 answers
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity.
3703
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hello Leah,
Considering a Career in Real Estate?
The real estate sector can be a fulfilling career choice, both financially and personally. Here are some key aspects to ponder:
Earning Potential: Real estate agents and brokers have the opportunity to earn substantial income, especially in high-value markets. However, earnings can fluctuate depending on the volume of sales and commissions.
Work-life Balance: Real estate professionals often have the luxury of flexible schedules, which can help balance work and personal life. However, they may need to work during evenings and weekends to cater to clients' needs.
Diverse Opportunities: Real estate offers a range of roles, from residential sales to commercial leasing and property management. Each role brings its own unique challenges and rewards.
People Skills: Real estate professionals often thrive on interacting with people and guiding them through significant life decisions. However, it can also be stressful and demanding.
What Should I Major in for a Real Estate Career?
While no specific major is mandatory for a real estate career, certain study fields can equip you with valuable skills:
Business: A business degree can lay a solid foundation in areas like finance, marketing, and management. These skills are crucial for real estate professionals who aspire to start their own businesses or climb to leadership roles.
Finance: A finance degree can equip real estate professionals with an understanding of the financial aspects of buying, selling, and managing properties. This knowledge is especially useful for those in commercial real estate or property management.
Marketing: A marketing degree can aid real estate professionals in crafting effective strategies for promoting their services and attracting clients. This is particularly important for agents at the beginning of their careers.
Urban Studies or Real Estate: Some universities offer majors in urban studies or real estate, providing a comprehensive insight into the industry’s economic, social, and political aspects. These programs often include courses in real estate law, finance, and development.
Exploring Roles in Real Estate
Here are some typical roles in the real estate industry:
Residential Sales Agent: These agents assist individuals and families in buying and selling homes. They usually work on commission and may specialize in specific market segments, like luxury homes or first-time buyers.
Commercial Sales Agent: These agents collaborate with businesses and investors to buy, sell, and lease commercial properties such as office buildings, retail spaces, and industrial facilities. They generally have more extensive financial knowledge than residential agents.
Property Manager: Property managers supervise the daily operations of residential or commercial properties on behalf of landlords or property owners. They collect rent, handle maintenance requests, and ensure that the properties adhere to local laws and regulations.
Real Estate Developer: These professionals acquire land, plan developments, and oversee construction projects. They may work on residential or commercial developments, from single-family homes to large mixed-use complexes.
Real Estate Appraiser: These professionals estimate the value of properties for sale, financing, insurance, or tax purposes. They typically have a strong background in finance and real estate principles.
Understanding Finances in Real Estate
Real estate professionals earn income through commissions on sales or fees for services provided. Commissions are usually a percentage of the sale price or rental income and are divided between the brokerage firm and the individual agent. Fees for services like property management or appraisals are typically flat rates or hourly fees. Income can be unpredictable due to the variable nature of commissions and fees.
GOD BLESS!
James Constantine Frangos.
Considering a Career in Real Estate?
The real estate sector can be a fulfilling career choice, both financially and personally. Here are some key aspects to ponder:
Earning Potential: Real estate agents and brokers have the opportunity to earn substantial income, especially in high-value markets. However, earnings can fluctuate depending on the volume of sales and commissions.
Work-life Balance: Real estate professionals often have the luxury of flexible schedules, which can help balance work and personal life. However, they may need to work during evenings and weekends to cater to clients' needs.
Diverse Opportunities: Real estate offers a range of roles, from residential sales to commercial leasing and property management. Each role brings its own unique challenges and rewards.
People Skills: Real estate professionals often thrive on interacting with people and guiding them through significant life decisions. However, it can also be stressful and demanding.
What Should I Major in for a Real Estate Career?
While no specific major is mandatory for a real estate career, certain study fields can equip you with valuable skills:
Business: A business degree can lay a solid foundation in areas like finance, marketing, and management. These skills are crucial for real estate professionals who aspire to start their own businesses or climb to leadership roles.
Finance: A finance degree can equip real estate professionals with an understanding of the financial aspects of buying, selling, and managing properties. This knowledge is especially useful for those in commercial real estate or property management.
Marketing: A marketing degree can aid real estate professionals in crafting effective strategies for promoting their services and attracting clients. This is particularly important for agents at the beginning of their careers.
Urban Studies or Real Estate: Some universities offer majors in urban studies or real estate, providing a comprehensive insight into the industry’s economic, social, and political aspects. These programs often include courses in real estate law, finance, and development.
Exploring Roles in Real Estate
Here are some typical roles in the real estate industry:
Residential Sales Agent: These agents assist individuals and families in buying and selling homes. They usually work on commission and may specialize in specific market segments, like luxury homes or first-time buyers.
Commercial Sales Agent: These agents collaborate with businesses and investors to buy, sell, and lease commercial properties such as office buildings, retail spaces, and industrial facilities. They generally have more extensive financial knowledge than residential agents.
Property Manager: Property managers supervise the daily operations of residential or commercial properties on behalf of landlords or property owners. They collect rent, handle maintenance requests, and ensure that the properties adhere to local laws and regulations.
Real Estate Developer: These professionals acquire land, plan developments, and oversee construction projects. They may work on residential or commercial developments, from single-family homes to large mixed-use complexes.
Real Estate Appraiser: These professionals estimate the value of properties for sale, financing, insurance, or tax purposes. They typically have a strong background in finance and real estate principles.
Understanding Finances in Real Estate
Real estate professionals earn income through commissions on sales or fees for services provided. Commissions are usually a percentage of the sale price or rental income and are divided between the brokerage firm and the individual agent. Fees for services like property management or appraisals are typically flat rates or hourly fees. Income can be unpredictable due to the variable nature of commissions and fees.
GOD BLESS!
James Constantine Frangos.
John Husband
Computer Science, Real Estate, Life
43
Answers
Boca Raton
Updated
John’s Answer
Hi Leah!
There are a number of different fields that could be classified as Real Estate. Real Estate is simply the land and the permanent structures built on the land. Broadly speaking, you could be in the business of Building and Repairing the Structures, Buying Selling the Real Estate, or managing contracts with people that are renting or leasing the Real Estate or part of it. Phew that's a lot! I'm going to do my best to give you an overview and an idea about the majors you might like to choose. I'll also give links to several other articles I've written where you can get more information. Finally, if I still haven't nailed your question, then please use the comments field below to tell me more. And I'll take another shot. Deal?
Building and Repairing is typically the job of a construction company. Jobs in a Contruction company might be Engineer, Electrician, Plumber, Architect, Carpenter, Bookkeeper, project manager soon and so forth. I think you get the idea. Engineering, General Business, Marketing, Architecture are all majors you might choose depending on the job you wanted.
Here are a couple articles on construction that go deeper.
https://www.careervillage.org/questions/616702/i-wanted-to-go-into-carpentry-but-i-was-wondering
https://www.careervillage.org/questions/617617/is-it-worth-it-to-take-the-extra-steps-like-getting-higher-education-for-construction
Buying and Selling the Real Estate is generally the job of a Real Estate Agent. This may be the easiest job to get into while going to college. Essentially you get your license and find a job as a real estate agent's assistant somewhere (work for free if you have to.) You'll learn the business as the assistant. Good majors for an agent are business with a particular focus on marketing, video editing, social media and entrepreneurial programs.
Here are a number of articles I've written about the subject of being an agent:
https://www.careervillage.org/questions/611154/what-is-the-easiest-part-of-real-estate
https://www.careervillage.org/questions/617133/what-is-the-starting-pay-in-real-estate
https://www.careervillage.org/questions/616997/what-is-the-best-place-to-buy-real-estate
https://www.careervillage.org/questions/617038/how-do-become-a-real-estate-agent
The last major grouping of Real Estate jobs falls into contract management or what's called in the industry "Property Management". A property manager prepares a house or a building or land for rent/lease by someone else. Then the property manager advertises the property, reviews the various applications, selects one to create a contract with. The property manager collects rent, repairs anything in the property that is covered under the contract. The property manager will evict any tenants that don't pay their rent and start the process over again! The majors for a property manager would typically business with a focus on marketing, law and perhaps some engineering.
Unfortunately, I haven't written anything on property management yet. Feel free to ask another question if this interests you.
In summary "Real Estate" is a big topic. Depending on what you want to do, there is a ton to dig into. Just about all parts of the industry would benefit from some kind of a business degree. My advice is to explore. Invest the time to find out about different parts of the industry and what fits you best. You want to make sure you work in a job that wakes you up in the morning excited to get started rather than hitting the snooze button 17 times in a row! :-)
Wishing lots of working hard and a little working smart,
-John
Explore which parts of Real Estate interest you.
Go deep based on you and your needs and your personality and your goals
Keep asking questions
Keep reading
Enjoy life. It's better that way!
There are a number of different fields that could be classified as Real Estate. Real Estate is simply the land and the permanent structures built on the land. Broadly speaking, you could be in the business of Building and Repairing the Structures, Buying Selling the Real Estate, or managing contracts with people that are renting or leasing the Real Estate or part of it. Phew that's a lot! I'm going to do my best to give you an overview and an idea about the majors you might like to choose. I'll also give links to several other articles I've written where you can get more information. Finally, if I still haven't nailed your question, then please use the comments field below to tell me more. And I'll take another shot. Deal?
Building and Repairing is typically the job of a construction company. Jobs in a Contruction company might be Engineer, Electrician, Plumber, Architect, Carpenter, Bookkeeper, project manager soon and so forth. I think you get the idea. Engineering, General Business, Marketing, Architecture are all majors you might choose depending on the job you wanted.
Here are a couple articles on construction that go deeper.
https://www.careervillage.org/questions/616702/i-wanted-to-go-into-carpentry-but-i-was-wondering
https://www.careervillage.org/questions/617617/is-it-worth-it-to-take-the-extra-steps-like-getting-higher-education-for-construction
Buying and Selling the Real Estate is generally the job of a Real Estate Agent. This may be the easiest job to get into while going to college. Essentially you get your license and find a job as a real estate agent's assistant somewhere (work for free if you have to.) You'll learn the business as the assistant. Good majors for an agent are business with a particular focus on marketing, video editing, social media and entrepreneurial programs.
Here are a number of articles I've written about the subject of being an agent:
https://www.careervillage.org/questions/611154/what-is-the-easiest-part-of-real-estate
https://www.careervillage.org/questions/617133/what-is-the-starting-pay-in-real-estate
https://www.careervillage.org/questions/616997/what-is-the-best-place-to-buy-real-estate
https://www.careervillage.org/questions/617038/how-do-become-a-real-estate-agent
The last major grouping of Real Estate jobs falls into contract management or what's called in the industry "Property Management". A property manager prepares a house or a building or land for rent/lease by someone else. Then the property manager advertises the property, reviews the various applications, selects one to create a contract with. The property manager collects rent, repairs anything in the property that is covered under the contract. The property manager will evict any tenants that don't pay their rent and start the process over again! The majors for a property manager would typically business with a focus on marketing, law and perhaps some engineering.
Unfortunately, I haven't written anything on property management yet. Feel free to ask another question if this interests you.
In summary "Real Estate" is a big topic. Depending on what you want to do, there is a ton to dig into. Just about all parts of the industry would benefit from some kind of a business degree. My advice is to explore. Invest the time to find out about different parts of the industry and what fits you best. You want to make sure you work in a job that wakes you up in the morning excited to get started rather than hitting the snooze button 17 times in a row! :-)
Wishing lots of working hard and a little working smart,
-John
John recommends the following next steps:
Tina Q. Luong
Real Estate Agent
11
Answers
Urbandale, Iowa
Updated
Tina Q.’s Answer
So much you can do with real estate , John answered the question well! For me I am personally looking into real estate investing and flips. I’ve been doing sales for 4 years and ready for the change. I may also look into commercial real state soon.