People with a real estate license have a variety of career options available to them. License requirements vary by state, but the primary purpose of licensing laws is to educate professionals and protect the public. The types of jobs available, once you have your real estate license, involve commercial and residential properties.
People with a real estate license often work as real estate sales agents to facilitate buying and selling property. Successful sales agents have a thorough knowledge of neighborhoods, listed properties and available financing options. Communication and the ability to work well with all personality types are among the necessary people skills that real estate sales agents must cultivate. Sales agents most often work on commission. They are paid a percentage of the overall sales price of the property.
Real estate brokers are sales agents who are also licensed to manage their own real estate business. Brokers perform the same functions as sales agents. Real estate brokers also receive commission on the sale of property by each sales agent within their agency.
Leasing Agent/Property Manager
Real estate sales agents also may be leasing agents for commercial or residential property, according to the National Associations of Realtors. Real estate professionals can negotiate and complete short-term leases of a few months or less as well as long-term lease agreements for property owners. In addition to securing prospective tenants, your real estate license qualifies you to manage the property for the owner. Apartment buildings, resort property and some hotels offer rental units for long and short-term lease. Property managers must be licensed in order to show the property to prospective clients, negotiate the lease contract, collect the monthly rent and act as the owner’s agent for tenant concerns.
A licensed real estate professional may choose to specialize as a real estate relocation agent who works for agencies or corporations. Relocation agents help transfers and newly hired employees make the transition from one city to another, explains PageRankStudio.com. These agents can negotiate the purchase and sales of a property, locate transportation and help assemble household supplies.
2016 Salary Information for Real Estate Brokers and Sales Agents
Real estate brokers and sales agents earned a median annual salary of $46,810 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, real estate brokers and sales agents earned a 25th percentile salary of $30,850, meaning 75 percent earned more than this amount. The 75th percentile salary is $76,200, meaning 25 percent earn more. In 2016, 444,100 people were employed in the U.S. as real estate brokers and sales agents.