Whether it’s in buying or selling a home, purchasing real estate as an investment opportunity, or leasing commercial space for business operations, real estate agents and brokers are the professionals that are trusted to navigate the very complex waters of property ownership. Although agents and brokers are involved in the same kind of real estate work, brokers are the ones who own their own business, and agents are those who contract with brokers for a portion of the commission earned on a sale. Today, online real estate certification programs provide people with the opportunity to prepare themselves for the exciting and challenging field of real estate in a way that works with their personal schedules and needs.
Employment Outlook
Job opportunities in real estate are expected to grow 14% by 2018, which is slightly higher than the national average of 12% across all fields. Some growth will be propelled by the increase among young people today who believe that home ownership rather than renting is the best financial move and among people of all ages who view real estate as a good investment. But what will keep the projected growth in check is the advancement that the field is experiencing now due to technology. Since people are now able to search for properties that are for sale themselves rather than relying solely on a realtors to provide them with this information, the role of real estate agents and brokers is changing as the technology used in their field continues to advance.
A wide range of annual earnings are found in real estate. The median earnings including wages and commissions for agents in May of 2008 was just over $40,000. However, the lowest earners made just over half that amount while those with the biggest incomes made close to $102,000. The median earnings for brokers in the same year was higher at $57,500. For both agents and brokers, residential building construction is the area of real estate that earns the most while serving as lessors for real estate holdings earns the least.
The majority of a realtor’s earnings comes from commissions on individual sales, which may be divided among various parties depending on how the transaction has been set up. A real estate professional who is willing to work lots of hours, often on evenings and weekends in order to accommodate clients’ schedules, and those who both list and sell properties have the best chance of making the highest commissions.
Educational Requirements
While an associate’s or bachelor’s degree in real estate can be earned, the far more common practice is to earn a real estate certification rather than a degree. A college degree is not a requirement for enrolling in a real estate certification program, but because of the growing legal complexity of today’s real estate transactions, a college degree can be very helpful. Even without a degree, some background in finance, law, economics, English, and business administration is very helpful.
Real estate courses are often offered by real estate associations who belong to the National Association of Realtors. Also, brokerage firms offer courses both for beginners just learning the trade and veteran realtors who want to pursue new specialties or keep up with current trends in the field.
Both agents and brokers must earn a license to work in real estate by completing between 30 to 90 hours of instruction and taking a written examination covering property law and the details of real estate transactions. A more specialized broker’s license requires at least 30 more classroom hours and 1-3 years of experience unless the candidate has an actual bachelor’s degree in real estate. Most states require renewal of the license every 1-2 years, but states different on how much continuing education is required.
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