Jobs in real estate are various, and so are their subsequent pay levels. For example, a real estate agents salary will vary from a real estate brokers. A property manager’s salary will vary from a real estate appraiser. There are other jobs in real estate, but these being the top four, let’s examine these four in more detail.
REAL ESTATE SALES AGENT.
This job is paid solely on commission, making it a difficult business to get started in. It also takes between 30-60 days to close a contract, and typically one will not get paid until closing. Of course, that doesn’t take into consideration that it could have taken you one to two months to secure that contract in the first place. One must have provisions in place until the commissions start rolling in.
That being said, the benefit of being a real estate agent is that you can work harder to control your own income. The average salary of a real estate agent depends on what are of the country you are working in. For instance, the east coast average salary remains steady at $72,700, while the west coast average is $62,050. Keep in mind, that real estate business are dominated by your area, so these salaries can vary depending on your area.
REAL ESTATE BROKER.
The next step up from a real estate agent, is becoming a real estate broker. This job consists of more required experience and more education as well. The combination of this pays off in annual salary averages. Keep in mind, this job also requires a lot more work, but as with a real estate agent, you have the ability to control your own income.
On the west coast, the average real estate broker salary is $78,500, while on the east you are more likely to be in the $98,870 bracket. This is typically a stressful job, as you are responsible for all of the agents underneath you, but as you can see, one is rewarded financially for taking on this task, seeing about a $15,000 to $20,000 average increase between real estate agent to real estate broker.
PROPERTY MANAGERS.
This job also requires a bit of schooling in most states, and pay will also vary. A property manager can be in charge many properties, or just one. The duties of a property manager usually include, making sure the properties are maintained, rent is collected, vacancies are filled, leases are signed and bills are paid.
On average, a property manager in New York will average $58,000 a year, while property managers in Los Angeles will earn around $46,000 annually. These jobs often offer extra perks however, such as a free apartment or suite in one of the buildings being managed.
REAL ESTATE APPRAISER.
As the name suggests, the job of a real estate appraiser, is to “appraise” the subject property. This involves looking at the property, both inside and out, and evaluating other properties that are similar. This job takes a lot of mathematical skill, and uses statistical formulas to arrive a numerical value for the property in question.
The average salary of a real estate appraiser is the same across the country, at $43,000. This job takes schooling and training, but can be a very flexible job and very challenging for those who like to work with numbers.
Jobs in real estate are out there, and you can see the variances in salaries. It is best to analyze each job description and choose one that you feel is right for you. Most people who choose a job only for its high earning potential, typically don’t last more than a few years in the field. Real estate can be a rewarding field to work in, and with any job, the harder you work, the more money you are apt to make.
