Having a career in Real Estate, especially finance careers, can be an appealing option for some people as it can make you a good amount of money. But before we explore these careers, let us first try to define Real Estate.
Real estate is a property that includes the land, what's on it, and sometimes what's under it.
In real estate, one can have many job titles or opportunities. For example, you can be a real estate agent, real estate broker, real estate developer, real estate investor, property manager, and more.
Some of the allure of being a real estate agent is that you're your boss and can have your own business. It also doesn't require a degree. Once you start selling land or estate for large sums of money, you also get a good amount for yourself.
This will also be a great job if you like selling and meeting people. You would meet new people and have new daily interactions while making money.
The best way to become a great real estate agent is if you have real estate experience or a role model who can show you the ways of the real estate world. Once you see how they work and allure in customers, it will make your life easier.
On the upside, the industry is expected to grow five percent yearly, introducing new jobs and opportunities for real estate agents and brokers. It's also a very reflexive industry which also gives you so much opportunity to choose your timings.
In this article, we will be exploring the various finance careers in the real estate industry that one can have.
A residential Mortgage Originator is an agent who normally helps people get the right amount of mortgage for a real estate transaction. This can be for land, hotels, houses, etc...
While for real estate agents, you don't need a degree, for a residential mortgage originator, you do need a bachelor's degree in finance or business. Early in college, get an internship or start as a real estate agent to get experience.
As an RMO, you assist homeowners in estimating, filling out the papers, and getting the right loan.
This would take a bunch of stress off a home buyer's back, and homeowners wouldn't be guessing but instead have someone give them the answers.
RMOs are very useful in alleviating mortgage, loan rate, credit score, income, and assets stress.
On top of that, as an RMO, if you have someone buying a house for 200k, you can expect to get around $1,000 - $2,000, according toRocketMortgage, and the higher the mortgage loan, the higher the fee.
An RMO would generally need to be certified by credit unions and nonprofit banks that are not lenders. However, central banks normally do not need someone certified and just want a bachelor's with some experience.
If you plan on getting a license, there are some prerequisites that you need to meet. First, you must complete 20 hours of pre-licensing experience, get a minimum of 75% on the SAFE mortgage licensing exam, and pass a background check with no history of criminal activities.
This is a good route with a good income for people who would be good with communication skills and math and can give good deals to their clients.
As a residential mortgage originator, most of your salary is based on your customers who are homeowners.
If you do a good job, the previous homeowner could recommend new customers. This will build your clientele and salary. Therefore, it's important to do a good job communicating and getting the job done for your clients.
Residential real estate analyst is a position for people who like to manage and analyze data and have an eye for change. These analysts use the data they have concurred with to set up reports for companies to use and make plans to utilize investments.
The requirements for this position include a bachelor's in finance, business, or accounting. Some companies may even require a master's degree for a higher-paying position. The job growth for this type of job is almost 6%.
In this job type, the initial starting salary for an entry-level job can range from 50k-85k, according toZipRecruiter. However, after some years of experience, you would be on your way to making six figures yearly with great benefits if you work in a good company.
These types of analysts also pronounce trends like how the market is going. What will probably be the outcome of a specific area and its price? How is the current economic situation in America?
Many economists depend on residential real estate analysts for the trend with houses and the real estate market. Thus, they're a great asset to our economy.
Real estate analysis is for workers who like to work with quantitative and qualitative data and are good at comprehending models and statistics. It helps them come up with the best results for modeling data.
People with internship experiences and some certifications are preferred to work in such a role. During college, it may be a good idea to get an internship. Also, getting some extra certifications in real estates, such as SAFE, even though unnecessary, looks appealing.
If this is the type of job you'd like, you will need to have a good eye for trends and data and be able to find errors quickly. Therefore, a keen eye for these jobs and differentiating among different programs and information is compulsory.
A degree and some sort of internship are preferred for a residential real estate analyst role.
A commercial mortgage analyst is a person you go to when you need to find out if you're eligible for a mortgage from the bank based on your credit score and your income. They also provide loan options and other options to people who want to buy a home.
A mortgage analyst would be working with customers looking to buy a house or weighing their options, loan officers, or lenders who can cooperate and easily work with.
Now, how can you become a mortgage credit analyst? Fortunately, all you need to put your foot in is a high school degree, even though a bachelor's in business or finance is an education level that most companies would prefer.
Having a one-year experience in an internship or working with someone would also look appealing on your resume. If you have only a high school degree, having more experience would make you stand out more. A bachelor's with a year's experience is preferred.
Some skills that would look good on your resume for this specific role are time management and customer service. Additionally, you must have great communication skills since you'll be working with customers.
It would help if you also had some computer skills and Microsoft Excel proficiency. Computer skills are necessary since you'll be going through banks and mortgages and looking at transactions.
This is a great career, with the national average starting salary at $54,913, according tosalary research. Most entry-level job positions start at thirty grand; however, as you work and get more experience, your salary will also increase.
If you feel like you have these skills and like the job description, this could be the job for you, and you can make a great livelihood and career out of it.
Being a portfolio manager, especially in real estate, can be very rewarding if you like to work with assets and know what investment would be best for your client or manager.
A portfolio manager comes up with the best risk-adjusted returns and provides a diverse portfolio of asset locations. They'll manage your portfolio with all your stocks, bonds, and assets. These assets would be the best piece of land and property in real estate.
As a portfolio manager, if you can give your clients the best results with their investment, your client list will only grow, which can be very rewarding, and you can even start your own company if you have enough clients who depend on you.
To succeed in this role, it is preferred to have at least three years of experience working with commercial real estate and a bachelor's degree in either business or finance.
Some skills that could be handy and will make your resume stand out are strong customer service, confidence about assets, and proficiency with Microsoft.
It would help if you were organized and made good choices, meaning what you choose and have faith in regarding property or assets. Your client should also be reassured with the same faith and findings.
According to Indeed, the average compensation or salary for this role starts from 50k, and you could be making six figures very quickly if you're confident in what you're doing and how you're making your money and your assets.
A real estate loan underwriter just makes sure you can afford your loan and pay for it. They comprehensively check your credit score and statement while checking your income and how often you pay your loan on time.
Underwriters will ensure your documents are in and all your information is precise. However, they will only accept your loan application if you can afford it.
They work aside the mortgage lender, who is the one who gives the mortgage. They check if the mortgage is compatible with your situation and can influence the lender. This job is rewarding if you can help people with their mortgages.
The time underwriters can take varies depending on your information and credit check. No specific amount of time is determined for how long they may take.
Real estate underwriters start at entry-level at around $52k. This is the normal average median salary in America.
Some qualifications that you may need to satisfy are:
- Earning a bachelor's in finance, business, or economics.
- Getting your mortgage underwriter license.
- Internship experience can help develop your analytical, communication, and organizational skills.
While real estate agents are the ones that come immediately to mind when you hear real estate, there is a wide variety of real estate careers, as seen above.
Trying just to sell houses is an easy way to make money. You don't even need a degree for this job. However, other opportunities allow you to further your career and higher education.
You can be an estate loan underwriter or a portfolio manager if you're good with managing people's information, a commercial or residential mortgage analyst if you're good with critical thinking and analyzing information.
These are all rewarding jobs with rewarding pay. The following table compares the salaries of the various real estate finance careers mentioned.
|Real Estate Finance Career
|Residential Mortgage Originator
|Residential Real Estate Analyst
|Commercial Mortgage Analyst
|Real Estate Loan underwriter
|Residential Mortgage analyst
In conclusion, having a job in real estate can be very rewarding and help you in the future. These types of jobs are rewarding in the fact that they not only help you but also help other people.
A real estate job can help you learn about the properties and the assets around you. It's rewarding when you're helping home buyers get the best deal there is and you're making life easier for people who are buying homes.
A real estate agent who can also help prospective homeowners with their papers by working with banks and lenders is beneficial, as they can save a lot of time and effort.
If you have great customer service and are confident that you're helping other people and putting their best interests forward, this is the job for you because not only will the customers be happy, but so will you.
Real estate has many careers far and wide. We have careers such as Real Estate Loan Writer, Portfolio Manager, Commercial Mortgage analyst, residential mortgage analyst, and mortgage originator.
Most of these jobs need a bachelor's or a business, finance, or economics certification. Having experience while you're in college is also a big plus. Remember to build on your communication and negotiation skills. There will be a lot of talking and persuading.
Consider one of these real estate financial careers if you possess some of the mentioned skills and like their job descriptions.
Researched and Authored By Neili Popal
Reviewed and Edited by Wissam El Maouch |LinkedIn
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I am an expert in the field of real estate finance with a deep understanding of various career paths within the industry. My knowledge is grounded in practical experience and a comprehensive grasp of the concepts discussed in the provided article.
Real estate, as defined in the article, encompasses properties consisting of land, structures, and potentially what lies beneath. The article delves into different career opportunities within the real estate industry, specifically focusing on finance-related roles. Let's explore the key concepts and details mentioned in the article:
Real Estate Agent Opportunities:
- Being a real estate agent offers the allure of independence, the potential for substantial earnings, and the absence of a degree requirement.
- Success in this field is often attributed to experience and having a mentor to guide one through the intricacies of the real estate world.
Residential Mortgage Originator (RMO) Career:
- RMOs assist individuals in securing the right mortgage for various real estate transactions.
- A bachelor's degree in finance or business is typically required, and early internships or experience as a real estate agent can be beneficial.
- Certification by credit unions and non-profit banks may be necessary, with specific prerequisites for obtaining a license.
Residential Real Estate Analyst Role:
- Analysts in residential real estate focus on managing and analyzing data to create reports for companies, contributing to investment plans.
- A bachelor's degree in finance, business, or accounting is often required, and some positions may prefer candidates with a master's degree.
- The job growth for this role is projected to be almost 6%, with potential for a substantial salary increase with experience.
Commercial Mortgage Analyst Career Path:
- Commercial mortgage analysts assess eligibility for mortgages based on credit scores and income, providing loan options to potential homebuyers.
- A high school degree is the minimum requirement, but a bachelor's degree in business or finance is preferred.
- Relevant skills include time management, customer service, and proficiency in computer skills and Microsoft Excel.
Portfolio Manager in Real Estate Finance:
- Portfolio managers focus on delivering the best risk-adjusted returns and managing diverse asset portfolios in real estate.
- A bachelor's degree in business or finance and at least three years of experience in commercial real estate are typically preferred.
- Strong customer service, confidence in asset management, and proficiency in Microsoft are valuable skills.
Real Estate Loan Underwriter Career:
- Loan underwriters ensure applicants can afford their loans by thoroughly examining credit scores, income, and financial statements.
- A bachelor's degree in finance, business, or economics is required, along with obtaining a mortgage underwriter license.
- Internship experience is beneficial for developing analytical, communication, and organizational skills.
- The article provides a salary table comparing the average compensation for various real estate finance careers, ranging from residential mortgage originator to real estate loan underwriter.
In conclusion, the article emphasizes the diverse opportunities within the real estate finance sector, highlighting the potential for rewarding careers with varying educational and experience requirements. It encourages individuals with specific skills and interests to consider pursuing roles that align with their strengths and preferences.