The compensation is usually good—and sometimes, it can be excellent. The Bureau of Labor Statistics (BLS) reports that the top 10% of real estate brokers earned more than $176,080 in May 2021. However, it’s worth noting the bottom 10% of brokers made less than $30,470.
Real Estate Career Options
The real estate industry offers professional opportunities for workers other than agents and brokers. Many other real estate positions are available, and several paths exist into real estate work. Most consumers are unaware of the distinctions between these roles and they use some titles interchangeably, even though the legal definitions differ.
Top Real Estate Jobs
Real Estate Agent
These terms “agent” and “broker” are often used interchangeably when, in fact, the difference is rather significant. Agents can be either buyers’ agents or listing agents. As the terms imply, the former represents those who want to buy property and the latter assists those who want to sell. There are two levels of licensing in real estate. You must first take a training course, pass a test, and receive a license to practice as an agent under the supervision of a broker. State requirements for licenses vary. Salary: According to the BLS, real estate agents earned a median annual wage of $48,340 in May 2021.
Real Estate Broker
Becoming a real estate broker requires a second level of licensure after becoming licensed as and working as an agent for a period of time. Further study and a more stringent test are required. Some employers may give preference to brokers with a college degree, while others will accept a high school diploma and the required pre-licensing courses. Associate brokers are those who are licensed as brokers themselves but work under the supervision of another broker. Managing brokers manage their own real estate offices. Salary: According to the BLS, real estate brokers earned a median annual wage of $62,010 in May 2021.
Other Positions in a Real Estate Office
Real Estate Clerks
Real estate clerks don’t need licenses, although they do need relevant experience. They maintain records and handle paperwork and other administrative duties for real estate brokerages. Salary: The median salary for real estate clerks is $28,400, as of July 2022.
Office Managers
Office managers oversee a brokerage’s day-to-day operations, not unlike in other industries. They deal with everything from maintenance and ordering supplies to scheduling and bookkeeping. Salary: According to PayScale, office managers earn an average hourly wage of $18.15, as of June 2022.
More Common Real Estate Jobs
Inspector
After a building is built or renovated, an inspector comes in to ensure that the building is up to code. Home inspectors provide professional opinions and documentation of a home, determined by a visual evaluation in addition to operational testing of the home’s elements and components to determine its current condition. Salary: PayScale reports that building inspectors earn an average salary of $55,082, as of July 2022.
Real Estate Appraiser
Because most real estate properties are not bought with cash, bankers have processes for deciding whether to issue loans to buyers. That process begins with an appraisal—a professional estimation of the financial value of the property. Real estate appraisers sometimes also set values for property tax purposes, for setting compensation levels in cases of seizure by eminent domain, and they might assist in negotiations between buyers and sellers and renters and owners. Salary: According to Glassdoor, real estate appraisers earn an average base salary of $79,122, as of December 2021.
Loan Officer
A loan officer takes over on the bank side of the equation after the appraiser performs their job, while any of several types of mortgage professionals will help the buyer negotiate the process. Mortgage consultants, or loan officers, advise borrowers on choosing the best mortgage and they assist in helping them fill out loan applications. They make their money through commissions on the loans. Salary: Loan officers earn a median salary of $63,380, as of May 2021.
Loan Underwriter
Loan underwriters make sure that buyers are able to repay their mortgages before granting approval for loans. The underwriter will either approve, suspend, or turn down a mortgage application. Salary: According to Glassdoor, loan underwriters earn an average salary of $64,671, as of December 2021.
Closing Agent
Licensed closing agents or closing coordinators ensure that the financial transaction is conducted properly, distributing paperwork, and providing escrow instructions. Salary: Glassdoor reports that closing agents earn an average base salary of $56,043, as of December 2021.
Real Estate Lawyer
Real estate lawyers make sure all legal agreements involved in the sale are properly drawn up, and they handle any disputes about ownership. Salary: According to PayScale, real estate lawyers earn an average salary of $83,386, as of April 2022.
Real Estate Consultant/Analyst
Real estate consultants and real estate analysts help potential buyers understand how to invest in real estate to get a good financial return. Salary: PayScale reports that real estate analysts earn an average salary of $61,710, as of July 2022.
Property Manager
Real estate managers, sometimes referred to as property managers, manage properties belonging to investors. They deal with hands-on operations and are additionally responsible for maintaining the property’s value and income. They are typically paid a percentage of the rents they generate and collect. Salary: According to Glassdoor, property managers earn an average salary of $67,754, as of December 2021.
Foreclosure Specialist
Foreclosure specialists facilitate the process when a home or property is reclaimed by a bank due to non-payment on a mortgage. They might help the homeowner restructure their loan to keep the property or help a prospective buyer to navigate the purchasing process. Foreclosure specialists also work with banks and real estate companies. Salary: Per Glassdoor, foreclosure specialists earn an average base salary of $46,959, as of December 2021.
