Careers in Real Estate Beyond a Realtor’s Job
Working in real estate is perceived to be a glamorous job, that pays really well. Come on, you know what we mean!
As soon as you hear the words “Careers in Real Estate” you think of a sharply dressed professional real estate agent, with all the property details at their fingertips. Ever ready to answer your questions and promising you the best deal you will ever get on the most “perfect” home for you. It is even true, most of the time.
However, though this is the face of the industry, there are many jobs and career paths in real estate other than being a Realtor. Maybe not as glamorous but definitely very important to the process of selling and buying property.
If you are a proud homeowner already, the chances are good that you may have come across some of these behind-the-scenes professionals. However, even if you are a potential first-time home buyer, you will still need their services.
And if you are looking for a career in real estate and being a real estate agent is not precisely your cup of tea, then stick around till the end of this article. We introduce you to some of the careers that are part of the industry but may not be apparent at first sight.
Who knows, one of them might interest you so much that you drop in your resume on our portal. We would love to have you on board – all we ask for is the right attitude!
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Alternate Career Choices in Real Estate
One of the biggest hurdles to becoming an agent, especially when you have a low appetite for risk, is the iffy success and money the career offers.
If you wish for a more stable income, something that utilizes your specializations, then we have a list of 10-12 careers that may be more suited to you. You may not have considered them before, but these options are great opportunities for professional growth and financial success.
Real Estate Broker
If this sounds suspiciously like being a Realtor, you are right. Amplified a few times, though!
Being a real estate broker means you oversee a team of real estate agents, ensuring deals are completed smoothly while adhering to legal regulations.
Brokers need an extensive understanding of the market, negotiation tactics, and compliance requirements. They are responsible for managing and supporting agents, while also guiding the newbies.
They are the superheroes, negotiating the best deals for their clients, and guaranteeing that all legal and regulatory obligations are met.
To become a broker, individuals must have several years of experience as a real estate agent, pass a comprehensive exam, and maintain a valid real estate license. This makes it easier to manage the day-to-day operations of a brokerage or a franchise of a bigger real estate brand.
Real Estate Appraiser
An appraiser essentially assesses the fair market value of properties – a vital step of real estate transactions.
They consider factors such as location, condition, and comparable sales in the neighbourhood to deliver impartial reports. A deep knowledge of the local market conditions and trends, a solid grasp of valuation processes and methods, and a keen eye for details – as an appraiser, you must possess these qualities to turn out the detailed reports that help buyers, sellers and lenders make informed decisions.
Appraisers can find work in banks, appraisal firms, government agencies, or independently.
To become an appraiser, you need a bachelor’s degree, complete specialized courses and then, train under an industry veteran before earning your license. Depending on the Appraisal license, you can appraise residential properties valued under $1 million and residential complexes of 1-4 units valued under $250,000 all the way up to any type of property, regardless of complexity or value.
On average, a real estate appraiser in Canada can earn between $55,000 to $85,000, making it an attractive career option.
Real Estate Inspector
Similar to appraisers, real estate inspectors are licensed professionals who are hired to identify potential issues or safety concerns in properties.
They inspect various systems and components of a home, such as electrical, plumbing, heating and cooling, and structural elements. Comprehensive property inspections are crucial in real estate transactions, ensuring the safety and integrity of the property.
Like other professionals, inspectors need to complete qualifying courses and pass an exam before they get certified. Many real estate inspectors work independently, charging a set fee per inspection or on an hourly basis. Some prefer to work with a larger brand for stability.
Real Estate Inspectors can choose to focus on residential properties or commercial buildings or assess properties for environmental hazards, such as mould, asbestos, or lead-based paint.
Mortgage Loan Officer
If you are interested in the financial side of real estate, then you may like this role.
Also called Credit Officers and Mortgage Officers, Loan officers are professionals who assist homebuyers and businesses in obtaining loans from lending institutions. They are employed by banks, trust companies, credit unions and similar financial institutions.
They evaluate credit and loan applications. Loan officers objectively assess the creditworthiness of potential borrowers and guide them through the loan approval process, including narrowing down the most appropriate loan option and terms. And of course, they are responsible for ensuring 100% compliance with lending regulations and policies.
To become a loan officer, you will need a bachelor’s degree in finance, economics, or a related field, as well as extensive general banking experience. They are required to obtain a mortgage loan originator (MLO) license, which involves passing a loan or credit training program and completing the course requirements.
Though earnings can vary depending on experience, the average annual salary for a loan officer can range from $50,000 and upwards.
Real Estate Attorney
For those with a liking for legal matters, combined with a passion for real estate, a career as a real estate attorney can be a lucrative option.
As the title suggests, real estate lawyers or attorneys are responsible for handling a wide range of legal matters in real estate, including property transactions, lease agreements, zoning and land-use issues, and dispute resolution. An absolutely vital role in the industry, being a real estate attorney is a job that demands a thorough knowledge of the documents and contracts that are part and parcel of any property transaction.
A real estate lawyer is essential when buying or selling a property. Depending on whether they are representing the buyer or the seller, they review and prepare the purchase agreement, arrange title insurance, and check for liens or other issues.
In addition, a real estate attorney also assists with negotiations, resolves legal matters, and facilitates the closing by registering the property transfer with the local land registry office. For their services, attorneys usually charge a flat fee though some may prefer an hourly rate.
To become a real estate attorney in Canada, you’ll need a law degree, pass the bar exam in your province, and obtain the necessary licenses and certifications.
For their efforts, a real estate attorney can earn between $80,000 to $150,000; maybe even more, depending on the expertise level and the complexity of the transactions. It is hard work, no doubt, but pays handsomely.
Foreclosure Specialist
To understand this role, it is necessary to understand what a foreclosure is.
When a homeowner fails to pay multiple mortgage payments, they may forfeit their rights to the property. Depending on the situation, the borrower and the lending institution will try to settle in 2 ways – either a Power of Sale or Judicial Foreclosure.
Because the process is a complex combination of legal and financial aspects, a specialized professional, called a foreclosure specialist, oversees the various aspects of a foreclosure. They work closely with the lenders, interact with distressed homeowners, and lay out options for loan restructuring or asset disposition.
A foreclosure specialist is expected to be fully versed and up-to-date with all local, state, and federal regulations, and financial analysis along with strong communication skills. You need to empathize with the invariably suffering homeowners while still working out the best possible outcome for everyone involved.
They can work on behalf of either the buyer or the seller of a foreclosed property. For a specialist in foreclosure processes and properties, the annual salary can range from $45,000 to $70,000.
Title Officer
In the same line as attorneys and foreclosure specialists, Title Officers are responsible for ensuring the property ownership records are compliant with legal and regulatory processes.
Title officers research the history and ownership of a property, identify any potential issues or encumbrances, and provide title insurance to protect the buyer and lender from any legal complications. As such, they play a crucial role in the home-buying process by ensuring the integrity of property documentation and the legal status of a real estate transaction.
To become a title officer in Canada, you’ll typically need a high school diploma or equivalent, as well as specialized training and certification. In addition to the educational qualifications, you need to have to good eye for details and the patience of a detective.
Remember, you will be analyzing property records to identify any potential risks or discrepancies to ensure smooth transactions.
The average annual salary for a title officer in Canada can range from $40,000 to $60,000, depending on your level of experience and the complexity of the transactions you handle.
Government Work in Real Estate
If you wish to go a step further and work in the policy and regulatory aspects of real estate, then you can choose a path in government work.
In Canada, there are several opportunities to work for government agencies and commissions that oversee the real estate sector, such as serving as a commissioner or board member on a provincial or territorial real estate commission.
These roles involve shaping and enforcing real estate laws, protecting consumer interests, and ensuring the integrity of the industry.
While the specific requirements may vary across different provinces and bodies, these positions will require extensive real estate experience and a deep understanding of the industry.
You can expect to be paid an average annual salary in the range of $60,000 to $100,000 or more, depending on the level of responsibility and seniority.
To Be Continued…
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