Working in real estate is an ambitious and respectable career choice. However, if you’re exploring the possibility and you’ve never worked in the industry before, you will need to research the options available while also taking inventory of your skill set.
The four main types of real estate are commercial, residential, industrial and land. The main roles involved in the real estate industry are development, investment, management, brokerage and financing. With so many paths to choose from, it’s generally a good idea for undergraduates to pursue a Master of Business Administration degree with a specialized track in real estate. Obtaining this degree will give you a deeper understanding of the career paths available while also making you a more attractive candidate upon graduation.
The salary information below comes from April 2022 in the United States.
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Real Estate Investment Analyst
This role is a good starting point if you are interested in working in the real estate industry. Real estate investment analysts are responsible for underwriting properties. The work involves analyzing different property and market projections, conducting market research and using financial statements to determine the value of a property as well as its projected income.
Your day-to-day schedule will typically include preparing reports on different properties and presenting them. These reports will contain information like an analysis of the borrower, the property, the property’s surrounding market and any other necessary details.
Glassdoor estimates that real estate investment analysts average $101,240 in yearly income. This figure includes $68,333 of base pay as well as $32,872 in additional compensation. Examples of additional payment include cash bonuses, commission, tips and profit-sharing.
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Director of Asset Management
As a director of asset management, you will be responsible for managing a client’s portfolio of properties. The work generally consists of three main activities:
- Studying the properties and market to stay up to date on any potential changes that could impact the client’s assets
- Meeting with clients to communicate these changes
- Creating and delivering reports to clients
Since this role requires plenty of analysis, you may also be required to obtain a Certified Public Accountant title.
Glassdoor estimates a salary average of $136,747/year for directors of asset management. This amount includes a base salary of $118,582/year and an additional income of $18,164/year.
- Real Estate Development Manager
If you have a passion for building new structures or redeveloping existing ones, you may want to consider a career as a real estate development manager. This role requires you to find underdeveloped land, craft a strategy for improving it, and oversee the construction. You will also need to obtain financing for your deals unless you have the capital to pay for the development yourself.
According to Glassdoor, the average salary for real estate development managers is $126,975/year. The amount includes $96,218/year in base pay and $30,757/year in additional pay. However, compensation can vary based on several different factors.
- Director of Real Estate and Development
As a real estate and development director, you’ll be responsible for acquiring real estate for a large organization. You will oversee your organization’s real estate portfolio and make decisions on whether to buy new properties or develop existing ones. You will also be responsible for negotiating the sale or lease of existing properties. You’ll work with other executives to create and maintain the overarching goals of your organization.
For real estate and development roles, Glassdoor estimates an average salary of $157,409/year. This total includes a base salary of $139,381/year as well as $18,028/year in additional pay.
- Vice President of Real Estate
Finally, one of the highest positions you can hold is vice president of real estate. In this role, you are responsible for overseeing nearly all the activities for your organization. Duties would include assisting in writing letters of intent, business terms of purchase and sales agreements. You will also be responsible for overseeing capital structure, financing and any potential joint-venture agreements. On top of that, it will be up to you to perform due diligence on all underwriting, acquisitions and sales.
Salary.com estimates a median base pay of $258,423/year for vice presidents of real estate. However, the actual figure will depend on your experience and company.
It’s not a bad idea to consider pursuing a specialized Master of Business Administration to help gain a deeper understanding of the real estate industry. You can even earn the degree while working your first job so that you are adding real-world experience at the same time.
For example, Longwood University offers a Master of Business Administration program with an online track in Real Estate. You can further your education while still having the time to gain professional experience.
Learn more about Longwood University’s online MBA program with a track in Real Estate.
