There are many ways to make money in the real estate industry. Here are the eight highest-paying careers in the field:
- Real estate agent
A real estate agent represents the buyer or the seller in a property transaction (rarely both, which is known as “dual agency” and is looked down upon).
For each deal that goes through, real estate agents earn a commission, which is typically 2.5% to 3% of the purchase price.
Becoming a real estate agent requires taking a class and getting (and maintaining) a state-specific license. However, you can do this in as little as a few weeks for a few hundred dollars. When you consider that the average annual salary for real estate agents in the US is $94,031, it’s a small price to pay.
- Real estate investor
If you prefer to buy and sell your own properties, you may want to become a real estate investor.
There are several different types of real estate investors out there: those who fix and flip homes, those who rent out property, and even some who invest passively in real estate investment trusts (REITs).
No matter which investing strategy you adopt, there’s a lot of opportunity.
The income potential for real estate investors is endless, but the average real estate investor in the US makes between $70,000 and $124,000.
- Property manager
Got handyman skills and enjoy interacting with people? Then you might like working as a property manager.
Property managers oversee the day-to-day tasks of owning investment property—like collecting rent, making repairs, and keeping up with general maintenance. They also help screen tenants and carry out evictions when necessary.
Most property managers charge a percentage of the rental income of each unit they manage (typically between 8% and 12%), and the average property manager salary is $51,478.
- Home inspector
Every home sale involves a home inspection. A home inspector checks the property for structural issues and to make sure it is up to code (usually on behalf of the buyer or mortgage lender) before the deal is finalized. They also provide recommendations for repairs and improvements.
Depending on the state, you may need to get licensed to become a home inspector. Their average salary in the US is $61,349.
- Real estate attorney
A real estate attorney is a lawyer who specializes in real estate law. They help prepare real estate contracts, review documents, help in the closing process, and more.
The average salary for a real estate attorney in the US is $157,487.
- Wholesaler
If you like the idea of becoming a real estate investor but don’t have much capital at your disposal, consider becoming a wholesaler. They find property deals and then share them with investors for a fee (usually $5,000 or more per deal).
Keep in mind, however, that what you lack in capital, you often need to make up for in skill. Finding deals that investors are willing to pay for isn’t easy.
- Home appraiser
Home appraisers assign value to properties in an objective and unbiased manner—for mortgage lenders, tax assessments, lease negotiations, and more.
Becoming one requires getting a state-issued license. But once you have it, you can look forward to a career with an average US salary of 57,606 per year.
- Mortgage loan officer
Last on our list we have mortgage loan officers (aka mortgage loan originators). They help buyers obtain mortgages by assisting them through the application and approval process. Usually, mortgage loan officers represent a bank or a private lending institution.
The job requires specific training and national certification and commands an average US salary of $190,012 per year.
Wrapping it up
As you can see, there are many high-paying careers in real estate. Research the ones that sound interesting to you more closely and find out which is the best fit for you!
