The real estate industry offers numerous job opportunities for individuals seeking autonomy and flexibility. Unlike other self-employment options, real estate provides substantial earning potential. Certain jobs in specific locations can even yield annual salaries exceeding $100,000.
However, not all real estate jobs are created equal in terms of both job descriptions and earning potential. In this article, we will explore the ten best paying jobs in real estate based on the latest average salaries. From highest to lowest, these jobs are:
- Mortgage Loan Officer
- Real Estate Attorney
- Real Estate Agent
- Compliance Specialist
- New Home Sales Consultant
- Realtor
- Real Estate Broker
- Property Accountant
- Real Estate Investment Consultant
- Real Estate Appraiser
Let's delve deeper into each of these professions.
1. Mortgage Loan Officer
Job description: A mortgage loan officer (MLO) assists homebuyers in securing the right loan for their needs. They can either be a lending institution offering various loan options or a mortgage broker presenting options from multiple lenders. In some cases, a loan officer acts as an individual MLO, guiding potential homebuyers through loan selection based on their financial situation.
Becoming a mortgage loan officer requires obtaining a state license and national accreditation. The necessary certifications contribute to its status as one of the best paying jobs in real estate.
US average annual salary: $152,639
Image: Real estate careers
2. Real Estate Attorney
Job description: Real estate attorneys specialize in real estate law and assist with legal and contractual details involved in home sales. They can represent either the seller or the buyer, and often work alongside a mortgage lender's attorney during transactions.
Real estate lawyers are well-versed in real estate contract preparation, document review, and ensuring transactions benefit their clients. Although the closing process is typically handled by a real estate agent, attorneys may also oversee it.
US average annual salary: $95,701
3. Real Estate Agent
Job description: Real estate agents are licensed professionals who negotiate real estate transactions on behalf of buyers or sellers. They guide clients throughout the entire process, from property showings to closing.
Agents can specialize as buyer's agents or listing agents. While some agents work in both roles for separate transactions, representing both parties is only common within family or close friend deals.
Real estate agents don't receive a direct salary but are compensated through a commission, which is a percentage of the final sale price. The potential for high commissions in lucrative property sales makes this one of the best paying jobs in real estate.
US average annual salary: $85,081
4. Compliance Specialist
Job description: Compliance specialists, also known as compliance officers, ensure that real estate developments and transactions adhere to local regulations. They often work for developers or commercial businesses and may conduct official audits during investigations.
US average annual salary: $82,644
5. New Home Sales Consultant
Job description: New home sales consultants promote newly-constructed homes for property developers to potential buyers. They showcase model homes, provide tours, and explain amenities and floor plans.
In addition to waiting for clients to approach them, consultants actively network and seek referrals to attract new clients. This role demands professionalism and social grace as consultants represent their companies.
US average annual salary: $78,952
6. Realtor
Job description: Realtors, like real estate agents, represent buyers or sellers in real estate transactions. However, realtors have joined the National Association of Realtors (NAR), adhering to a strict code of ethics that benefits buyers and sellers.
NAR membership distinguishes realtors as real estate agents committed to maintaining high ethical standards in their practice.
US average annual salary: $78,447
7. Real Estate Broker
Job description: Real estate brokers are licensed agents who have obtained broker certification. In addition to performing the duties of a real estate agent, brokers oversee compliance with legal requirements in real estate transactions.
Brokers can work for brokerage firms or as sole proprietors. Working for a broker is mandatory for all real estate agents to ensure adherence to applicable laws.
US average annual salary: $72,626
8. Property Accountant
Job description: Property accountants oversee the financial aspects of real estate transactions. They can work across residential, commercial, industrial, rental, and lease properties. Property management companies often employ accountants to maintain accurate financial records.
US average annual salary: $65,832
9. Real Estate Investment Consultant
Job description: Real estate investment consultants advise clients on their real estate investments. They research potential purchases and construction projects, providing analysis to facilitate informed investment decisions.
US average annual salary: $62,824
10. Real Estate Appraiser
Job description: Real estate appraisers inspect properties and provide estimated values. Their evaluations are used by potential investors and provided to mortgage lenders for mortgage approval purposes. Initially, appraisers work under certified general appraisers' supervision until attaining their certification.
US average annual salary: $62,521
Highest-Paying States for Real Estate Agents
Real estate agent salaries vary widely based on factors such as market conditions, average home prices, and regional considerations. Here are the top five highest-paying states for real estate agents:
- New York: $102,200
- Massachusetts: $94,100
- Colorado: $81,210
- Connecticut: $78,540
- California: $76,750
In summary, the real estate industry offers diverse job opportunities. Whether you prefer transaction negotiation, property valuation, or overseeing the loan process, there are certification paths to suit your interests. One of these best paying jobs in real estate may be the perfect fit for you.
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