Are you planning to step into the real estate market? Well, Real Estate Investment Trusts (REITs) can be a promising career choice if you know where to look.
The Real Estate industry has seen immense growth in the last two years. Since the industry is expanding, investors find an opportunity to invest more. Consequently, many people are considering a career in Real Estate Investment Trusts.
If you’re also thinking about real estate as a career, REIT is the best place to start. In 2020, REIT contributed about 2.9 million full-time jobs to the US economy.
But which job you should choose for yourself? In this post, find the best-paying jobs in REITs that fit your skills.
What are Real Estate Investment Trusts?
Real Estate Investment Trusts or REITs are those companies that own, manage or finance real estate. They deal with different real estate properties, including hotels, shopping malls, commercial and residential buildings, hospitals, etc.
REITs provide a great investment opportunity. Currently, a total of $3.5 trillion in assets are owned by REITs in the US. The companies earn income from the real estate properties, which they pay to the investors in return.
Investing in the real estate market through REITs is the same as investing in stocks. Just in REITs, investors invest in valuable properties and avail of a chance to receive a stable dividend-based income. Thus, it gives an opportunity to ensure passive income streams and financial growth.
In fact, estimation shows that approximately 145 million Americans or 44% of American households have invested through REITs.
So, are you thinking of working in real estate? Here are your options.
Best Paying Jobs in Real Estate Investment Trusts
There’re various types of jobs in the real estate industry that come with different salary ranges. To help you choose, here is the list of the 8 best-paying jobs in real estate investment trusts.
1. Real Estate Broker
A real estate broker helps real estate property buyers to find sellers and negotiate the value. It’s a good-paying job in the REITs field.
If you think a real estate agent and a broker are the same, it’s not. Basically, an agent works for a brokerage firm, whereas a broker can work independently or sometimes together with the agents. Moreover, brokers have their licenses and they must pass the standard qualification test.
The best thing about this job role is that you can become your own boss. It’s one of the best-paying jobs since you can determine your own income.
The average salary of a real estate broker is $57,367 depending on their skills. Though the salary range generally falls between $51,240 to $68,273.
2. Real Estate Agent
Real estate agents help their clients to buy, sell or rent their properties. It’s one of the most demanding jobs in the real estate industry.
Agents basically work as a medium where they connect buyers and sellers. Many agents deal with residential properties. These are mostly condos, houses, duplexes, condos, etc. While others work with commercial properties including storage warehouses, shopping malls, office spaces and many more. In this case, it requires knowledge of finance and business.
In order to become a professional real estate agent, you need to pass the real estate prelicensing course and licensing exam. Then activate the license and join a brokerage firm.
Unlike other professionals, real estate agents don’t have a fixed salary. Their earnings are completely commission-based. The more property deals they can close, the more they earn. Though a real estate agent can make about $40k- $500k/year.
3. REIT Analyst
The next category in one of the best-paying jobs in real estate investment trusts is the analyst. A REIT analyst guides real estate companies and finance departments in the acquisition, marketing, disposition and financing of properties. They evaluate the real estate market, research and track market trends that allow companies to make investment decisions.
Moreover, a REIT analyst needs to run a company’s financial models based on the company’s current assets and possessions. For this, they use different financial tools. That’s why a background in finance or real estate is a must.
Here are the minimum qualification and some requirements for this job role:
- Bachelor’s or Graduate’s degree in finance, business administration, economics or relevant field.
- Previous experience in business case development or consulting.
- Strong time management and critical thinking skills.
- Organizational skill.
- Research skill.
- Fluency in inventories and pipelines.
A REIT analyst can earn up to $83k annually.
4. Real Estate Investors
Investors are one of the lucrative real estate investment trust jobs that not everyone dares to choose. A real estate investor is responsible for buying properties and adding more value to sell them at a higher price or otherwise, rents them.
It may sound easy, but it isn’t. First of all, such investments require high capital initially. Secondly, it takes time and skills to negotiate with sellers to get the best price for a certain property.
Therefore, real estate investors must determine the financial status of potential investments, by analyzing earning potential, expenses, market rate etc. So, they must have prior experience in sales, finance, and business administration.
Here’re some required skills:
- Financial analysis
The average real estate investor’s salary is typically from $70,000 to $125,000.
5. Real Estate Developer
A real estate developer is responsible for building new real estate properties. They purchase land, build structures following the market trends and sell them. The land can be for a single-family houses, commercial buildings, shopping malls, etc.
Their job role entails executing duties like getting all legal clearances, ensuring clearing title deeds for projects, maintaining quality constructions and having transparency while dealing with clients.
As a real estate developer, you’ll have to work with various professionals. That involves contractors, engineers, realtors, designers, attorneys, municipal government officials and others.
The requirements and skills for becoming a real estate developer are:
- A degree in business management, real estate, civil engineering or urban planning.
- Expertise in finance.
- Excellent verbal and written communication skills.
- Strong interpersonal and team-handling skills.
- Time management.
The real estate developer job provides a great money-making opportunity as you can work for your own or with a real estate company. The average salary can be between $47k to $150k, depending on the experience.
6. Real Estate Attorney
If you’re an attorney, this can be an outstanding full-time or a part-time best-paying job. Real estate attorneys are certified professionals who supervise legal works for real estate transactions. Whether it’s about title clearance, preparing legal documents or handling legal problems relating to real estate, the attorneys serve as a mediator.
Additionally, they provide legal advice to buyers and sellers. So, they can proceed with all necessary legal paperwork to avoid any disputes later.
To be a real estate attorney, you need:
- A bachelor’s degree in law.
- Admitted as a notary public.
- Experience in real estate legal proceedings, lease transactions, purchase and sales transactions.
- Interpersonal and public speaking skills.
The average annual salary can be approximately $158k. Though the salary range typically falls between $137,332-$174,473.
7. Acquisition Specialist
Another excellent paying job in real estate property is acquisition specialist. Their job duties include finding real estate deals, negotiating contract terms and purchase value, developing strategies and maintaining reports.
They basically invest time in marketing and searching for real estate deals that can fit the RETI investment portfolio. This job is perfect for those who have excellent interaction skills.
To become an acquisition specialist, a bachelor’s degree is required. However, only a high school degree or GED can also get you into this job position.
An acquisition specialist can make around $65k/year on average.
8. Real Estate Property Appraisers
Real estate appraisers are important professionals who evaluate the value of a property. It can be a commercial as well as a residential property.
The property evaluation may be done in order to determine the amount of taxes that the owner will have to pay or to set a selling price for the property. The appraiser must take into account many factors, like the location, size and age of the property, as well as any improvements that have been made to it.
To become a real estate property appraiser, you’ll need at minimum a high school diploma. Many appraisers also have a bachelor’s degree in a field such as business, finance, economics, or accounting. You’ll also need to complete on-the-job training, which typically takes one to two years. After completing your training, you’ll obtain a state-issued license.
The average salary of real estate property appraisers can be $62k/year. The range generally falls between from $36,940 and $72,210.
The real estate market is huge and it keeps increasing over the year. They’re always many people looking for a place to live or rent, start their start-up or built their commercial office.
Therefore, REITs have enormous ways to manage finance and real estate properties. So, if you’re looking for a career in the field, you’ll get many opportunities.
We’ve mentioned the top eight best-paying jobs in REITs. Depending on your experience, skill set and requirements, you can choose any one.