Commercial Real Estate Careers Information
Commercial real estate offers exciting career opportunities for those seeking to work with a variety of people and perform a wide variety of tasks. Commercial real estate officers spend the majority of their time dealing with often large and complex loans. Unlike most residential real estate loans, commercial real estate deals often involve lending for investments and commercial development in addition to construction costs.
Commercial Real Estate Careers & Degrees
In addition to a deep involvement with the technical aspects of the loans and paperwork, commercial real estate brokers and managers interact often and intimately with both buyers and sellers, and will often have to work unusual or long hours to facilitate client meetings and conferences.
While there are a great many large real estate companies, the majority of commercial real estate brokers are self-employed. In 2008, almost 60 percent of real estate brokers were self-employed. This can make it easier to get started in the field, but can make it harder to earn a great deal of money.
Commercial Real Estate Careers Path
The complexity of commercial real estate transactions demands a higher level of education than other real estate positions. A bachelor’s degree in business administration, economics, or finance will come in vey handy in understanding the ins and outs of commercial loans and agreements. Many colleges and universities offer coursework in real estate, though there are relatively few four-year degrees offered in real estate specifically.
Further, every U.S. state, as well as Washington D.C., requires real estate brokers to be licensed. In addition, many states require a minimum of coursework to be completed before taking the licensing exams, and in many cases, a certain amount of experience as a sales agent is required before one is allowed to become a broker.
Commercial Real Estate Careers: Compatible Personality Traits
Strong interpersonal skills, professional appearance, strong analytical and quantitative skills, high level of enthusiasm and sales savvy, knowledge of local area and businesses
Commercial Real Estate Careers: Salary Expectations
The salary expectations for commercial real estate positions will vary widely, particularly as most positions rely on commissions as the major portion of the earnings. Salaries will change markedly based on market conditions and interest rates.
The median earnings are $40,150 per year, with most earning between $27,000 and $65,000 annually. Jobs dealing directly with real estate credit intermediation earned an average of $57,740 per year, real estate agents and brokers earned an average of $59,710 per year, and leasers of real estate earned an average of $47,230 annually.
Commercial Real Estate Careers: Job Outlook
The employment numbers for real estate agents, brokers, and managers is expected to grow at a higher rate than overall employment for the next decade.According to the Bureau of Labor Statistics, the field is expected to grow by 14% by 2018.
While the Internet is providing alternatives to brokers and agents for many steps of he real estate transaction process, within the realm of commercial real estate, intermediate agents are somewhat more crucial to the process than in residential property sales, and therefore should have a better outlook.
Slightly off the Footpath
- Property Manager
- Business Management
- Sales Manager
- Commercial Land Developer
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2010-11 Edition, Psychologists, on the Internet at http://www.bls.gov/oco/ocos120.htm (visited November 8, 2011).
