“What can I do with a real estate license?”
We get this question a lot! Did you know that realtors and people with real estate licenses have more opportunities, options, and career pathways besides “just selling houses?” As a local real estate agency in Davison, MI, we are continually looking to grow our team and expand our footprint! There are numerous ways to help local community members and clients - and the housing market is absolutely booming right now! It’s a good time to get in, whether you see real estate as a side hustle, a hobby, or a full-time career.
Our team and mentors at Smith Street Homes in Davison, MI serve clients across Genesee County in Davison, Lapeer, and the surrounding communities. If you’re interested in real estate as a career and professional mentorship to be the best real estate agent you can be, contact us or apply today!
There are a number of ways to lead a successful professional career in real estate. Keep reading to learn more about these opportunities and their respective requirements and challenges!
Real Estate Job Opportunities
1. real estate managing broker
A broker isn’t the same as an agent, even though the two are often incorrectly used to describe one another. A broker is a licensed real estate professional that has taken advantage of additional educational opportunities and is qualified to manage a real estate office with multiple agents.
Our founder, Kelly Smith, is a managing broker as well as an agent. If you want to run a team, manage an office, and have your own books, then a real estate managing broker may be the career path to set your goals for. This job requires a real estate license.
2. commercial real estate agent
The stereotypical real estate agent is a residential agent - that’s primarily what you’ll find on reality TV or on your standard Google search when you look for “real estate agent.” However, commercial properties and developments can be highly lucrative and in some ways suit the strengths, styles, and preferences of some agents more than residential properties might.
The day-to-day tasks, responsibilities, and requirements of a commercial real estate agent are quite different from those of a residential real estate agent. It can include more research, an equal or higher amount of networking (in different places and networks), analyzing data and statistics, and understanding different types of rules, regulations, and laws as it pertains to businesses and local economies and politics.
A commercial real estate agent helps businesses find and close on a location that is going to be the perfect fit for them, whether their goals are cultural, geographic, financial, or all three. It can mean finding leasing spaces or parcels to build on.
3. real estate investor
Real estate investors tend to fall into two categories: “active” or “passive.”
Active real estate investors are your classic “house flipper.” They buy dilapidated, rundown properties, usually residential, and invest in turning it into something usable and sellable.
A “passive” investor is more of your classic “silent partner.” They tend to put money into a real estate project without having a lot of influence or involvement in the day-to-day management of the project.
4. Real Estate Appraiser
A residential appraiser is someone that collects data and information on a residential property in order to provide an accurate, expert recommendation as to the property’s work. A commercial appraiser does the same thing but with the value of a commercial property. Both disciplines require you to be licensed.
Appraisers can work privately or for the government and are a highly important part of all real estate transactions, so there is always work to be done. In Michigan, the average salary for a residential real estate appraiser was $55k and $103k for a commercial real estate appraiser.
5. Property Manager
Becoming a property manager has often been an appealing opportunity for those wondering what to do with a real estate license. Property managers are responsible for making sure a property, either residential or commercial, is running smoothly and in the conditions required for the contracts to be upheld.
Property managers are often skilled in a number of areas, although this is not a requirement. Almost all tasks of the property manager could be outsourced to other contractors, but you will frequently find property managers that are skilled as plumbers, electricians, repairmen, or general handymen so that they can get the job done quickly and to their own standards without having to hire a third party.
For commercial property managers, this may sometimes require managing a team, coordinating tickets and schedules, hiring and firing, balancing budgets, and so on. If the commercial property is big enough and has enough to work on consistently, this is basically like running a business!
6. Leasing Consultant
There are a number of similarities between leasing consultants and your standard residential real estate agent. A leasing consultant is tasked with making sure there are tenants in the building. As with any position in any industry, the amount of time spent on the job will usually bring you more positive results.
Some positions as a leasing consultant allow for a lot of flexibility in work hours, but it’s not uncommon for leasing agents to be working after hours or on the weekends. Marketing and negotiating are important skills for a leasing consultant as it’s always important for leasing agents to let their network and wider interested parties know about specials, openings, promotional events, new options, and so on.
6. Commercial Leasing Manager
A commercial leasing manager is often assigned to storefronts, office spaces, and other locations for businesses to lease. They negotiate rates, extensions, and new deals with businesses to keep these spaces filled.
Similar to a leasing consultant, leasing managers often take meetings after hours or on weekends and having strong marketing, networking, and business skills come in handy. As a sales rep it often feels like you are running your own business, so having a support structure, learning opportunities, and staying organized and disciplined with your time and money are incredibly important.
7. Foreclosure specialist
A foreclosure specialist is usually employed by a bank or private lender. Foreclosure specialists are tasked with providing the documentation necessary for foreclosures and they need to ensure that all processes are followed appropriately. They review financial statements, often need to work quickly or on deadlines, and can be extremely successful in towns and cities that are experiencing regrowth and rebuilding projects - so follow the headlines on which cities are receiving these financial injections!
8. Real Estate Attorney
Love school? Maybe you’re a lawyer that’s burnt out and want to move into real estate? A real estate attorney could be a good landing place for you. They practice in many different niches within this sub-industry: settling disputes, advocating for tenant rights, providing counsel before major purchases, and so on.
A career as a real estate attorney can be highly lucrative either as part of a larger law firm or as a one-man team with the opportunity to set your own hourly rate.
9. corporate real estate manager
Another thing to do with a real estate license is being part of a larger corporation or brand as a real estate manager. Big companies that are growing quickly, need to lease office spaces or other commercial spaces, and/or have multiple real estate holdings that require upkeep will be looking for a corporate real estate manager. This in-house hire will be responsible for a variety of tasks and duties that pertain closely to the business they’re working for!
What can you do with a real estate license?
There are many opportunities and job possibilities with a real estate license, either as part of a small team, larger company, or one your own! These jobs have different requirements in terms of licenses, strengths, skills, and aptitudes, but they are diverse in terms of responsibilities and duties! There are so many different directions you can go in with a career in real estate.
If you have further questions or are looking for mentorship as you work your way through the process of acquiring a real estate license, contact us here at Smith Street Homes!
