Real Estate The New York Times
Nominal property prices rose by 5% between mid-2021 and mid-2022—just half the average growth rate in the past five years as well as the national average. Nevertheless, a high-skilled service worker can on average finance 40% less living space than before the pandemic. CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. To obtain a broker’s license, individuals generally need 1 to 3 years of experience as a licensed sales agent.
- Property, Real Estate, and Community Association Managers Property, real estate, and community association managers take care of the many aspects of residential, commercial, or industrial properties.
- Learn more about the program and real estate as a career by subscribing to our mailing list or reach out to support services.
- The Pay tab describes typical earnings and how workers in the occupation are compensated—annual salaries, hourly wages, commissions, tips, or bonuses.
- REALTOR® PartyA powerful alliance working to protect and promote homeownership and property investment.
Many operate a real estate office, handling business details and overseeing the work of sales agents. Overall employment of real estate brokers and sales agents is projected to grow 5 percent from 2021 to 2031, about as fast as the average for all occupations. Another investing strategy involves real estate investment trusts . These real estate funds pool investor contributions and let fund managers invest those contributions in real estate.
In addition to offering prelicensing courses, many real estate associations have courses and professional development programs for both beginners and experienced agents. These courses cover a variety of topics, such as real estate fundamentals, real estate law, and mortgage financing. Commercial real estate includes shopping centers and strip malls, medical buildings, educational buildings, hotels, and offices. Apartment buildings are often considered commercial, even though they’re used for residences, because they’re owned to produce income. Some of the most common ways to invest in real estate include homeownership, investment or rental properties, and house flipping. One type of real estate investor is a real estate wholesaler who contracts a home with a seller, then finds an interested party to buy it.
What Real Estate Brokers and Sales Agents Do
Occupational employment projections are developed for all states by Labor Market Information or individual state Employment Projections offices. All state projections data are available at Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved.
Real estate brokers and sales agents help clients buy, sell, and rent properties. Although brokers and agents do similar work, brokers are licensed to manage their own real estate businesses. There will be a continued demand for real estate brokers and sales agents because people turn to these workers when looking for a new home, relocating, or purchasing property for a business, among other reasons. Because of the complexity of buying or selling a residential or commercial property, people often seek help from real estate brokers and sales agents. Compare the job duties, education, job growth, and pay of real estate brokers and sales agents with similar occupations. About 54,800 openings for real estate brokers and sales agents are projected each year, on average, over the decade.