By Jonathan Pressman, Go4Rent Guest Writer
Being a Realtor can be rewarding, but it can also be exhausting. Realtors pick up all sorts of valuable knowledge and skills during their careers, much of which they can leverage to transition into different jobs within the real estate industry. Here are some alternative careers to consider for those who want to put their expertise to good use elsewhere.
1. Mortgage Loan Officer
Mortgage loan officers work with home buyers and homeowners to help issue new mortgage loans for purchasing and refinancing. They educate borrowers about different types of loans, including eligibility requirements, rules and restrictions. They then collect borrower information and supporting documentation to submit a loan application, negotiate the loan terms and ensure that the deal closes on time. Since the mortgage industry is highly regulated, mortgage loan officers in Florida and Texas must hold a license in each state in which they intend to do business.
2. Real Estate Photographer
Real estate photographers take pictures of properties to help highlight the property’s best features. Before a property hits the market, the owner will often hire a professional photographer who specializes in real estate to take photos (and sometimes videos) that they’ll post to the Multiple Listing Service (MLS) or other real estate websites. Real estate photographers are skilled camera operators and should be proficient in using photo and design software.
3. Home Stager
Like a real estate photographer, the goal of a home stager is to help make a property more appealing to buyers. A home stager will have a finger on the pulse of the latest design trends, and choose the furniture and décor that best fits the home. Home stagers also use their creativity to give potential buyers ideas about how to furnish a space and make it feel like home.
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4. Real Estate Appraiser
Real estate appraisers look closely at a property to come up with an objective estimate of what that property is worth. Most Realtors already have experience estimating property values by creating comparative market analysis (CMAs), which, like appraisals, utilize recent sales of comparable homes to come up with a valuation of the subject property. Real estate appraisers in Texas and Florida must obtain a state license before practicing.
5. House Flipper
Flipping houses typically entails buying distressed properties, then making the necessary repairs and renovations before selling the home for a profit. This can be very lucrative but will require some upfront capital. In addition, house flippers need to purchase properties below market value to ensure they can turn a profit when it comes time to sell and have to contend with fluctuations in the real estate market.
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6. Property Manager
Real estate investors hire property managers to oversee the day-to-day operations of their rental property. Property managers are usually responsible for collecting rent payments, maintaining the property and adhering to local landlord-tenant laws. (In the case of condo associations or homeowner associations, they must familiarize themselves with COA or HOA bylaws.) With both skill sets and completing any additional state-required classes and fees, property managers may also be asked to market the property, find tenants (or buyers), and coordinate lease or purchase agreements. Property managers in Texas and Florida must have an active real estate license to show or lease property on behalf of another owner.
7. Real Estate Marketer
Real estate marketers focus on promoting real estate brokers, agents and their listings. They should understand digital marketing and branding, and will be an expert in leveraging different platforms like social media. Real estate marketing is all about improving a real estate business by increasing exposure for real estate agents and their properties.
8. Real Estate Analyst
Real estate analysts perform market research and analyze financial data to identify market trends and assess the financial viability of different properties. They work for investment firms looking to acquire properties or for companies that already have significant real estate holdings they need to manage. Hiring managers may request real estate analysts to have earned a bachelor's degree, and had some experience with real estate, financial modeling, accounting or statistics.
9. Real Estate Developer
Real estate developers build or redevelop residential and commercial properties. They will buy land and build it from the ground up, or purchase distressed properties and renovate extensively.
Real estate developers must adhere to Florida and Texas building codes. In Florida, only licensed contractors can perform construction. However, the Texas Economic Development and Tourism Office in the Office of the Governor confirms general contractors are not required to obtain a license to practice in Texas. General contractors may be subject to local (county or city) requirements and may need to coordinate with those localities though.
Experience in real estate and finance is helpful because developers oversee the entire development process, from acquisition and construction to leasing or selling.
10. Transaction Coordinator
Transaction coordinators operate behind the scenes of every real estate transaction to handle all the administrative work. They can work with buyers, sellers, real estate agents and lenders, assisting with everything from communication and documentation to showings and scheduling closings. Transaction coordination companies like Listed 2 Leased can help simplify real estate transactions by listing properties for rent, coordinating showings, writing up leases and more. Transaction coordinators usually don’t require specific licensure, but their duties may be limited if they don’t hold an active license as a real estate salesperson.
11. Real Estate Attorney (or Paralegal)
A real estate attorney represents clients involved in real estate transactions. They are experts in preparing and reviewing legal documents pertaining to the purchase or sale of real estate and in handling negotiations, potential disputes and title issues. In Florida, real estate attorneys are not mandated for home closings.
In Texas, an attorney may need to be present at closing if the buyer is purchasing the home using a wrap mortgage, or in the case of protecting home equity liens of credit (HELOCs) from a forced sale to repay a debt.
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Real estate attorneys must meet certain requirements to practice law in Florida and Texas, including earning a bachelor’s degree and a three-year law school degree from an accredited institution, in addition to passing the Bar examination and obtaining a state license to practice law.
Working in real estate law isn’t limited to attorneys. For those considering a career in real estate law, a career as a paralegal might be a good alternative. Paralegals assist attorneys with research, planning and managing cases. While there is no official license or formal education requirement in Florida or Texas, paralegals may benefit from completing the Florida Registered Paralegal Program or registering as a Board Certified Paralegal with the Texas Board of Legal Specialization.
These 11 jobs might offer a rewarding alternative to use a Realtor’s unique set of skills in a variety of other professional roles.
Do you want more information about Go4Rent’s services? Are you a Texas or Florida resident looking for a new home? Visit Go4Rent.com today!