The Real Estate Job Boom

Posted by: Chris Palmeri on May 2, 2006

Few industries have created as much wealth in the past few years as real estate. Thousands of Americans have flocked to the business, most notably as Realtors and mortgage brokers. But Stan Ross, chairman of the University of Southern California’s Lusk Center for Real Estate, notes in a new book, Inside Track to Careers in Real Estate, that real estate job seekers, whether they be recent college grads or older folks looking for a mid-career switch, need to look beyond the obvious professions. That’s true especially as the nation’s hot housing market cools. Ross notes that megatrends are sweeping the industry, creating all sorts of new opportunities. Real estate is no longer the exclusive stomping ground of local landlords and entrepreneurs. Pension funds, real estate investment trusts and other large institutional investors are hiring real estate professionals. Larger multi-state developers and real estate managers have some strategic advantages, he notes, such as being able to borrow not on just individual properties but across whole portfolios. They can withstand the time and expense of lengthy and complicated development projects. New environmental regulations and technologies are creating work for people with knowledge of “green building” techniques. At the same time, non-profits and other community organizations are developing housing and inner city real estate in partnerships with private firms. Real estate will continue to be a dynamic industry to work in, especially for people who think broadly about the business.

Reader Comments

keith

May 2, 2006 9:14 PM

getting into a real estate career right now would be like getting into the .com business in 2000.

not a good idea. it's getting UGLY and we're just starting

from http://housingpanic.blogspot.com:

Ameriquest Parent to Lay Off 3,800 Workers

The parent company of Ameriquest Mortgage Co. and Town & Country Credit said Tuesday it will close 229 branch offices and lay off 3,800 employees nationwide as part of a plan to consolidate its retail mortgage lending operations.

The restructuring by Orange-based ACC Capital Holdings Corp. is designed to cut costs and help the lender stay competitive, company officials said.

Tom

May 5, 2006 8:21 PM

I have been hearing so much about this housing boom bubble and how it will burst. I will tell you one thing that I have sure noticed. A lot of people are getting thier real estate licenses. Our website The Real Estate License Professor helps future realtors realize thier career goals and I tell you we have helped a lot of these people lately. I am not sure if this will affect supply or demand having so many "middle men" selling but it sure is a sign that real estate is hot. I hope it stays that way.

Suchi Yeuchie

May 6, 2006 7:45 PM

Suchi say don't worry if lose job. You can fix credit and all OK.

L'Emmerdeur

May 10, 2006 5:47 PM

Shouldn't the timestamp on this post be May 02, 2002?

Mabelle Sese - Realtor

May 30, 2006 12:21 AM

New Record for Real Estate Licenses in California
The California Department of Real Estate recently reported that nearly 500,000 people hold real estate licenses in California. That equates to one real estate licensee for every 52 adults.

Last year, the number of real estate licensees skyrocketed to a record of more than 476, 000. This is an increase of 14% from the previous year and a 57% increase over 5 years ago. The trend even continued climbing to 495, 000.

Commissioner Jeff Davis said that the level of interest in real estate licensure is unprecedented. He said that with the many new licensees, the DRE has also increased its consumer protection efforts.

Mabelle Sese

Tracy - Real Estate Agent

August 4, 2006 12:08 PM

I do not think that is the case right now.. The market is almost death, especially here in Miami.
Hopefully it will be ok in next 5-6 months.

Thanks

sandrac

August 30, 2006 12:05 AM

I feel it is too easy to become a Realtor, and therefore every Tom, Dick and Harry get their license. Getting your license does not make one a professional nor one with expertise. It takes many, many years to know what in the world you are doing... I feel once the market slows, you will see all the mom/pop fly-by-nights out of the business, and sanity will return to the profession of Realtors. Any person purchasing a home with a novice Realtor, is crazy. It is probably the most expensive purchase one will make in a lifetime. To use someone who has no knowledge, other than passing a test, is insanity.

Lane K.

September 28, 2006 8:58 PM

Chris,

You sure did call it right back in May '06. It's almost like you had some kinda crystal ball.
Now, the market is surely a real estate bust. Lots of jobs lost in my area too.

Lane K.

Tim - Real Estate Agent

October 10, 2006 8:39 PM

They should have more requirements than only taking a couple week classes to become a real estate agent..

Tim

carmen

November 20, 2006 10:36 PM

I am studying to get my license in real estate in California; I know they are too many holding a R.E.license but, doesn't me all of them are involved in the business, I would say as a homeowner of more than one property,based on my own experience, I know more than the average reall estate salesperson that got his/her license 5 years ago. However,not everybody is the same, I understand that some people may feel that using someone that, just passed the test has no knowledge, is insanity. It might be right but, not everybody is the same, we can stereotype in this regard.
Carmen

Tracy@Miami

January 15, 2007 2:22 PM

I work with bunch of real estate agents and brokers. They all are looking for new sources to make money. The market is really bad down here in Miami...

Teri Allen

January 19, 2007 7:31 PM

In Kitsap County, WA (and I'm sure probably everywhere else), the market has changed to a buyers market. Some agents will give up, but the ones willing to think outside the box will come out on top. The days of a quick sale have gone, so now we must make our listings more appealing. I feel home staging is very important and helps your listing stand out from the rest. I love interior design so I offer a free home staging consultation to my listing clients.

Tim D

January 21, 2007 1:19 PM

The numbers are skewed by the fact that alot of regular folks are just getting their license so they can have access to some of the same resources as true career realtors. This makes sense along the same lines as the FSBO trend. Anybody who's ever sold a house and has half a brain, is insulted by having to fork over 4-6% of their profit to a middle man. This amounts to tens of thousands of $$. If you can cut out the middle man (as we have now done with travel agents via the internet) you can keep alot of that money to re-invest for yourself.

Realtors are nothing but used car salesmen selling houses.

Free Credit Repair

March 12, 2007 11:09 AM

What is the market like here in Atlanta. I heard it hasnt been like this for years.

ibrahim

March 13, 2007 4:00 PM

no

Eliza Maledevic of Jump2top

July 10, 2007 8:49 AM

Yes, real estate will still continually be a dynamic industry to work in. All that matters is the person or people who believe about the business will continuously be determined and continually willing to learn about it. A determined and smart person will still gain success through real estate.

Angeline Gleed

July 11, 2007 3:49 PM

Real Estate Jobs has been booming these days because of the countless Success Story of those people who have reached American Dream kind of Living because of this profession. Selling is not really something that you cannot learn. The specs, the parameters of the estate that your selling is merely just the icing on the cake. This profession is more than just knowing the property inside out but having that determination to sell and close the deal-and most especially love the word "duplication and multiplication".

guido#1

December 1, 2008 3:52 PM

shit makes me want to play monopoly

Antonette

July 8, 2009 3:55 PM

http://www.RealEstateAndLandCrossing.com is a great website to find information on Real Estate career opportunities, or business deals. The website provides plenty of information about agent jobs, development jobs, with plenty of great salary opportunities.

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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