The industry that is commercial real estate is quite large in nature, and there are many sectors under this umbrella. With that being said, there are many career options within the realm of commercial real estate that each have numerous benefits. Take a look at some of the different career options available within commercial real estate.
A commercial real estate broker is the one who will facilitate the sale and leasing of properties on either side of the deal. When the property transacts, the company they work for gets a percentage, and the agents will also get a slice. Compensation for these agents tend to be very light in terms of salary and are skewed mostly towards commission. Despite this fact, most talented brokers still find this job very lucrative and rewarding because you “get what you put in.” The meritocratic nature of this job tends to appeal more to those who have confidence, are extroverted, and are willing and able to take financial risks. Based on the highest amount of pay available and growth prospects, the optimal locations for this job include major cities such as New York, LA, Chicago, Boston, Miami, San Francisco, Raleigh, and Austin.
A property manager is a third party who is hired to handle the daily operations of a real estate investment. They typically manage all kinds of properties from single family homes to large apartment complexes. Based on salary and the terms of their contract, their duties can vary. Some of their responsibilities include rent (setting initial rent level, collecting rent from tenants and adjusting rent), managing tenants (finding tenants, dealing with complaints, and initiating evictions), managing the budget for a building and maintaining the records, and assisting the property owner on filing taxes for the property.
Architects are the ones who are hired to plan, design, and oversee the construction of the houses, factories, office buildings, and other structures in the world of commercial real estate. Architects are usually very creative and have a strong eye for aesthetics. They are receptive to client’s wishes and are capable of finding ways to achieving the vision they are looking for. If you possess left and right-brain smarts equally, then you may be well suited for this job. Some of the ideal locations for this career include Lancaster, PA, San Francisco, and Atlanta.
Marketing managers are the ones who look to promote, improve and strategically price their firms’ goods and services in order to maximize the profits from sales. They look closely at the company’s sales as well as competition’s offerings, and industry trends. Marketing managers are also the ones who understand the cost and lead times associated with production, generate advertising and ideal market plans. They typically get consulted when it comes to positioning a new product and time its rollout for market penetration. Skills that are useful for this position include communication, comprehension of consumer psychology, and creativity.