Interested in a Career in Real Estate?

The Bureau of Labor Statistics (BLS) states that the real estate market is highly sensitive to fluctuations in the economy, which can impact the outlook for job growth. During periods of economic growth and stability, the number of people choosing real estate as a career should grow to accommodate the increase in people looking to buy homes or commercial properties. Conversely, during periods of economic decline or rising interest rates, work for real estate agents and others in occupations related to the industry may decline. 

The BLS projects employment for real estate brokers and sales agents to maintain steady growth at 5% from 2021 to 2031, with about 54,800 job openings each year on average over this period.¹ This growth is projected on a national level and local growth will vary by location. It is also not specific to DeVry University graduates and may include earners at all stages of their careers.

Real estate professionals with varying roles and responsibilities work in an ecosystem that begins with a buyer, seller or investor and concludes with a legal, binding transfer of title.

Here are some of the career paths you might consider when preparing to pursue real estate as a career:

According to data from the National Association of Realtors®, 5.64 million existing homes were sold in 2020. Real estate agents work with people who are looking to buy or sell residential properties. They help buyers find the home that fits their search criteria based on their knowledge of the local market and industry trends, and work with sellers to establish the listing prices of their properties based on market conditions. They may provide advice on enhancing or improving the property to optimize its market value and shorten the amount of time the home stays on the market.

Commercial and residential real estate agents share some common responsibilities, but the commercial agent specializes in income-producing properties. This may include warehousing or manufacturing facilities, shopping centers, office or apartment buildings, or even sprawling industrial parks. A commercial agent’s clients are typically business owners or investors who want the properties they purchase to provide a favorable return on their investment. That’s why commercial agents typically analyze the demographics of an area, conduct environmental research and typically perform much more financial analysis than the typical residential transaction entails. Statistical analysis techniques help the commercial buyer determine the break-even point, or the point at which the property can be anticipated to begin producing a profit. 

Real estate or property developers buy properties for the purpose of developing new construction projects, like residential communities or commercial parks. They may also buy existing properties and renovate or repurpose them. For example, a developer might buy vacant industrial buildings and convert them to artists’ loft spaces or even residential condominiums. Regardless of the nature of the project, the developer is responsible for complying with applicable zoning ordinances, obtaining permits and overseeing all the construction taking place on the development site.

A career as a real estate investor could involve flipping houses, renting out homes and apartment units or wholesaling, which is buying properties at a below-market price and selling them at a higher price point. Real estate investors may also be landlords, who renovate or develop property to generate income from tenants. You might have seen house flippers on reality TV shows. These investors buy distressed or neglected properties and fix them up and sell them within a very short time, typically just a few months. 

Investors such as these may be a part of a real estate investment trust (REIT), where they can buy an interest in office buildings, apartment complexes, shopping centers and other projects in order to generate a profit, similar to the way investors buy shares of a company or invest in the stock market.

Property managers oversee the management, maintenance and rental income of residential or commercial properties such as multi-family dwellings, apartment complexes, shopping centers, office buildings, commercial business parks and other revenue-producing properties. Their duties may include collecting rents, scheduling repairs, performing routine maintenance and contracting for maintenance and landscaping services.

Real estate consultants provide investment and financial advice to potential developers for both commercial and residential properties. These consultants provide their clients market analysis based on potential profitability and feasibility and may also offer lease management services.

Real estate attorneys manage documentation required for real estate transactions, handle disputes and walk buyers and sellers through the legal process of property dealings. During the purchase process the attorney might attend the closing, where the money is paid and the title to the property is transferred to the buyer, as well as write title insurance policies, complete title searches and handle the transfer of funds. 

Home inspectors conduct thorough reviews of residential properties including the condition of the roofing, plumbing, HVAC (heating, ventilation and air conditioning) and electrical components to make potential buyers aware of the property’s condition. They may also examine interior and exterior structures, water quality and look for issues like basement water intrusion and other potential problem areas before working up a full report.

Working on both the residential and commercial side, real estate appraisers are typically hired by the lender or mortgage financing organization and called upon to inspect a property. Their valuations are used to determine a realistic selling price or how much the owner can borrow against it. Appraisers inspect and photograph the property extensively, evaluate its location and compare it to similar properties in the same area. 

Mortgage brokers help property buyers find the best choices for financing their real estate purchases. Their job is to present buyers with different lending options to find the one that best fits their financial situation.

According to the BLS, states typically require real estate brokers and sales agents to be licensed. The minimum licensing requirements can vary by state, but candidates typically must be at least 18 years of age, have a high school diploma or equivalent, pass an exam, have 2 years of experience as a real estate agent and complete some state-accredited pre-licensing courses, though this requirement may be waived if the applicant has some completed some real estate classes at the collegiate level. Many real estate associations offer courses and professional development programs on topics like real estate fundamentals, mortgage financing and real estate law for beginners and experienced agents alike, along with pre-licensing courses. 

The minimum number of hours of pre-licensure education will vary from state to state. In Illinois, for example, aspiring real estate agents must begin their journey by completing 75 hours of approved pre-licensing courses comprised of 60 hours of real estate broker topics and another 15 hours of broker pre-license applied real estate principles. Many people choose to undertake this coursework online, but keep in mind that the specifics will vary according to the education provider. DeVry does not offer real estate courses. 

Once your pre-license education has been completed, the next step is to sit for the Illinois Real Estate Exam. 

The final step is to obtain sponsorship from a managing broker and apply for the Real Estate Broker License with the Illinois Department of Financial & Professional Regulation. Your passed exam will then be valid for one year.

Learn more about real estate requirements by state.  

Working in the real estate industry allows for a degree of independence not found in many other occupations. The industry offers a wide variety of career options and perhaps even the flexibility to work at your own pace. 

The potential advantages of a career in real estate include:

In their diligence to find the right property for their clients and obtain repeat business or referrals from satisfied clients, real estate agents must use a medley of interpersonal and industry-specific skills. These include, but are certainly not limited to:

Real estate is by nature an entrepreneurial career path requiring creativity, motivation and organizational skills. Here at DeVry, we offer several degree programs in small business management and entrepreneurship that can prepare you to pursue a career as a self-employed individual, including our Bachelor’s Degree Specialization in Small Business Management and Entrepreneurship, our Graduate Certificate in Entrepreneurship and our MBA with a Specialization in Entrepreneurship. 

At DeVry, 100% online learning complements your entrepreneurial spirit, allowing you to balance your commitment to education with work, family, community and other elements of your busy life. Let’s discuss how we can get you started in our next session. Classes start soon.