Key Jobs

The great thing about real estate is it's not going away. It's the level of demand and how many jobs the market can support that will fluctuate. For salespeople, there's plenty of competition. On the management side, the popularity of rental housing and the rising number of elderly mean job opportunities in apartment and assisted-living management. Those who want security can find work as appraisers, as these jobs are less affected by the industry cycle.

Residential or Commercial Agent or Broker
These are individual sales professionals who provide their services to brokers for a commission, usually six percent. To be an agent you must be 18 years old and have graduated from high school and passed a written test on property laws and real estate transactions. Some states require additional classroom training. To become a broker you need a broker's license, which allows you to open your own agency. Commercial sales professionals typically specialize in a specific property type: apartments, retail, office, and so on). Salaries vary according to location, level of effort, and luck. Salary range: $50,000 to $100,000 or more.

Appraiser
Appraisers provide estimates of a property's value and quality, and typically specialize in residential or commercial real estate. Most appraisers work for banks or appraisal firms. The majority of appraisals are done for mortgage lending purposes and involve finding comparable sales. All states require appraisers to be licensed. Salary range: up to $75,000.

Property Manager
Although some property owners manage their own investments, the majority hire professional management companies to do it. Property managers are in charge of maintaining a property's value. This is done through finding tenants, satisfying tenants, negotiating leases, making sure rents are in line with the market, and maintaining the physical property. Most people enter as assistant managers and work their way up. Salary range: $20,000 to $80,000.

Consultant or Advisor
With the increase in institutional investing, real estate advisers have become more in demand. Prior experience in investing or management is necessary. Real estate advisors are generally good with statistics and excel at dealing with clients. Salary range: $50,000 and up.

Developer
Developers are the ones who make property plans come to life. To become a developer you'll need excellent communication skills and a strong understanding of all aspects of the real estate industry. Most developers start out in entry-level positions with a developer or contractor and then work their way up. Salary range: $50,000 to $100,000 or more.

Entrepreneur
Real estate entrepreneurs buy property for the purpose of making money. Success as an entrepreneur takes an equal mix of industry smarts and good fortune. Just remember: Although many people have made fortunes in real estate, even more haven't. Salary range: the sky's the limit, but the threat of bankruptcy is very real.

Getting Hired
In real estate you start at the bottom and work your way up. Whether it's as an assistant sales agent or in an entry-level position with a developer or property management company, that initial experience is generally a springboard to your first sale or promotion. Exhibiting strong motivation and communication skills will help speed up that process. Note that many people enter real estate after several years in another profession and that making a few investments on your own is a good way to gain experience in the industry. If you're interested in getting into real estate, keep the following in mind:

• Check with brokerage, management, and development firms about internship programs. After you get one, be open, enthusiastic, and willing to learn. Much of the real estate industry revolves around relationships. If people like you and know you can do the job, they'll hire you.
  
• Try to get an entry-level paid position with a property management or development company. This will save you the stress and pressure of working on commission while you're just starting out.
  
• Find a mentor who can show you the ropes of the industry and help you make contacts. Working under someone is the ideal way to learn the industry and develop contacts. Be persistent, unassuming, and willing to take rejection. You can't assume anything about real estate without making an effort first.