To be a success in the real estate field, one needs to be aware of the goals and requirements of this career. The people currently entering the real estate business have diverse educational backgrounds, each with their own specialty in the business. For example, real estate agent, real estate broker, realtor, or in the construction management business.
As a profession, real estate brokers or real estate agents have a very popular and rewarding business. According to the U.S. Bureau of Labor Statistics (BLS), to become a real estate agent, the minimum age limit is 18 years, and minimum educational requirements, in most States, is a high school degree.
However, according to the licensing guidelines for real estate in most states, applicants are also required to take supplementary courses or exams related to real estate, as well as finance. These real estate undergrad courses cover subjects like property laws and management, real estate investments, property appraisal, and land developments.
In the current aggressive business environment, it is recommended to have an educational background that will allow you to succeed in this competitive market.
Hence, it is recommended to opt for appropriate bachelor’s and master’s degree programs in addition to these undergrad programs to help you excel in your selected career path.
As property and real estate market is becoming a hot commodity, many reputed institutes are introducing programs and courses to accommodate the increasing demands of the industry.
A real estate degree is offered in four basic categories:
- Associate Degree
- Bachelor’s Degree
- Master’s Degree
Brandy Quick, an employee in commercial real estate office, in her blog on Calicomarketing, states that she was surprised that many of the agents had college degrees. After-all, you just have to take a few weeks of classes and pass a test.
This statement shows that it is no longer enough to rely on undergrad courses to make a mark in the real estate industry.
She states that the college degrees that are most relevant and conducive to the practices of real estate business are:
- Associates Degree
- Bachelor’s Degree and Master’s in Economics
- Business Administration in Marketing and Finance
What makes these three-degree programs the supreme choice is their flexible uses in the industry. Economics students are familiar with market trends; thus, they can be relied upon to make credible predictions related to investments and related assessments.
Agents with an economics background are the best resource for any prospective seller in these turbulent markets.
Marketing degrees revolve around studies of communicating the worth of a creation, service or product to consumers. Therefore, it is valuable in pulling out the properties with potential and then turning them into marketable assets. Even Dave Kohl, the author of “8 Hours to Sell Your Home,” swears by the power of marketing in real estate.
A Degree in Finance
Finally, a degree in Finance is considered to be beneficial as this background enables graduates to formulate financial statements of properties with ease and accuracy. Agents with a background in finance, are invaluable to landlords as they can assist clients with the financial component of purchasing or selling in advance, thus eliminating many complications.
Ms. Quick is not the only one of this opinion; it is also advised by many veteran estate agents that while a degree may not always be compulsory to be a real estate agent, having one does offer many benefits.
Obtaining a degree provides you knowledge in some of the complex components related to buying and selling property. Thus, a real estate degree program enables you to make informed decisions about the assets you handle and to stay on top of any developments in your region.
According to the reputed investing education website Investopedia, higher-level degrees in real estate are in fact, vital for a successful career as professionals in this field. They state that to be eligible for most of the real estate agent employment opportunities, you are usually required to hold an associate or bachelor’s degree.
A good degree can make any prospective agent more coveted by their targeted brokerage houses because of the improvement you can see with their real estate transactions.
What to Expect with a Real Estate Career
Everyone knows that a real estate agent sells homes, but there are many more tasks that a real estate agent is responsible for, and that needs to be done daily to ensure a successful career. If you are considering a real estate degree, then you should familiarize yourself with all the roles and responsibilities that go hand in hand with this career choice.
When you show homes to a prospective buyer, you need to be prepared to answer any and all questions they may have regarding the home. You should also have offers recorded that you can show to the sellers and then give the seller advice on the best way to sell their property.
You are not only responsible for helping the seller close the deal on the home, but you also have to review the contract and even draft contracts yourself while overseeing almost every aspect there is to both property sales and rentals.
Other Real Estate Degree Options for this Field
In addition to your run of the mill real estate degree and the degree options we have listed above, there are other programs you may also want to consider carefully.
Graphic Design and a Real Estate Degree
A real estate agent must promote properties for their clients, which often means that they will have to use some kind of editing software at some point to create logos, flyers, brochures, and more to help with these promotional efforts.
A degree in graphic design as a real estate agent can award you with the skills that are required to create amazing promotional material that can grab attention and get you the best results.
Standard marketing degrees have been okay to have in the past, but as we move into a more digitally-based world, a degree in digital marketing can make a big difference. You will learn the many ways you can use social media platforms to promote your business and you can find beneficial ways of improving your odds of earning the sale.
You can use these tools to help promote yourself, learn how to use search engine optimization, and learn how the right SEO strategy can help minimize your overall marketing expenses as a real estate agent.
Accounting teaches you how to manage ledgers, which is a plus when you want to learn how to manage petty cash and regulate a budget. Listing prices and closing deals also involve a ton of numbers and an accounting degree can help you make more sense of it all.
If you are interested in working as a real estate agent, then a program and degree in entrepreneurship may prove worthwhile. You will gain a valuable overview of the skills you need including understanding real estate law, accounting, marketing, business, and so much more. These programs will also help prepare you for any hiccups you may find along the way as a real estate professional.
As you can see, a real estate degree is far more than many of us may have originally thought. It is no longer just about taking and passing a test. To find real success within the real estate industry, you need to be well-versed in a variety of fields to help you promote yourself and your business as a real estate professional and show your clients that you are experienced and know how to get the job done.