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The real estate industry is an extremely competitive and complex field. It is high-risk and high-reward, requiring analytical abilities, financial skills, and a great personality. It's not always easy but there are plenty of opportunities to prove yourself. If you are an MBA, you will typically work in Corporate Finance, Investment Finance, or Property. Career paths, hours, and job structure differ form company to company, but you can always be motivated by the prospect of becoming a partner. Some people can achieve this in as little as eight years. Although the salary ranges from $50,000 — $100,000, some people are willing to take the lower salary to work with better people. Read on for some demystification of common myths associated with real estate.

The good news is that the real estate industry welcomes new blood; unfortunately, if you're their competitor, they like it in their coffee. Real Estate is a complicated and complex industry that encompasses everything to do with property, from buying or leasing, to managing commercial, residential, or agricultural property and all the functions that support this industry, such as appraising and financing. It is a high-risk, high-reward industry, and you have analytical abilities, financial skills, and personality to earn substantial returns. More than your skills, however, this industry seeks your entrepreneurial outlook coupled with your tenacity and ability to look beyond what people thought was possible. Opportunities to prove yourself abound, but it's not always easy.

Life in the Real Estate Industry:

MBAs typically work in Corporate Finance; Investment Finance; or Property, which encompasses the physical management and development of the property. This industry is less hierarchical than others, but don't expect anyone to hold you hand. You will be on the go from the time you walk into the office until you go home; you will constantly be focused on the job details and the people skills that make you the extroverted, "go-to" person that you are. You will be challenged to stay on top of current trends as well as changes in other markets that will affect your industry such as, new tax laws, zoning regulations, highway routes, etc. and if you don't, be sure that one of your competitors will, and they will leverage their knowledge against you.

Career paths, hours, and job structure differ from company to company and depends on your particular function. The promise of partnership is a big carrot in the industry, with some reporting that it can happen in as little as eight years, without having to stay within the same company. The compensation differences in this industry have to do with the differences in opportunities. Generally, people will take the lower salary in order to work with better people who will teach them the ropes and give them a percentage of their commissions, usually this means taking a job making as little as $50,000 base, while others may want to take the higher salary. In some larger companies this can be upwards of $100,000 base. These individuals may not make the biggest sales, but they can always live off their salary. Senior Associates and Analysts with MBAs can make closer to $80,000-$90,000 and Developers can expect to earn from $50,000-$100,000. Commercial Brokers can make $50,000-$100,000, but some have reported making as little as $40,000, against future production. There's no cap to potential, and the trick is to prove your value and earn your keep. The real estate industry is responsible for over 5 million jobs in the U.S., let's make yours one of them.

Myth

An MBA is critical in this field.

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An MBA gives you a great leg up in this field, but it's not critical. Experience, stamina, and an independent spirit, along with the aptitude for quantitative analysis are enough to at least garner a partner's attention. The great news is that this industry is very welcoming to those with little experience, but also be aware if you screw up it can also be a very unforgiving industry.

 

Myth

The real-estate industry is an easy way to earn lots of money.

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You will sweat blood to earn your money, and sometimes the payoff may not come due to market conditions and the areas in which you choose to do business, but the potential is great. Generally, if you have an entrepreneurial spirit, people skills, and drive, you can make it in this industry.

 

Myth

It's impossible to get a job in this industry unless you have contacts.

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Okay, so maybe you didn't make the greatest contacts in school, or you just started learning how to network, but like any entrepreneur will tell you the time to start is now. Right now is the time to get your resume out there and begin networking and making contacts. Managers and partners are impressed with persistence and a go-getter attitude, so why not let Employment Authority help you get your foot in the door?

 


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