Whether you’re a student looking to get your feet wet in the real estate industry, or a seasoned professional, it’s important to know what jobs make the most money. While it’s not impossible to earn a high income in real estate, the more lucrative positions are a bit harder to get. Here are some of the jobs that make the most money:
Commercial real estate developers
Whether you want to become a real estate developer for your own benefit or develop properties for another company, there are numerous opportunities for you to earn large payouts. The best way to get started is to find a mentor who can guide you through the process. You can also take advanced certificates from trade organizations such as the National Apartment Association (NAIOP) or the CCIM Institute.
One of the most important factors in a real estate developer’s success is building relationships. This can be accomplished through networking, meeting with people, and making professional contacts. You should be available during normal business hours, too.
Real estate developers are paid a percentage of profits from each property they develop. This amount can vary from property to property. It depends on the equity in the project, as well as the amount of money invested.
Mortgage loan officers
Those who work as Mortgage Loan Officers (MLOs) can enjoy a great salary. The average pay is $64,660 in May 2017, but the top 25% of MLOs make more than $93,000 annually.
Those who are interested in becoming mortgage loan officers should consider a bachelor’s degree in business or finance. These degrees will teach accounting and finance skills, which are important to the field. Getting a bachelor’s degree also makes you more attractive to a financial institution, increasing your chances of landing a job.
Those who become mortgage loan officers should also be self-motivated. They need to stay on top of the ever-changing mortgage lending industry. They also need to keep up with new regulations.
A Mortgage Loan Officer’s job is to analyze the credit and financial information of potential borrowers. They will then recommend a loan to the borrower. They will also verify the applicant’s income and credit. This will ensure that the loan agreement meets all regulations.
Real estate brokers
Typically, a real estate broker makes more money than a real estate agent. This is because they earn a portion of agents’ commissions. Some brokers also get paid commissions for closing deals.
To become a broker, you need to pass a licensing exam and complete a course. Most brokers work for other agents, but some brokers work independently.
Most brokerages offer a split of commissions. The typical split is 60/40, though some brokerages offer an 80/20 split. The broker keeps some of the money as a profit, and agents receive their share. As an agent grows, the split increases to 70/30.
Some agents are paid a base salary from the brokerage. Many brokerages charge a monthly “desk fee” to agents. Some of the desk fees are for recurring costs. This includes paying for insurance, marketing materials, and advertising.
Having a good relationship with a loan servicer is important, especially when financial problems arise. If you’re not happy with the service you are receiving from your lender, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or the Federal Trade Commission (FTC). If you are having trouble with your lender, you can also contact the Department of Education to see if your loan has been assigned to a different company.
Servicers are responsible for handling a wide variety of loans, including commercial, residential, and construction loans. The fees charged by these companies depend on the size of the loan and the services required. These fees can range from one to forty-four basis points.
Generally, servicers are compensated by the percentage of the unpaid balance on a loan. However, borrowers can opt to make interest-only payments, extend their repayment period, or reduce their monthly payment amount. When borrowers consistently fail to keep up with payments, servicers can initiate foreclosures.
Whether you are a new investor or a seasoned pro, knowing how to sell real estate can be a daunting task. The process can be a long and complicated one, but there are things you can do to help make it easier on yourself.
Another nifty trick is to utilize owner financing to buy and sell real estate. This is not the most common way to purchase and sell property, but it is a smart move that can be highly lucrative in the right circumstances. For example, if you are a real estate agent, you could list and sell a property to a tenant, while the owner gets a nice tidy sum of cash in the process.