Let’s begin by answering the question that’s on everyone’s mind.
Why are real estate jobs so highly paid?
It’s no secret that the real estate market in Australia is currently experiencing a huge boom (valued at $9.9 trillion) —and that’s not likely to stop anytime soon.
There is an ever-increasing demand for experts in the property industry to help service buyers, sellers, and investors. With such a huge pie to slice from, coupled with steep demand, it’s easy to see why so many real estate jobs are highly paid.
7 highest paying jobs in real estate
Here are the top 7 highest-paying real estate jobs, in no particular order, along with their roles and responsibilities:
1. Real estate agent
Perhaps the most accessible and commonly known of all jobs in the property sector, real estate agents earn big from buying and selling property. A sizable portion of their earnings comes from commissions, a percentage-based bonus that takes its value from whatever they manage to sell or lease. Typically, an agent’s commission lies between 1 to 5 per cent. It may seem insignificant, but when dealing with prices that go into the millions, the commission often adds up to a huge amount.
With commissions, top-selling real estate agents generally earn pay checks upwards of $150,000. This amount varies based on their ability to make sales, as well as the value and location of the properties where they operate.
2. Property investor
Property investing has vast potential for making bank, either through a house flipping or rental strategy. Flipping houses (also referred to as fix and flip) is a short-term investment method involving the purchase of a property, a renovation refresh to add value to it, and its eventual sale for a tidy profit. There’s also the possibility of leasing out a purchased property to generate a steady stream of passive income from rent. Either way, the only limit to how much property investors earn is how well they can manage their own properties.
3. Real estate asset manager
Successfully investing in property requires expert knowledge of the housing market, which is why many investors engage the services of real estate asset managers for assistance in maximising the value of their property. Their primary role is managing investment portfolio properties while minimising risks and ensuring long-term financial sustainability.
Real estate asset managers can earn an average of $120,000, with the potential for added bonuses, depending on their performance.
4. Real estate lawyer
Every time a sale or lease is involved, you can be sure that a real estate lawyer is involved. These specialised lawyers provide many services in the property sector, including but not limited to drafting and reviewing contracts for buying and selling, rental agreements, and title disputes. Because most real estate transactions require the oversight of a real estate lawyer, they are a highly sought-after service in the industry.
The average real estate lawyer commands a comfortable salary of $115,000 per year, with more experienced and trusted lawyers earning higher amounts from a refined list of clientele.
5. Property developer
Property developers are the primary go-to when it comes to building a new piece of real estate, whether it’s a commercial building or a residential estate. Overseeing the overall development of property projects, the responsibilities of a property developer include the sourcing of available land, development concepts, obtaining funding, and marketing. Because of the immensity of this task, property developers often work in teams with further specialised roles.
The skills of a property developer land them an average base pay of $109,000. Depending on the city they work in, this number could increase or decrease — with more urban locations offering higher incomes.
6. Property appraiser
You’ll hear this often in real estate talk: asset value. Property appraisers determine the official value of a property by considering factors such as location, size, condition, and current market trends. This is a core part of the selling or buying process of a property for those involved to get a fair idea of its value.
The average property appraiser has earnings of $145,000 annually, with room for steady growth due to the rising demand for real estate transactions.
7. Real estate analyst
Real estate analysts monitor the current property market trend, collect related information from other sources, such as economic data and interpret what effect they will have in the future. This data benefits businesses or individuals looking to buy, sell, or invest in real estate to make well-informed decisions.
The yearly income of a real estate analyst comes in just under $100,000, but that’s not an amount to scoff at either. A real estate analyst could earn much higher wages with the right reputation.
Real estate, real rewards
Having a job in the real estate industry can be very rewarding. Still, many people are often intimidated by the thought of starting a career in the property sector because of the required specialised knowledge, and the time taken to become an industry expert. Every state in Australia has its own laws governing real estate practice, which can be a barrier to entry.
The truth is, getting the proper knowledge and accreditation for a lucrative vocation in real estate is easier than you think. As Australia’s leading real estate educational institute, Entry Education has equipped thousands of students who are now successfully raking in the rewards in the real estate world. If you want to launch your real estate career, our real estate training is the perfect place to start!