The real estate industry has undergone massive change in recent years.
From the 2021 overhaul of Victoria’s rental laws to the string of cash rate increases by the Reserve Bank of Australia, some of these changes have proved extremely difficult for property owners.
It’s just one of the reasons real estate industry professionals play such a vital role in society – to guide property owners through the turbulent times.
“It’s about working with people on their real estate journeys, whether that’s to purchase a home, sell a property, lease a home or to look after an investment,” says Chisholm real estate trainer and assessor Veronica Tuz.
“It’s not necessarily about the house itself, it’s about the people and the relationship.”
Veronica has worked in the real estate industry for more than three decades, having started out as a receptionist then working her way through the ranks of property manager, operations manager, business owner, and now teacher.
Here are her tips for deciding whether a career in the real estate industry is for you.
Why work in the real estate industry?
Veronica says some of the key benefits of working in the real estate industry include:
- It’s dynamic and each day is different
- You can learn a variety of skillsets, like how to network, negotiation skills, property appraisal, how to communicate and present to clients, prepare documentation, and research market conditions and trends.
- You meet interesting people
- There can be flexibility with work hours
- Uncapped earning potential (as a real estate agent)
- Help people on their real estate journey.
“One minute you can be speaking to a CEO, the next you can be helping a homeless person,” says Veronica. “That variety is fabulous and rewarding.”
Jobs in real estate
One of the great things about real estate is that it can open many different doors, according to Veronica. Popular choices include:
- Sales – become a real estate agent and oversee the buying and selling of property.
- Commercial – specialise in the buying and selling of commercial property.
- Industrial – oversee the buying and selling of industrial property.
- Property management – manage investment properties and look after renter relationships on behalf of rental providers.
- Buyer’s agent – search for, evaluable and buy property on behalf of clients.
- Vendor advocacy – help with everything involved in selling a property, from choosing an agent to preparing the property for sale.
- Marketing and advertising – work with the real estate agent on marketing initiatives.
- Administration/reception.
Attributes needed to work in real estate
So, do you have to be an extravert to work in real estate? Veronica says the answer is ‘no’, but you do need to be able to interact with a broad range of clients.
“You have to deal with people from all walks of life, so what’s more important than being an extravert is that you are knowledgeable and can build relationships,” she says.
The following attributes will come in handy if you’re looking to work in real estate:
- Be personable and a good communicator
- Have integrity and be ethical
- Present well
- Possess time management skills (particularly with property management)
- Be versatile/adaptable.
Approximate salaries or commissions
How much you can earn working in real estate depends on what sector of the market you go into.
In property management, you could expect to take home:
- $50,000 to $65,000 as an assistant property manager
- $70,000 to $85,000 as a property manager (who has some experience running a portfolio)
- $90,000 - 150,000+ as an experienced property manager and up to a department head.
The average annual salary in Australia for real estate agents is $55,000 to $70,000, according to seek.com.au. On top of this, real estate agents can earn fixed rate commissions (the property’s sale price multiplied by the commission rate) or tiered commissions (if the property sells for more, the real estate’s commission is higher).
Qualifications needed to work in real estate
Veronica says almost everyone who works in real estate (receptionists excluded) must have an Agent’s Representative licence.
Chisholm offers a Certificate IV in Real Estate Practice, which equips you with the skills and knowledge to apply to the Business Licencing Authority (BLA) for licensing, which is now facilitated through Consumer Affairs Victoria.
The course gives you a detailed overview of the real estate industry including sales, property management, marketing, relationship building and more.
To work for yourself or obtain a full Estate Agent’s Licence, you’ll need a diploma qualification (currently in the pipeline at Chisholm), says Veronica.
Like to find out more?
If you’re feeling inspired to launch your career in the real estate industry, check out Chisholm’s real estate course page. We’re here to answer any questions, so please get in touch.
