Real Estate Professions

Appraiser - Real Estate
Someone who works in real estate appraisal must figure out the value of property. Appraisers compare the price of the property at hand to similar properties that are nearby and have sold recently. The "formula" for estimating the value includes comparison of size--number of bedrooms, number of bathrooms, square footage--location, maintenance or common charges, if any, etc. When working for a buyer, an appraiser's job is essentially to tell the buyer whether or not he/she is paying a fair price.

Architect
Look around you. Whether you’re sitting at your desk in your home or outside in a park surrounded office buildings, chances are you can see architecture. While glamorous skyscrapers and revolutionary structures make up a large part of architecture, there is much more to the field. Architects are involved in the construction process—from site selection to the project’s completion. Building from the ground up In addition to years of technical training and an extensive licensing process, architects must also possess well-developed communication skills. On any given project, architects will work with clients, engineers, urban planners, interior designers, landscape architects and construction crews, among others. They must be able to understand and coordinate the information they receive from all those different people and teams, and then turn around and communicate their own vision (incorporating the new info) to those people. It is a compromise of creative designs, client demands, governing codes and rules and regulations. Pre-design services include feasibility and environmental impact studies on possible sites. During the design process, an architect can draw inspiration from many sources, including art, philosophy, nature, and the practical purpose the buildings will serve. Once the client approves the design, it is developed to integrate heating, cooling, electrical and plumbing systems. Structural design also shapes the final version of the project. Since they assume legal responsibility for all projects under their name, architects must also incorporate all the laws and regulations that apply to a project. For this reason, the architect must visit the building site often during construction to ensure that project is being built according to the plans and other construction documents. Architects can specialize in building types (offices, hospitals, airports or housing) or different phases of the process (planning, construction management or design). The training period exposes prospective architects to all parts of the industry and allows for participation in the wide range of architectural services. The importance of intern-architects Entry-level workers are called intern-architects. While preparing for the Architect Registration Examination (ARE) they are provided with practical work experience; this training period follows the completion of a bachelor or master of architecture degree. Duties of an intern-architect center on the use of CADD, or computer-aided design and drafting technology. They also research building codes and materials, and write specifications for new building materials, installation criteria and similar details. An intern needs to be exposed to all aspects of the profession. To make sure the young architect is fully-trained, in almost every state, interns must participate in I.D.P, the intern development program organized by the National Council of Architectural Registration Boards (NCARB). This program pairs an intern with professionals who help provide opportunities to accrue required credits in 17 different categories (including building cost analysis, design development, code research and project management). Once this program is complete, generally in about three years, an intern-architect can sit for the A.R.E. CAREER PATH Before becoming an architect, all 50 states and the District of Columbia requires the completion of licensing requirements: a professional degree in architecture (bachelor’s or master’s degree), a period of practical training (internship), and a passing score on the ARE. Most states require an accredited degree to be from one of the 114 schools certified by the National Architectural Accrediting Board (NAAB); however, a handful of states will consider other certified degrees or assess eligibility based on work experience. The traditional degree is from a five-year bachelor of architecture program, but for students with an undergraduate degree in architecture or a related area, many schools offer a two-year master’s program. Students with no previous architecture training and a degree in another field must enter a three- or four-year master of architecture program. Regardless of educational background, anyone interested in a career in architecture should pursue hand drawing and sketching. This is one of the most important stills that an architect will continue to use throughout his career. Additionally, several states currently require continuing education to maintain a license, and many more are adopting similar educational programs. Advancement for architects follows a slow schedule based on years of experience. Architects without a degree from a NAAB program have a limited shelf life in the industry, and little chance of promotion. However, the talented and persistent can be well rewarded. Successful architects eventually become partners with a firm and can earn up to $100,000 a year. And then there are the handful of celebrity architects who are regularly commissioned to build new and exciting buildings and whose buildings are recognized as art, such as Frank Gehry, Renzo Piana, Zaha Hadid and Steven Holl. Still, many architects prefer to circumvent the glacier-slow advancement process and open their own firms. Solo practitioners make up one third of all architecture firms, and another third are small firms of two to four employees. SURVEY SAYS Many architects bemoan the “tedious and dry” work they have to do when they are starting out in the field and “it can be a very demanding job, meeting deadlines, producing drawings, building models, etc.,” but those with “enough faith in what they will one day be able to do” persevere in hopes of landing a position with an established firm. Architects also recognize the stiffness of the competition in the industry, and feel “an intense pride” to be doing the work they are doing, “even when the day is filled with paperwork.” Luckily, once they reach that coveted position, architects enjoy room to be creative and the responsibility for different projects. Says an architect at a consulting firm, “Architecture offers great diversity in what one does from day to day. It’s one of the things I truly love about my job.” Architects are not in the profession for the money. As one contact explains about the compensation in the industry, “the pay has to be superseded by the joy of the work itself,” and no architect is planning to “get rich.” In fact, architects are the worst paid of the licensed professions (including lawyers and doctors) and are the most likely to be affected by an economic downturn. Luckily, architects look forward to “a comfortable life surrounded by interesting people.” And the profession can be “flashy” and “people are impressed when they hear you’re an architect,” contacts report. Hours• Averages about 40 per week• Cyclical periods of 50+ hours per weekSalary• Median salary: $64,150Skills To Acquire• Professional degree in architecture (bachelor’s or master’s) • Practical training or internship• Passing score on all sections of Architect Registration Examination (ARE)

Leasing Agent
A leasing agent works for one or more landlords. Similarly to a Real Estate Agent/Broker, a leasing agent gets a commission for finding tenants. He/she handles the leasing and deals with security deposits. A leasing agent doesn't necessarily need real estate experience, but he/she does need to know about the properties at hand. Some agents are paid by a salary plus their commission while others are only compensated by commission.

Mortgage Broker
A mortgage broker is a loan provider who serves as a liaison between borrowers and lenders, but in no way provides the loan money to the borrowers. A broker can work for a firm or on his/her own. He/she earns commissionbybringing borrowers and lenders together. In general, the buyer pays the broker's commission, usually in the form of closing costs or sometimes loan points.

Mortgage Originator
A mortgage originator is essentially a mortgage broker. He/sheworks to finishmortgage transactions by helping the borrower with all the steps. A mortgage originator could be a mortgage broker or mortgage banker. He/she represents the original lender, and in no way supplies any money to the borrower.

Project Manager - Real Estate
A project manager is the person responsible for ultimately finishing a real estate project. Steps leading up to this include figuring out the goal of the project, creating a budget, putting together a timeline, etc. Often, a project manager is representing a client and therefore needs not only to ensure the project's timeliness but work to the specifications of the client who is, of course, paying.

Property Management
A property manager acts as an intermediary between a landlord and the tenant(s). Property manager duties vary but can include dealing with maintenance issues, collecting rent, and handling requests that would normally go to a landlord or management company--rent decreases, heat/hot water issues, noise complaints, etc.

Real Estate Advisory and Consulting
Real Estate Consultants fill in where Real Estate Agents/Brokers may not. This can meanhelping customers with property tax disputes, dealing with insurance companies, and working with a Real Estate Appraiser.

Real Estate Developer
The ultimate goal of a real estate developer is to make a profit on his/her property. To do so, developers buy either an existing property or land on which to build. With the purchase of many existing properties, developers either completely gut renovate the building(s) or tear it/them down and start anew. The profit-making comes into play once the new or severely renovated property is finished, and the developer can then either sell or rent the units for significantly more money than they were commanding before, if they were at all occupied.

Real Estate Finance
Entry-level employees, usually referred to as analysts, spend the bulk of their time doing acquisition valuation work. They’ll also do financial modeling for proposed deals. Additionally, they help write deal memos that are presented to the investor committee, which ultimately makes the decision on whether or not the group will invest in the deal. At some companies, analysts have a lot of contact with deal partners and will interact with the operators, attorneys and investors involved in the deal.

Residential Agent/Broker
A real estate agent/broker works for both sellers and buyers. On the selling side, the broker's goal is to sell the house for the greatest possible amount. When a property is being rented out, the broker works for the landlord or management company, trying to command the highest rent possible. With rental properties, tenants may or may not have to pay the broker's commission, which varies from place to place. By the same token, when tenants looking for a rental seek out a broker, the broker is acting on their behalf and will therefore try and negotiate the lowest rent possible. The same is true when buyers use the services of a broker.

Title Officer/Closer
He/she coordinates the closing of real estate transactions. A Title officer is responsible for putting money into an escrowaccount reviewing all closing documents and preparing closing statements, running closing meetings, reviewing and making sure that both the buyer and the seller understand the terms of transaction.

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