The real estate sector offers a variety of profitable work options. There are numerous routes to success in this industry, from brokers and agents to developers and property managers. The CEO of a real estate investment trust (REIT) stands out above the rest as the position with the highest salary in the industry, though.
Companies known as REITs hold and manage income-generating real estate assets like apartment buildings, office buildings, and shopping malls. The CEO of a REIT is in charge of directing the organization’s strategic course, managing its resources, and maximizing shareholder value. The typical total salary for REIT CEOs in 2019 was $8.2 million, according to a survey by commercial real estate services company JLL.
While becoming the CEO of a REIT is undoubtedly one way to succeed financially in the real estate industry, it is not the only one. Real estate entrepreneurs might also succeed in this sector by launching their own firms. There are numerous options for entrepreneurs to succeed in real estate, whether they are interested in flipping houses, developing properties, or managing rental properties.
In reality, real estate entrepreneurs who have developed prosperous property management companies are among the highest compensated in the industry. These businesses specialize in taking care of everything from tenant vetting and leasing to maintenance and repairs for owners while managing their rental properties. The average annual pay for a property management entrepreneur is $89,000, according to data from PayScale.
The most highly compensated real estate brokers are often those that operate in affluent areas. These agents frequently earn significant commissions on each sale and specialize in marketing upscale properties to rich clients. One illustration is Mauricio Umansky, the CEO and founder of The Agency, who was recognized by Forbes as the best-paid real estate agent in the world in 2019. In just that one year, Umansky reportedly made $500 million in sales commissions.
So what makes a profession in real estate desirable? It offers the possibility of substantial cash gains, to start. There are various ways to make a good living in this field, whether you work as an agent, a property manager, or the CEO of a REIT. Real estate is also a vibrant and fascinating industry with a wide variety of work opportunities. Whatever your hobbies or abilities may be, there is probably a position in real estate that will suit you. Last but not least, the real estate sector has a track record of being more resilient and stable than many other industries. As a result, anyone searching for a solid long-term professional path might consider it.