Career Definition of Real Estate Consultants
A real estate consultant is a unique role involved in the process of purchasing or selling properties. As a real estate consultant, you will likely set an hourly rate for your services and establish a consulting agreement with your clients. Unlike a traditional real estate agent, consultants are optional for clients; however, you can provide clients with value-added services, including asset management, market analysis/modeling, and lease management. Your clients may range from individual investors or business owners to financial lenders and third-party intermediaries.
A real estate consultant's primary responsibility is to provide clients with assistance throughout the purchasing or selling process in order to help them achieve their goals. That assistance can include conducting analyses on current industry trends and possible investments, including varied financial portfolios. Whenever a client is interested in a property, the consultant may also evaluate its current condition and comparatives to determine its worth.
|Educational Requirements||High school diploma or equivalent|
|Job Skills||Excellent analytical abilities, strong attention to detail, and strong interpersonal skills|
|Median Salary (2020)*||$61,737|
|Job Outlook (2018-2028)**||7% (Real Estate Brokers & Sales Agents)|
Sources:*PayScale.com, **U.S. Bureau of Labor Statistics (BLS)
There are no set educational requirements after a high school diploma to become a real estate consultant, as you can work as an independent consultant or for an agency. Many individuals in this field obtain their real estate license in their state. General requirements include being at least 18, taking real estate classes, and passing a licensing test. To showcase your skills as a real estate consultant, you can pursue certification through the International Association of Real Estate Consultants. The association offers the Consumer-Certified Real Estate Consultant (C-CREC) designation, which educates real estate consultants on how to market their individual services to clients.
Real estate consultants should have excellent analytical abilities in order to effectively evaluate properties and determine their potential for clients. In combination with excellent analytical abilities, you will also need strong attention to detail to manage all aspects of a consulting agreement. As a real estate consultant, you should also have effective interpersonal skills, since you will be working in a customer-focused role.
Career Outlook and Salary
In February 2020, PayScale listed a median annual salary for real estate consultants of $61,737. The category of real estate consultants is not included in the occupational outlook handbook provided by the U.S. Bureau of Labor Statistics (BLS), but real estate brokers and sales agents are included. The BLS indicated a 7% job growth for real estate brokers and sales agents, which is slightly faster than average for most careers.
If you want to be a real estate consultant, you might also consider alternative careers in real estate or insurance. Alternative careers can include a real estate appraiser, insurance sales agent, or a community association manager.