Are you thinking about joining the pack of real estate professionals? Perhaps you’ve already looked through potential career paths both in the residential and commercial real estate industry and you’re uncertain about the type of work that is a perfect match for you. Depending on your personal needs and requirements, the industry provides a myriad of different job opportunities to consider. Many enter the business because of the flexibility, however the number of working hours, the growth opportunities, and the earning potential are also important factors worth taking into consideration.
While residential real estate is easier to get into without a degree and provides a better overall success rate regarding sales, it appears that more money can be made in commercial real estate. Since commercial properties are much more expensive than residential units, per-deal commissions are much higher. But how much does a commercial real estate professional make? We’re here to take you through some of the most popular jobs in the industry and show you their earning potential.
In the United States, a CRE broker generally makes $78,949 per year on average. According to a different survey conducted by the National Association of Realtors in 2016, the median gross income among these real estate professionals was $86,000. Individuals in possession of higher education degrees and decades of experience can reach exceptional heights when it comes to their salaries, with some earning well over seven figures.
Commercial real estate analyst
Another area related to the field are Commercial Real Estate Analysts. Commercial real estate analysts make a humble living within their industry, but this can be raised after a few good years of experience as well as with the help of a higher education degree. The average salary for this particular area is around $67K yearly, with additional earning potential through various bonuses. The typical tenure for a CRE analyst is 1-3 years.
A CRE associate’s salary is in the same range as that of a commercial real estate analyst, at around $70K on a yearly basis. In the long run, though, associates have a better shot at receiving a higher income, with their base salaries doubling after gaining a few years of experience. Analysts, on the other hand, can also reach six-figure incomes, albeit on the lower end of the spectrum.
Commercial real estate manager
CRE managers usually receive around a $165K base salary, which makes up only 60% of their earnings. 20% comes from added bonuses than can reach the impressive sum of $60K on average. Besides these, additional benefits include health care costs, pension, time off, social security, and a 401K or 403B respectively.
The median base salary for a commercial real estate appraiser in the United States is just short of $100,000 with company bonuses adding an additional $10K income to your earnings. Higher education certificates and years of experience in the domain ensure an even higher wage, with bonus payments growing proportionally to these factors.
Commercial real estate executives
Those that get to the very top of the career ladder and become commercial real estate executives have quite an impressive yearly salary to look forward, reaching or exceeding more than half a million dollars. Keep in mind that if you hold a degree and gather many years of experience, it will be much easier to receive a huge paycheck and a generous bonus to go with it.