Entrepreneurship Industry Overview
Real estate includes a number of possible career paths. Real estate professionals may help people buy or sell their homes, navigating local real estate laws and securing financing. They help businesses find office, retail or industrial space, and negotiate purchasing arrangements.
Real estate agents, brokers, salespersons and realtors may work in a variety of settings. Commercial real estate brokerages develop, sell or lease property for business and manufacturing. Farm and land brokerages arrange transactions for residential, commercial and industrial agriculture. Residential brokerages help people buy and sell homes.
There are many other job options in the real estate industry and this is reflected in the range of remote real estate internship offered! Real estate professionals working in property management help maintain the highest possible financial return for commercial properties. Land development is a growing specialty, with developers creating new residential, commercial or industrial properties for sale or lease. Real estate appraisers and consultants evaluate properties to find the best value for clients.
Urban planning is a practice that incorporates real estate knowledge and other forms of expertise to accommodate growing cities. There are also real estate departments in banks and trust companies. Another growing specialty is real estate counselling, where counselors combine expertise in real estate and financial management to guide clients toward income opportunities.
Real estate analysts gather data related to physical and economic aspects of an investment. Physical research could include studying buildings and construction materials. Economic research might look into the number of people investing in real estate or the state of the mortgage market. Analysts may work for investment banks or other financial institutions, real estate investment trusts (REITs) or real estate private equity firms.
This article will look at what a remote real estate internship is like, what it takes to succeed in this business sector, and how to put together a remote internship application. We’ll include sample postings from current job boards and discuss potential career paths. A remote internship is an opportunity to start a career in this lively and venerable profession.
What will I be doing as a Remote Entrepreneurship Intern?
There are many types of remote real estate internships in different areas of the industry, such as the ones mentioned above. Here is a look at some current calls for remote real estate interns.
A commercial real estate brokerage has a 10-week internship program for college juniors and seniors studying business, communications or real estate. Remote interns will learn about brokerage, capital markets, development, residential property management, commercial property management, project management, research and marketing functions. Final projects include gathering market data, researching properties and businesses, and marketing to tenants and landlords.
A firm of residential realtors offers a 3-month remote real estate internship to aspiring real estate agents who already hold a license. Work would include classes, activities, and homework assignments. Successful completion may lead to a full-time employment offer.
An international real estate agency specializing in furnished rentals, bed and breakfast and vacation rentals seeks remote interns majoring in business or real estate. Remote interns help with marketing tasks, communicate with property owners and clients, and participate in quality assurance.
A commercial real estate company seeks remote real estate interns to work in capital markets, financial modeling, development and pro forma analysis, and construction. Remote interns could work with investment officers on LOIs and RFPs, interact with clients, and help improve financial and portfolio performance. Other duties might include assisting with rent rolls, preparing visuals and asset maps for presentations, and market analysis.
It’s a good idea to figure out what areas you’d like to gain experience in during the remote real estate internship, so you can focus your applications and communicate your career goals to your employers. Some roles may call for more customer interaction than others, for example, while others may require more research-based activity. You could find remote internships at commercial or residential real estate brokerages, or in the real estate acquisition department of large corporations. Investment funds with large real estate holdings may also hire remote real estate interns, with a focus on financial analysis.
Is a Remote Real Estate Internship right for me?
Different sectors of the real estate industry call for different personal traits. For example, those interested in becoming agents or brokers must excel in customer relations. According to members of the Forbes Real Estate Council, the best real estate agents have high emotional intelligence, plenty of ambition and drive, and are able to earn clients’ trust by being transparent and honest. Agents must also have extensive knowledge of their field, whether that’s commercial space, homes, or agricultural land.
Real estate investing takes a slightly different set of skills, according to another Forbes contributor and industry expert. It begins with a profound knowledge and understanding of how real estate markets work, which makes it possible to anticipate changes and recognize cyclical influences. Investors need to know how to analyze a property for cash flow, recognize value, and estimate future maintenance costs. Relationship building is another fundamental skill. Whether seeking out construction permits or partnering with others to increase investment capital, real estate investing takes top-notch interpersonal skills.
Real estate appraisers focus on the economic, financial, and legal aspects of buying and selling property. Becoming licensed as a real estate appraiser involves a rigorous course of study and examinations. Clients trust appraisers to advise them on the value of property. Look into the resources provided at the Appraisal Institute website for more information on how to become a real property appraiser.
How Do I get a Remote Entrepreneurship Internship?
To get a remote entrepreneurship internship, you will need to demonstrate to prospective employers that you have basic business skills, plenty of hustle, and a desire to learn. If you haven’t studied business, management, finance, or a related subject at university, or if you’ve never participated in any type of business venture (no matter how small!), you might want to invest in continuing education.
There are many other programs offered worldwide available online. There are other options: you could educate yourself independently about business in general or a specific field that interests you and demonstrate your knowledge to make a strong application. If you’ve had experience in a certain field, you could make a case for yourself as a candidate even if you haven’t had a formal education.
We even have a fantastic remote Entrepreneurship Internship program!
Benefits of a Remote Real Estate Internship
A Remote real estate internship is a great way to find out about the business. You’ll learn a lot while helping people do their work. While some remote internships are almost the same as entry-level jobs, others are more about providing an educational opportunity. Either way, you’ll get the chance to test out academic theories in practice and see where you might like to focus your real estate career.
You can pick up valuable skills as you take part in day-to-day operations and see whether you might be most interested in sales, investing, development, or some other aspect of real estate. There are many options within this vertical. You can choose to work in a very specific market and specialize in one type of property. Alternatively, you can work in a setting that deals with many types of properties across multiple countries. A remote internship is a great opportunity to broaden your perspective as you plan for life after graduation.
How do I Get a Remote Real Estate Internship?
A remote real estate internship calls for at least partial completion of an undergraduate degree. Sometimes preferred majors are specified, such as real estate or business. Brokerages may prefer remote interns who already hold a real estate license or intend on pursuing one. Contact your state real estate commission form information on courses and licensing.
Undergraduate real estate courses and even full degree programs are increasingly available. There are graduate programs such as UC Berkeley’s Masters of Real Estate Development and Design, which combines sustainable urban planning, real estate development, design, and other skills.
The Wharton School of the University of Pennsylvania offers concentrations in real estate at the undergraduate level, in the MBA program, and at the doctoral level. Core courses focus on real estate law, finance, and development.
There are also many types of continuing education options in real estate. The MIT School of Architecture and Planning offers an online course in commercial real estate analysis and investment.
Cornell’s online school, eCornell, offers a certificate in commercial real estate.
You can prepare for agent and broker exams through Real Estate Express, Kaplan Real Estate Education, and other organizations.
Cover Letter and Resume
Use your cover letter and resume to highlight coursework and experience that demonstrate your interest in business and real estate. Real estate agents, salespersons and brokers need a solid foundation in business in order to successfully manage their finances, find clients, and promote their services.
Interpersonal skills are a great thing to include in your application materials. If you have experience dealing with customers or being part of a team effort of any kind, mention it on your resume and include a short anecdote in your cover letter.
Organizational skills and the ability to work independently are also important. Real estate professionals need to know how to prioritize tasks and manage their time. Technological skills are similarly important, as your remote real estate internship may involve helping with the meticulous record-keeping real estate transactions require. Excel skills are fundamental. Other types of software essential to the real estate industry include financial modeling, CRM (customer relations management), and pro forma tools.
Creative problem-solving skills are also important. Real estate can involve mediating negotiations between buyers and sellers and addressing concerns about a property on the spot. In addition to technical and interpersonal skills, emphasize things such as collaboration, research, reliability, communication and analysis. Indicate how you might use your skills to address any specified duties, such as applying your social media talents to improve the company’s profile.
Your interview will likely include basic general questions about your career goals and your approach to work. You might be asked about your prior work experience, your studies, and what attracts you to real estate in particular. There may also be more in-depth questions about how you would react to a given work scenario. It’s a good idea to familiarize yourself with industry-relevant terms beforehand, so go over your course notes and brush up on current events.
For example, if you’re applying for a role at a real estate private equity firm, go over to check online to see what people are saying about finding work in that particular industry. If the role is at an agricultural brokerage, look up the latest news on farm loans, read about the brokerage’s recent transactions and check agricultural statistics by state through the National Agricultural Statistics Service. For commercial and residential real estate brokerages, familiarize yourself with the company’s recent transactions and their areas of specialty.
Perhaps most importantly, present yourself as being open to learning and ready to work hard!
Where Do I Apply?
CareerUp will work with you to find the best places to submit your applications. In addition, you could inquire at your school’s career center and check trusted job sites such as LinkedIn and Indeed. Those interested in social justice aspects of real estate can look for roles with organizations that address housing issues.
Seek out opportunities in the real estate departments of financial institutions and investment companies. Most levels of government also have real estate departments that may have roles available. Real estate departments at major retailers and other types of organizations with extensive property holdings often hire remote interns.
What Happens after the Remote Real Estate Internship?
After completing your remote real estate internship and undergraduate degree, you’ll be in a good position to find your first job in real estate.
To become an agent and eventually a broker, you would have to obtain a real estate license. In some cases, entry-level roles may be offered to people who are still in the process of becoming licensed. Brokerages with very specific approaches to sales, commission structures, and professional conduct may prefer to train people at the early stages. Brokers can work for themselves and hire agents or salespersons to work under them, but agents have to work under brokers.
Most states require one to three years of professional experience before an agent can study and sit the exam to become a broker. There are three types of broker. Principal or designated brokers oversee a real estate office and supervise all the agents who work there. They may receive a base salary as well as a percentage of the agents’ sales. Managing brokers manage the office’s daily operations and take charge of hiring new agents and administrative staff. Associate brokers have a broker’s license but still work under managing brokers, and they usually don’t supervise other agents.
Most of the income earned by brokers and agents is based on sales commissions. The size of the commission depends on the type of property and its sale price. As of May 2019, according to the U.S. Bureau of Labor Statistics, the median annual wage (half earned more and half earned less) for real estate agents was $48,930. Earnings ranged from $24,930 to $111,800. In May 2019 the median annual wage for real estate brokers was $59,720. Earnings ranged from $23,600 to $178,720.
The Economic Research Institute calculates the average salary for land developers at $99,214, with $67,000 at the low end and $130,000 and up at the high end. Land developers negotiate real estate, private enterprise, industrial, and community concerns in efforts to acquire or lease real estate. They lead staff working on appraisal reports and feasibility studies to determine water quality, mineral deposits, available electricity, and labor supply. 100% of professionals surveyed in this area held bachelor’s degrees. Many land development job postings call for civil engineers.
For real estate appraisers, Indeed reports that the average yearly salary is $59,872. In order to become licensed appraisers, real estate professionals must meet the real property appraiser qualification criteria set by the Appraiser Qualifications Board (AQB). Look to the Appraisal Foundation for more information about this respected career path.
Real estate analysts research market trends to advise clients on investments. They can be employed by brokerages, financial groups, and analysis firms to manage real estate investment portfolios. Glassdoor reports that the average base pay for real estate analysts is $60,908.
If you’re interested in real estate investment, check out some of the titles recommended by Forbes Real Estate Council members. These include The Book on Investing in Real Estate with No (or Low) Money Down: Real Life Strategies for Investing in Real Estate Using Other People’s Money by Brandon Turner and Mastering the Market Cycle: Getting the Odds on Your Side by Howard Marks. Focus your real estate analysis skills and aim for entry-level positions related to finance and investing.
Jobs at real estate private equity firms and REITs (real estate investment trust) call for extensive knowledge of commercial real estate and finance. The average salary for an REIT analyst, according to Glassdoor, is $69,000. According to Wall Street Prep, junior and mid-level REPE recruits come from various backgrounds, including investment banking, investment sales brokerage, asset management, and lending. Junior analysts can expect a salary of around $70,000. Senior roles may require an MBA.
What if it Isn’t for Me?
If it turns out that real estate isn’t the right direction for your career, you can take the skills you’ve acquired in your remote real estate internship and apply them to something new. You probably have a good understanding of business and finance, which would serve you well in many types of roles.
Your task would be to figure out what part of your remote internship or educational experience most resembled where you want to go. Perhaps your talent with numbers could open the door to a deeper engagement with finance, such as with an accounting career. Math skills can also signal an aptitude for science. If you have a flair for business, you could explore MBA options or entrepreneurship. If the physical aspect of real estate appeals to you, look into design, engineering, or urban studies. If you found you have a knack for understanding the complexities of investing, maybe a career in investment banking or private equity would be suitable.
Making the right choices for your long-term goals involves clarifying your preferences, so even experiences that don’t work out can still be considered time well spent.