Online Degrees in Real Estate

Listed below are colleges and universities that offer online degrees or certificates in Real Estate and a detailed list of the programs that are offered.

The Real Estate Industry

From helping prospective buyers find a dream home to managing the new construction on a commercial property, it's no secret that a job in real estate requires some actual hands-on work. Yet, real estate workers have to get started somewhere, and many of them choose to begin their careers with the kind of solid foundation an online real estate studies program can provide.

The popularity of online learning with both schools and students is growing by leaps and bounds. Not only can completing a program online provide students with the valuable training necessary to succeed in the workforce, but online programs also allow students to learn according to their own schedules.

For example, a college student with a job is no new concept, but online learning makes it easier than ever to work and earn a degree. The National Center for Education Statistics reports that more than four million undergraduate students who were enrolled during the Fall 2009 semester were 25 years old or older, meaning they are 'non-traditional' students and quite likely are employed while earning their degrees.

Finding a Career in Real Estate

Some of the most common real estate careers include:

• Real estate sales agents and brokers, who help foster residential and commercial sales transitions. Agents and brokers should be comfortable working directly with people and willing to keep odd business hours to cater to their clients’ schedules. People who are patient, creative, and not easily discouraged often succeed in real estate sales.
• Real estate appraisers and assessors, who estimate the value of property when it is developed, mortgaged, insured, taxed, or sold. Generally, people who enjoy thinking analytically, are good at math, pay close attention to detail, and don't mind working outside an office from time to time are well-suited for these real estate careers.
• Property, real estate, and community association managers, who handle the day-to-day management of residential, commercial, and industrial properties for the owners. Usually, such managers must be comfortable working with and managing people as well as thinking analytically about operations and problems that arise.

Of course, there are various other careers in the real estate field, most of which span other areas of study:

• Lawyers, legal assistants, and paralegals, for example, can specialize in real estate law.
• People who work in development and construction almost always have their hands in real estate.
• Advisors and investors often work with real estate to determine how valuable it is now, and how valuable it can be in the future.

Specialized Programs Within the Real Estate Area of Study

According to the National Center for Education Statistics, 981 students earned bachelor's degrees and 559 earned master's degrees in real estate areas of study during the 2008-09 school year.

The most popular specialized programs students are enrolling in and graduating from are:

1. Real Estate Undergraduate Studies

A bachelor's degree in real estate studies prepares graduates for real-world job skills in real estate fields such as mortgage lending, property valuations, and financing methods.

2. Real Estate Graduate Studies

Graduate studies programs in real estate can take your undergraduate training a few steps further, teaching you about real estate investments and developments, capital markets, and urban economics.

3. Appraisal Training

Career diplomas and certificates in appraisal training help prospective appraisers and assessors learn the principals of zoning, how to inspect and estimate the value of properties, and even the basics of starting an independent appraisal business.

4. Property Management Training

Working in real estate property management demands many of the same skills of other types of management; however, diploma and certificate programs that focus specifically on real estate property management help potential managers how to manage lease negotiations, relationships with tenants, maintenance and construction, insurance, and the different kinds of properties include residential, commercial, and industrial.

5. Real Estate Law Certificates and Degrees

Students interested in real estate law can decide from among various paralegal certificate programs and legal degrees that prepare them for dealing with various real estate law-related matters, such as purchasing and selling real estate and handling wills and estates.

Career Outlook for Real Estate

Given that people always need to buy, sell, and rent property – whether for personal residential reasons or professional commercial ones – real estate might seem like a fairly safe industry with which to get involved.

However, the specific job outlook actually depends on the real estate field in question.

Real Estate Sales Agents and Brokers

Overall, the career outlook for real estate agents and brokers is a good one. The U.S. Bureau of Labor Statistics (BLS) expects this field to grow 14% between 2008 and 2018, which the BLS considers a faster than average growth.

Still, there are a variety of factors that can either positively or negatively affect the outlook for agents and brokers. Such factors include:

• An increasing population. An increase in people generally means an increased need for homes.
• The Internet. Some homebuyers and sellers will turn to the Internet to shop for and sell homes. Not only is searching the Web convenient, but the Internet also makes it possible for buyers to narrow their home search criteria – a task real estate agents usually handle.
• Numerous job openings. Selling real estate isn't for everyone, and it's not uncommon for the field to open up when agents and brokers leave to pursue other careers.
• Experience vs. Novice. New agents will work alongside – and often compete with –experienced agents. Such an atmosphere can either toughen them up to become the next generation of experienced agents, or make them decide there's no room for them in the real estate market.
• Economic swings. Since they can affect everything from how much money a person is willing to spend on a home to whether or not the person can even afford to sell his home and buy a new one, economic swings can determine how many agents are necessary in a particular area.

Assessors and Appraisers

The job outlook for assessors and appraisers is expected to grow at a slower than average rate between 2008 and 2018, increasing just 5%. The BLS estimates most job openings will be due to career changes or retirements.

Similar to success expectations for agents and brokers, assessors and appraisers most likely will find more job opportunities in areas with active, growing real estate markets. However, because governments need assessors for assessing property taxes, job opportunities for assessors are at a lesser risk of declining than those for appraisers.

Property, Real Estate, and Community Association Managers

Between 2008 and 2018, management positions related to real estate are expected to grow at an average rate, increasing perhaps 8%.

The outlook is brighter for those with college degrees in fields related to real estate or business. Due to an expected increase in elderly population, managers pursuing positions managing properties such as healthcare facilities and retirement or nursing homes should have plenty of career opportunities.

The Pros and Cons of Working Real Estate Jobs

Perhaps one of the most attractive aspects of working in real estate is the flexibility it provides. From agents to property managers, real estate workers can enjoy:

• Working independently as contractors or freelancers, or having an employer.
• Starting out as a part-time agent, working evenings and weekends until they find their niche.
• Obtaining multiple licenses to keep the job interesting.

At the same time, there are a few downfalls to working in real estate, including:

• A fluctuating market, which can drastically affect an agent's income and decrease the need for appraisers.
• A location that's heavily saturated with experienced and well-known agents. Such a situation can make it difficult for new agents to get their feet in the door.
• A less reliable paycheck than more traditional, nine-to-five jobs. Some real estate workers, such as property managers and government-employed assessors, might expect steady contracts. Others, such as sales agents, might make sizeable paychecks one month, and barely break even the next.

Salary Forecast

For many occupations, the higher the degree, the higher the salary. It doesn't always work like this for folks who work in real estate, however.

Sure, there are some fairly concrete numbers. For example, the U.S. Bureau of Labor Statistics (BLS) reports that as of May 2008, real estate sales agents earned an average of $54,410 annually, while brokers brought home an annual average of $77,240.

Appraisers and assessors tend to make a little less, averaging $47,370. The same is true of managers, who reportedly brought in a median of $46,130. Salaried (and not self-employed) property, real estate, and community association managers weren't far behind, bringing in a median of $46,130.

Real Estate Salaries Can Vary Beyond Statistics

These statistics can help interested real estate workers get an overall feel for the kind of salaries they can expect, but a number of other factors can – and do – cause salary forecasts to vary. For example, a healthier market, more training and education, and certain kinds of employers can all act as variables.

Sales agents and brokers tend to make more money when they sell more houses and, naturally, the higher the price tag the more money an agent makes. A fluctuating market can make or break an agent's career, but some agents and brokers find security in heavily populated areas where residential and commercial real estate is constantly being bought and sold.

Other careers in real estate see salary increases and decreases depending on who's the boss. For example, appraisers and assessors employed by local government earned a median of $43,550 according to the BLS May 2008 report, which is several thousand less than the annual median.

At the same time, real estate managers employed by large companies and enterprises brought in an annual median of $74,010. This means managers who work for larger businesses can earn nearly $30,000 or more than those who work for smaller companies or even independently.

Variables Affecting Salary Forecasts for Real Estate Careers

In the end, real estate workers can expect the following factors to affect their annual earnings:

1. The real estate market

This is especially true of the residential housing market, variables of which include the number of homes for sale, the demand for housing in the area, and the price tags.

2. Location

'Location, location, location!' might be one of the most recognizable sayings in the real estate industry, but for a real estate worker it means much more than just selling a house. The worker's location can also determine his competition, opportunity for success as an individually or self-employed worker, and prospects for working with successful and well-paying agencies, companies, or enterprises.

3. Employers

Some employers, such as local governments, pay less than others, such as large companies. This isn't necessarily true for every single case, but it is something for applicants to keep in mind as they search for real estate jobs.

4. Self-Employment

Typically, a self-employed real estate worker can make as much or more as an employed one; however, the self-employed have to consider costs that can cut into their profits, like out-of-pocket expenses employers usually handle.

5. Education and training

Education and training can always help real estate workers earn more money – or, in some instances, a job at all. Some employers require their property managers or appraisers to have a certain level of education; others require only government-mandated certification. Regardless of the piece of paper to prove it, obtaining and using quality education and training can help a real estate worker succeed at his/her job.

Educational Requirements

The Education Basics

Generally, all real estate careers require at least a high school diploma.

Typically, the high school diploma helps begin the training and licensing process (see below), but other higher levels of education – such as specialized certificate programs and college degrees – can help real estate workers better perform their jobs and even find positions with higher-paying employers.

Real Estate Sales Agents and Brokers

Some colleges and universities offer certificate programs or associate’s and bachelor’s specific to real estate; others provide courses or degrees related to the industry such as:

• Business administration
• Marketing
• Finance
• Accounting
• Statistics
• Economics
• Law
• English

Because working as an agent or broker is similar to running a business, such areas of study help establish effective written and oral communicate skills, handle money, and deal with other complex legal transactions.

Note that some real estate associations provide courses sponsored by the National Association of Realtors.

Assessors and Appraisers

Typically, each state handles its own requirements regarding the education of assessors and appraisers; that is, the education required to become licensed and certified.

Still, most assessors and appraisers have at least a bachelor’s degree. The exact degrees may vary, but coursework often relates to:

• Real estate law
• Business
• Finance
• Economics
• Mathematics
• Computer science
• English

Sometimes, the type of education will depend on the position and its exact role. For example, residential appraisers often have at least an associate’s degree; commercial appraisers, on the other hand, are sometimes required to have a bachelor’s degree.

Property, Real Estate, and Community Association Managers

Generally, employers prefer their managers have a bachelor’s or master’s degree in a field related to:

• Real estate
• Business administration
• Finance
• Accounting
• Public administration

Although they aren't required to have them, self-employed managers still benefit professionally from such education.

Specific Training and Licensure

Education aside, nearly all real estate workers must receive certain kinds of training and obtain and maintain a license.

Real Estate Sales Agents and Brokers

Each state and the District of Columbia requires prospective real estate agents to become licensed before they can begin earning money as real estate agents.

To become licensed, the prospective agent must complete a core of educational and training classes. These classes, and the number of hours required, vary by state but usually fall within the 30- to 90-hour range. Usually, these courses are offered through local and online colleges and universities, but sometimes they're provided through the state’s government agency that handles employment and licensing matters. Regardless of how the student obtains the classes, they must be part of his state’s state-approved program.

Assessors and Appraisers

There are no federal laws regarding licenses for assessors, though each state sets its own education and experience requirements, and some even require varying levels of certification.

Appraisers, on the other hand, must be licensed per federal laws, but each state sets its own licensing requirements.

Property, Real Estate, and Community Association Managers

Generally, license requirements for managers vary by state and often depend on the manager’s exact role; however, there are a few license requirements managers can expect:

• Managers who buy and sell real estate must be licensed in the state in which they work.
• There are several states that require licenses for property association managers.
• Any manager who works with public housing that is subsidized by the federal government must have the proper certification.

Managers learn more about the details of required licensing and certification as they move further along in their educational and training pursuits.

License Options

Some real estate agents opt to become licensed in a variety of fields.

For example, a sales agent might hold both a real estate sales license and an appraiser license. Multiple licenses can help expand an agent's career opportunities as well as keep his job interesting.

Staying Licensed

Once a real estate worker becomes licensed or certified, he must maintain that license or certification. Maintenance requirements vary by occupation and area, of course, but some general rules of thumb include:

• Renewing every certain number of years.
• Re-examination (though usually not required of sales agents and brokers).
• Satisfying continuing education requirements.

What's It All Cost?

The overall cost of the real estate area of study varies depending on achieved education levels, training and re-training requirements, and desired licenses.

Some folks may pay a few hundred dollars for one or two real estate-related classes; others may pay thousands for complete college degrees. Regardless of overall cost, financial assistance is available for many students. For example, according to the National Center for Education Statistics 66% of undergraduate students and 74% of graduate students during the 2007-08 school year received some form of financial aid.