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Are you a soon-to-be high school graduate or someone looking to enhance your academic profile? Selecting the right degree program is a serious decision, as it involves a considerable investment of time and money. So, should you major in Real Estate? While a real estate degree is not necessary to become a licensed salesperson, it can provide you with extensive real estate knowledge and open the door to more career options.
Do you need a college degree for real estate?
As mentioned earlier, you don't need a college degree to become a licensed real estate salesperson. In most states, all you need is a high school diploma, completion of pre-licensing courses, and passing the salesperson exam. Although having a Bachelor's degree in real estate can waive the pre-licensing courses requirement, the investment to obtain a real estate degree may not be justified.
The salesperson pre-licensing courses can be completed within 2 to 3 months, with fees just under $1,000. On the other hand, a real estate degree program would take years and significantly more expensive tuition. If you decide to upgrade your license to Broker status, licensing boards typically don't require post-secondary education. They only require salesperson experience, completion of broker pre-licensing courses, and passing the broker exam.
However, if you're pursuing a real estate-related profession, having a major degree could be helpful. For instance, becoming a Certified Real Estate Appraiser in many states requires a Bachelor's degree, especially for the Certified General Appraiser license when dealing with commercial properties. If you were already planning to get a Bachelor's degree, why not choose something related to your future profession?
How much can you make with a real estate degree?
Having a Bachelor's degree in real estate opens up doors to various career paths, not just salesperson positions. The average salary for someone with a Bachelor's degree in real estate is $60,000. Here are some job options and their average salaries based on different real estate degrees:
- Certificate (Cert), Real Estate Degree: $50,000
- Bachelor of Business Administration (BBA), Real Estate Degree: $66,000
- Master of Business Administration (MBA), Real Estate Degree: $100,000
(Source: Payscale.com)
How many years do you have to go to college for real estate?
An Associate Degree typically takes two years to complete, while a Bachelor's Degree in real estate requires four years in college or university. However, some real estate commissions may require a Bachelor's degree to be exempted from pre-licensing education, while the Associate Degree may not be recognized.
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What classes should I take for real estate?
Different schools offer various real estate degree programs. For example, the undergraduate program at the Wharton School of the University of Pennsylvania includes 13 real estate classes. Here are snippets of some course descriptions:
- Real Estate Law: Covers the fundamentals of real estate finance and development from a managerial and legal aspect.
- Global Real Estate: An introductory course to global real estate markets, focusing on income-producing real estate assets.
- Housing Markets: Explores the operations and economics of housing markets, mainly focusing on the U.S.
- Real Estate Investments: Introduces investment and financing issues in real estate, covering decision-making, project evaluation, and financing strategies.
- Urban Real Estate Economics: Analyzes real estate markets, trends, and values using economic concepts, examining the impact of government policies on pricing and urban development.
- Urban Fiscal Policy: Discusses services provided by cities and other local governments, including investments in infrastructure, poverty, corruption, and more.
- International Housing Comparisons: Explores housing finance systems worldwide, with a focus on the U.S. and challenges in housing finance reform.
- Advanced Real Estate Investment and Analysis: In-depth exploration of real estate investment and analysis issues, including theory, empirical results, and current events.
These are just a few examples, and there are many more courses available at different institutions.
What schools offer real estate courses?
Many schools offer real estate courses, but it's important to ensure that the institution you choose is accredited. To verify accreditation, you can contact the U.S. Department of Education or check their Database of Accredited Postsecondary Institutions and Programs. Additionally, if the real estate degree is necessary for licensing requirements, double-check with the associated Licensing Issuing Board.
What is the best university for real estate?
According to U.S. News, here are the top 12 schools that offer real estate degrees:
- University of Pennsylvania
- University of Wisconsin-Madison
- University of California-Berkeley
- New York University
- University of Southern California
- University of Texas-Austin
- University of Florida
- University of Georgia
- Florida State University
- Cornell University
- Georgia State University
- Marquette University
(Source: U.S News and DAPIP website)
Are real estate degrees worth it?
Opinions vary on whether getting a real estate degree is worth the investment. Some realtors believe it's not worth the time and money if your goal is to become a licensed salesperson. The focus should be on gaining experience and building a client base. The benefits of a real estate degree may not justify the opportunity cost involved.
However, the real estate industry offers a range of professions beyond sales. Jobs such as property manager, real estate appraiser, and asset manager can benefit from having a Bachelor's degree. The decision of whether a real estate degree is worth it depends on your financial situation and long-term goals.
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Disclaimer: The information provided in this post is for general informational purposes only and is not intended to provide any advice. The information is subject to change without notice and is not guaranteed to be error-free. Views and opinions expressed may not necessarily reflect those of JCHQ Publishing.
