Growth Trends for Related Jobs
Real Estate Consultant Job Description
The real estate consultant job description is a fairly new one in the real estate world. Realtor consultants provide advice and information that helps residential, commercial and investment clients make smart buying or selling decisions. A real estate consultant must have extensive knowledge about the local market and investment opportunities, previous experience as a realtor and excellent communication skills.
Realtor Consultant Job Description
Typically, realtors work on commission and offer a package of services to buyers and sellers. If the realtor represents a seller, he will offer advice that will help his client get the best price for the property, suggest a selling price, show the house or business to prospective buyers, negotiate offers, and assist the seller at closing. Agents who represent buyers also show properties, help clients determine budgets, provide advice regarding locations, present offers to seller’s agents, and guide the buyers through the mortgage and closing process.
Real estate consultants unbundle the items in the typical real estate package and charge hourly rates for their work. If they’re assisting buyers who want to purchase investment property, they might offer a range of services, such as:
Location Advice: The consultant scouts locations and identifies properties that satisfy their clients’ criteria.
Market Information: Real estate consultants provide information on local market conditions and property values and offer projections regarding future growth.
Competitive Analysis: Report writing may not be part of the typical real estate advisor job description, but it’s a crucial skill for consultants who work with investors. Report topics may include property comparisons, information sales price and revenue trends and investment advice.
Mortgage Information: A seasoned consultant can streamline the buying process by offering information on available mortgage types and introducing clients to mortgage brokers.
When representing a seller, services may include:
Property Valuation: The consultant performs an assessment of the property and recommends a sales price.
Marketing Advice: Real estate consultants provide recommendations regarding marketing strategies and upgrades that may increase the sales price or facilitate a quick sale.
Contract Assistance: Although consultants aren’t attorneys, they can offer support and advice regarding contracts and refer clients to real estate attorneys if desired.
A client may choose to take advantage of all of these services or might only select one or two of the services. Each is billed separately at the real estate consultant’s negotiated rate.
Education and Training
You’ll need a high school diploma or equivalent to work as a real estate consultant. You must also complete a pre-licensing real estate course and hold a valid real estate license in the state. Most consultants work as realtors for several years before offering consulting services. You may find that it’s easier to attract clients if you specialize in a certain area of real estate, such as commercial real estate or land sales.
Obtaining certification or a designation as a pricing strategy advisor, seller representative specialist, certified international property specialist, certified residential specialist from the National Association of Realtors can be helpful, if you plan to become a consultant. The International Association of Real Estate Consultants offers its own designation, the Consumer-Certified Real Estate Consultant.
Zip Recruiter estimates the average annual salary for a real estate consultant at $83,555 per year, while PayScale’s estimate is a bit lower, at $63,024. As each consultant determines her own rate, annual salaries can vary significantly. The U.S. Bureau of Labor Statistics expects the demand for real estate agents and brokers to increase by 6 percent through 2026.
- National Association of Realtors: Designations and Certifications
- International Association of Real Estate Consultants: What is the C-CREC Designation?
- U.S. Bureau of Labor Statistics: Real Estate Brokers and Sales Agents
- Inman: Real Estate Consulting: How Can You Cash In?
- Zip Recruiter: Real Estate Consultant Salary
- PayScale: Average Real Estate Consultant Salary
Holly McGurgan has a degree in journalism and previously worked as a non-profit public relations and communications manager. She often writes about career and lifestyle topics. Her work has appeared online on Healthline, Working for Candy and other sites.
Wavebreakmedia Ltd/Wavebreak Media/Getty Images