The job outlook for a real estate major isn’t going to be the same as the outlook for a nurse or teacher. While post-secondary education is mandatory in all three of the fields, the demand for professionals can vary based on the current job market conditions, the economy, and even how many majors are expected to graduate that year.
The Bureau of Labor Statistics is a government agency that is in charge of assessing the labor market, demand, job duties, and supply of professionals in a specific region of the country. Not only does the bureau assess and evaluate outlook as a whole, it also pinpoints different occupations in the Occupational Outlook Handbook to help students and professionals make long-term career decisions. This is what you need to know about the outlook in the real estate field:
Overall Outlook Vs. Real Estate Outlook
The total outlook for all occupations is a projection of 7 percent growth, according to the most recently published Occupational Outlook Handbook. While the percent change in employment through 2026 is positive, the outlook for real estate brokers and agents is projected to fare as well. Based on the same projections, real estate professionals will see a growth of only 6 percent, which can fluctuate drastically based on the market.
What Factors Affect Job Outlook in Real Estate?
Every market works differently. Some are strongly tied to the economy and others aren’t that affected when the economy takes a decline. When it comes to real estate, which is an international market, not just the US economy, but other major economies can influence buyer demand and sales pricing.
Agents and brokers who majored in real estate will see a demand for their expertise when homes are in demand or when there’s a shortage of supply and sellers are earning top-dollar for their homes. When consumer spending goes up, the demand for professionals in real estate is driven up as well. Unfortunately, since lenders have stricter regulations and economic stability isn’t always guaranteed, there can be dips in demand as well.
Is Outlook Higher for Certain Professionals?
Even though the demand in real estate isn’t anything to write home about, it does not mean that a real estate major won’t be able to find a job once they complete school. As a graduate with a degree in Real Estate Management or a related field, you will have a leg up on the competition with no degree at all.
Earning a degree is a sure-fire way to increase your overall outlook. Another option is to gain more experience than the average agents and brokers working in the region you are going to be licensed in. You can find out how many professionals are coming up for retirement in a region and regions where the supply of real estate majors is very low to increase your prospects now when the time is right. The best place to find this information is looking at the Occupational Employment Statistics location quotients.
The most prepared students are the best students. You could make the Dean’s list in college and earn a degree just to find that you can’t use it or you could do your homework before school to choose the right degree to major in. A real estate major can have a positive job outlook and great earning potential if they enter the market in the right region.