Maybe you’ve looked into a career as a real estate agent and decided living solely on commission isn’t for you. If you still want to consider real estate as a career, you may want to consider working for a Real Estate Investment Trust.
So, how much can you make working for a Real Estate Investment Trust? It depends on the particular job. Keep reading for all the details on the best paying jobs in Real Estate Investment Trusts.
What Are Real Estate Investment Trusts?
A REIT is a company that owns and operates a number of income-producing real estate properties across various property sectors. A REIT can own apartment buildings, commercial offices, shopping malls, warehouses, hotels, and resorts.
REITs are also investment tools that enable people to invest in real estate without the hassle of buying their own property. REIT investors earn a portion of the rent and lease payments collected at the REIT properties.
According to the National Association of Real Estate Investment Trusts (NAREIT), REITs supported about 3.2 million full-time jobs in 2021. REIT job opportunities include commercial developers, financial analysts, property managers, lease administrators, and real estate property appraisers.
The highest paying jobs in REITs are upper management positions like the chief executive officer, chief operating officer, and president of the company. Beyond those executive positions, here are 10 of the best-paying jobs in REITs.
1. Real estate attorney
An attorney working with REITs handles legal paperwork like loan contracts, lease agreements, title transfers, and property rights. According to Salary.com, the average annual salary for a real estate attorney is $158,721.
2. Investor relations manager
An investor relations manager maintains the relationship between the REIT and its investors. They keep investors up to date on the financial performance of the REIT with quarterly reports. The average annual salary for an investor relations manager is $144,169.
3. Project manager
A project manager is responsible for keeping a project on task so that the work is within budget and completed on time. With a REIT, the project manager may work on projects to improve existing properties or build new properties. The average annual salary for a project manager is $113,257.
4. REIT asset manager
Asset managers handle the REIT’s portfolio of assets and oversee its operations and finances. They're responsible for ensuring that the assets in the REITs portfolio are profitable. Asset managers often work closely with the REIT’s accounting, acquisition, and finance departments. The average annual salary for REIT asset managers is $99,534.
5. Real estate developers
Real estate property developers are the people who manage the design and construction of properties in the REIT. They work with contractors and subcontractors and also deal with local government zoning regulations and building codes. They may also help acquire the land where the property will be constructed. The average annual salary for a real estate developer is $98,232.
6. REIT analyst
Before a property is added to a REIT portfolio, an analyst must research whether it's a good fit and if it will be profitable. REIT analysts look at market trends, forecast future performance, and measure the risk of underwriting an investment property. The average annual salary for a REIT analyst is $92,679.
7. Property appraiser
A REIT appraiser assesses property and determines its value. They also factor in the current market conditions in their appraisal. Appraisers earn between $50,000 and $100,000 per year.
8. Real estate broker
Commercial real estate brokers help facilitate buying and selling properties in the REIT portfolio. They may or may not have other real estate agents working for them. Their income primarily comes from commissions on the sale of properties. A commercial real estate broker's average annual income is $94,889.
9. Real estate agent
A real estate agent assists in buying and selling properties under a broker's direction. Their income is commission-based, and that commission is split with their broker and other agents in the transaction. The average annual salary for a real estate agent is $93,230.
10. Property manager
Property managers handle the day-to-day operations of properties in the REIT portfolio. Their duties include collecting rent, coordinating maintenance requests, and onboarding new tenants. Property managers can work in commercial or residential properties. The average annual salary for a commercial property manager is $70,943.