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Become A Real Estate Internship

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Working As A Real Estate Internship

  • Getting Information
  • Performing for or Working Directly with the Public
  • Resolving Conflicts and Negotiating with Others
  • Interacting With Computers
  • Selling or Influencing Others
  • Deal with People

  • Make Decisions

  • Stressful

  • $91,063

    Average Salary

What Does A Real Estate Internship Do

Real estate brokers and sales agents help clients buy, sell, and rent properties. Although brokers and agents do similar work, brokers are licensed to manage their own real estate businesses. Sales agents must work with a real estate broker.

Duties

Real estate brokers and sales agents typically do the following:

  • Solicit potential clients to buy, sell, and rent properties
  • Advise clients on prices, mortgages, market conditions, and related information
  • Compare properties to determine a competitive market price
  • Generate lists of properties for sale, including details such as location and features
  • Promote properties through advertisements, open houses, and listing services
  • Take prospective buyers or renters to see properties
  • Present purchase offers to sellers for consideration
  • Mediate negotiations between buyer and seller
  • Ensure that all terms of purchase contracts are met
  • Prepare documents, such as loyalty contracts, purchase agreements, and deeds

Because of the complexity of buying or selling a home or commercial property, people often seek help from real estate brokers and sales agents.

Most real estate brokers and sales agents sell residential property. Others sell commercial property, and a small number sell industrial, agricultural, or other types of real estate.

Brokers and agents can represent either the buyer or the seller in a transaction. Buyers’ brokers and agents meet with clients to understand what they are looking for in a property and how much they can afford. Sellers’ brokers and agents meet with clients to help them decide how much to ask for and to convince them that the agent or broker can find them a qualified buyer.

Real estate brokers and sales agents must be knowledgeable about the real estate market in their area. To match properties to clients’ needs, they should be familiar with local communities, including knowing the crime information and the proximity to schools and shopping. Brokers and agents also must stay current on financing options; government programs; types of available mortgages; and real estate, zoning, and fair housing laws. 

Real estate brokers are licensed to manage their own businesses. As independent businesspeople, brokers often sell real estate owned by others. In addition to helping clients buy and sell properties, they may help rent or manage properties for a fee. Many operate a real estate office, handling business details and overseeing the work of sales agents.

Real estate sales agents must work with a broker. Sales agents often work for brokers on a contract basis, earning a portion of the commission from each property they sell.

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How To Become A Real Estate Internship

Real estate brokers and sales agents need at least a high school diploma. Both brokers and sales agents must be licensed. To become licensed, candidates typically must complete a number of real estate courses and pass a licensing exam. 

Education

Real estate brokers and sales agents must have at least a high school diploma or equivalent. Although most brokers and agents must take state-accredited prelicensing courses to become licensed, some states may waive this requirement if the candidate has taken college courses in real estate. 

As the real estate market becomes more competitive and complex, some employers are preferring to hire candidates with college courses or a college degree. Some community colleges, colleges, and universities offer courses in real estate. Some offer associate’s and bachelor’s degree programs in real estate, and many others offer certificate programs. Courses in finance, business administration, economics, and law also can be useful.

Brokers intending to open their own company often take business courses, such as marketing and accounting. 

In addition to offering prelicensing courses, many real estate associations have courses and professional development programs for both beginners and experienced agents. These courses cover a variety of topics, such as real estate fundamentals, real estate law, and mortgage financing.

Licenses, Certifications, and Registrations

In all states and the District of Columbia, real estate brokers and sales agents must be licensed. Licensing requirements vary by state, but most have similar basic requirements:

Candidates must:

  • be 18 years old
  • complete a number of real estate courses
  • pass an exam

Some states have additional requirements, such as passing a background check. Licenses typically are not transferable among states. However, some states have reciprocity agreements and will accept licenses issued by some other states. 

To obtain a broker’s license, individuals generally need 1 to 3 years of experience as a licensed sales agent. They also must take additional formal training courses. In some states, a bachelor’s degree may be substituted in place of some experience or training requirements. 

State licenses typically must be renewed every 2 to 4 years. In most states, brokers and agents must complete continuing education courses to renew their license. To verify exact licensing requirements, prospective brokers and agents should contact the real estate licensing commission of the state in which they wish to work.

Work Experience in a Related Occupation

To get a broker’s license in most states, real estate brokers must have experience working as a licensed real estate sales agent. Requirements vary by state, but most require 1 to 3 years of experience. 

Training

Real estate sales agents improve their skills through practice and repetition. Because of the sales environment and the complexity of real estate deals, new agents typically observe and work closely with more senior agents. In addition, some of the larger real estate companies provide formal classroom training for new agents as a way to gain knowledge and experience, while others provide training to employees studying for their real estate licensing exam.

Advancement

Sales agents who earn their broker’s license may open their own offices. 

Important Qualities

Business skills. Because most brokers are self-employed, they must manage every aspect of their business. This task includes reaching out to prospective clients, handling their finances, and advertising their services.

Interpersonal skills. Strong interpersonal skills are essential for real estate brokers and sales agents, because they spend much of their time interacting with clients and customers. To attract and keep clients, they must be pleasant, enthusiastic, and trustworthy. 

Organizational skills. Real estate brokers and sales agents must be able to work independently, managing their own time and organizing, planning, and prioritizing their work.

Problem-solving skills. Real estate brokers and sales agents need to be able to quickly (sometimes immediately) address concerns clients or potential customers may have with a property. They also mediate negotiations between seller and buyer.

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Real Estate Internship Jobs

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Real Estate Internship Career Paths

Real Estate Internship
Real Estate Analyst Real Estate Manager
Acquisitions Manager
8 Yearsyrs
Law Clerk Analyst Underwriter
Asset Manager
7 Yearsyrs
Legal Assistant Sales Consultant Leasing Consultant
Assistant Community Manager
5 Yearsyrs
Analyst Business Consultant Relationship Manager
Business Development Officer
7 Yearsyrs
Project Manager President Property Manager
Commercial Property Manager
7 Yearsyrs
Real Estate Analyst Asset Manager Portfolio Manager
Community Association Manager
10 Yearsyrs
Law Clerk Project Manager Property Manager
Director Of Property Management
7 Yearsyrs
Finance Analyst Controller
Finance Controller
9 Yearsyrs
Investment Analyst Operations Manager Outside Sales Representative
Inside Sales Account Manager
6 Yearsyrs
Real Estate Manager Broker Fleet Manager
Internet Manager
6 Yearsyrs
Legal Assistant Realtor Leasing Consultant
Leasing Director
5 Yearsyrs
Investment Analyst Investment Advisor Realtor
Leasing Property Manager
5 Yearsyrs
Real Estate Manager Sales Consultant Leasing Consultant
On Site Property Manager
6 Yearsyrs
Representative Senior Representative Senior Claims Representative
Property Management Specialist
7 Yearsyrs
Real Estate Assistant Real Estate Agent Real Estate Broker
Real Estate Management Specialist
7 Yearsyrs
Analyst Human Resources Manager Property Manager
Real Estate Manager
8 Yearsyrs
Real Estate Assistant Real Estate Paralegal
Real Estate Office Manager
5 Yearsyrs
Project Manager General Manager Property Manager
Regional Property Manager
7 Yearsyrs
Finance Analyst Assistant Vice President
Vice President And Manager
10 Yearsyrs
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Do you work as a Real Estate Internship?

Real Estate Internship Demographics

Gender

Male

60.8%

Female

33.7%

Unknown

5.5%
Ethnicity

White

52.9%

Asian

17.6%

Hispanic or Latino

14.9%

Black or African American

10.4%

Unknown

4.1%
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Foreign Languages Spoken

Spanish

33.9%

Mandarin

13.5%

Chinese

12.5%

French

9.0%

Japanese

5.2%

Italian

3.8%

Russian

3.1%

Korean

2.8%

Portuguese

2.8%

German

2.8%

Cantonese

2.4%

Hindi

2.1%

Hebrew

1.4%

Greek

1.4%

Arabic

1.0%

Vietnamese

0.7%

Urdu

0.7%

Cherokee

0.3%

Gujarati

0.3%

Dutch

0.3%
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Real Estate Internship Education

Schools

New York University

10.2%

University of Southern California

7.5%

University of Colorado at Boulder

7.5%

Hofstra University

5.6%

Cornell University

5.3%

George Washington University

4.9%

University of California - Irvine

4.9%

Emory University

4.9%

University of Miami

4.9%

Fordham University

4.5%

University of Texas at Austin

4.5%

DePaul University

4.5%

University of Denver

4.1%

Boston University

4.1%

University of Wisconsin - Madison

4.1%

Arizona State University

3.8%

Florida International University

3.8%

Quinnipiac University

3.8%

University of North Carolina at Chapel Hill

3.8%

University of California - Berkeley

3.4%
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Majors

Finance

21.5%

Business

20.3%

Real Estate

11.5%

Economics

9.7%

Law

6.4%

Marketing

5.3%

Accounting

4.9%

Political Science

3.4%

Communication

3.0%

Management

2.1%

Real Estate Development

1.7%

Urban Planning

1.4%

History

1.4%

International Business

1.3%

Psychology

1.3%

Legal Research And Advanced Professional Studies

1.1%

Legal Support Services

1.1%

English

1.0%

Business Economics

0.9%

International Relations

0.9%
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Degrees

Bachelors

59.2%

Masters

20.6%

Other

10.4%

Doctorate

5.6%

Certificate

1.9%

Associate

1.6%

License

0.4%

Diploma

0.1%
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How Would You Rate The Salary Of a Real Estate Internship?

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Top Skills for A Real Estate Internship

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  1. Real Estate Market
  2. Financial Statements
  3. Client Database
You can check out examples of real life uses of top skills on resumes here:
  • Conducted real estate market and investment analysis, cementing $1 billion in development for new Market East neighborhood through 2025.
  • Analyzed financial statements to determine borrower liquidity resulting in the completion of real estate underwriting model
  • Created a portfolio concerning potential franchise investments, updated client database, and conducted research regarding local listings.
  • Assisted underwriters in performing due diligence and analyzing commercial real estate lending and investment opportunities.
  • Conducted brief market research and assisted the director on identifying investment opportunities for insurance capital, institutional and retail investors.

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Top Real Estate Internship Employers

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Jobs From Top Real Estate Internship Employers

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