Career Paths in Real Estate
Real estate isn’t just a profession—it provides an opportunity to shape the world. Whether you’re helping create energetic communities or driving commerce, this high-powered field is about making a lasting impact. As a cornerstone of global economies, the industry offers unlimited opportunities for growth, innovation, and leadership. A career in real estate combines high earning potential, flexibility, and the ability to affect communities and landscapes. Whether you’re starting your career journey or looking to pivot, real estate offers diverse pathways tailored to your skills and aspirations.
Career Opportunities in Real Estate and Average Salary
One of the most appealing aspects of a career in real estate is the variety of real estate career paths. From development to finance, real estate offers high earning potential in flexible roles that align with varied interests and expertise. With experience and education, you can carve out a satisfying career trajectory. While entry-level roles provide a solid foundation, seasoned professionals often earn six-figure salaries or higher.
Real Estate Development Director
Development directors manage the entire development process including feasibility analysis, acquisition, deal structuring, design development, financing, public approvals, construction, marketing, leasing and close-out. According to the Economic Research Institute (ERI), they earn an average annual salary of $156,258.
Commercial Real Estate Project Manager
Project managers oversee the life cycle of commercial real estate development, from planning and design through construction and completion. They ensure projects meet deadlines and budgets, earning an average salary of $115,891 per year.
Property Developer
Developers acquire and transform properties, adhering to zoning ordinances and other regulations. On average, they earn an annual base salary of $98,433 with the potential to make more in bonuses and commissions.
Real Estate Analyst
Analysts conduct market research, evaluating realty and financial trends to guide investment decisions. On average, real estate analysts earn a base annual salary of $87,119.
Real Estate Broker
Brokers bridge the gap between buyers and lenders to make the mortgage process as seamless as possible. The average annual salary for this role is $68,256 with opportunities for bonuses and commissions.
Career Pathways with a Master’s Degree in Real Estate
Whether you’re new to the field or a seasoned professional, real estate offers ample opportunity to redefine your career. Real estate professionals often take a critical step on their career journey by earning a master’s degree.
Cornell’s Master’s in Real Estate (MPS-RE) degree from the Rubacha Department Real Estate positions graduates as industry leaders. With a STEM-designated curriculum and global learning opportunities, students gain expertise in analytics, decision-making, and leadership. Graduates benefit from a global alumni network, connecting you to other leaders in the field ready to share their knowledge.
The Importance of Advanced Education in Real Estate
As the real estate industry evolves, advanced education becomes a key differentiator. The master’s degree in real estate through the Baker Program at Cornell equips students with practical knowledge and innovative tools, ensuring they remain at the forefront of the industry. Cornell Baker Program graduates emerge with a competitive edge, ready to navigate complex markets and take on new challenges.
With a STEM-designated curriculum rooted in analytics and sustainability, the program aligns with Cornell’s mission to champion responsible, impactful leadership.
Baker Program graduates acquire specialized knowledge in analytics, databases, and technological applications in real estate. Regardless of industry climate, 98 percent of Cornell’s MPS-RE graduates accept job offers within six months after graduation and earn an annual base salary of $110,682 on average.
Pivoting to Decision-Making Roles in Real Estate for Architects and Engineers
Professionals in architecture and engineering often find their skills highly transferable to real estate leadership roles. The MPS-RE degree program empowers engineers and architects to leverage technical expertise in new ways, transitioning to positions such as:
- Development Manager: This role oversees end-to-end project development, including feasibility analysis, acquisition, deal structuring, design development, financing, public approvals, construction, marketing, leasing, and close-outs.
- Sustainability Consultant: A sustainability consultant oversees implementation of sustainable strategies and monitors the project’s environmental impact
- Urban Planner/Zoning Specialist: Urban planners design community-centric growth strategies. They develop plans for neighborhoods, towns, cities, and counties by assessing community needs, researching local trends, and implementing plans based on legal regulations and zoning specifications.
- Feasibility Analyst/Manager: Feasibility professionals assess project viability and profitability in terms of logistics and available finances. They analyze factors such as location, demand, competition, and potential returns.
- Real Estate Broker: Careers in real estate brokerage involve working with clientele as they buy, sell, and/or lease properties. Brokers act as the intermediaries between buyers and sellers, providing market insights and helping clients navigate the legal and financial aspects of transactions. Successful brokers have strong industry networks and leverage their business acumen to close deals efficiently.
Additional Types of Real Estate Careers
Opportunities within real estate are as varied as they are rewarding. Cornell Baker Program students work across a variety of spheres: commercial, residential, property management, asset management, portfolio management, construction planning, and more.
An MPS-RE offers the freedom to explore different avenues and determine your own area of specialization. Other roles that Baker program graduates have pursued, carving out their own unique paths in real estate, include:
Director of Real Estate
A real estate director manages corporate development portfolios and acquisitions. They scout new buildings and properties to develop and negotiate property acquisition contracts.
Planning Consultant
A real estate planning consultant has specialized knowledge about residential, retail, and industrial developments. They assist clients with zoning processes, utility hookups, and other administrative matters.
Town or Urban Planner
A town planner designs sustainable urban spaces, balancing demands on the land alongside the needs of a developing community. These professionals work in national, regional, or local settings and develop a keen awareness of environmental and economic impacts of a proposed development.
Portfolio Manager
These professionals focus on overseeing a collection of properties to maximize returns and minimize risks for investors and/or companies. This work can include monitoring asset performance, handling leasing strategies, assessing market trends, and making decisions on acquisitions, dispositions, or property improvements.
A master’s degree in real estate can also help you pursue such roles as a land and development and acquisition officer, planning consultant, property manager, facilities manager, and more.
Ready to Advance Your Career in the Real Estate Industry?
Whether you aim to deepen your industry knowledge or pivot into a new career in real estate, the Cornell Baker Program in Real Estate offers unparalleled opportunities. The MPS-RE program offers access to world-class instructors, valuable technology, and an influential network of professionals and industry leaders. Students leverage their skills through this program to launch the next stage of a real estate career, equipped with robust knowledge, a forward-thinking mindset, and higher earning potential.
Whether the real estate market is growing or contracting, elite real estate professionals are always in demand. Let Cornell help you navigate those opportunities. Learn more about the program and application information.