Are you looking for real estate-related careers, but you don’t want to work solely on commission? Consider becoming a compliance officer.
What Is a Compliance Officer?
A compliance officer is a professional responsible for ensuring that an organization adheres to legal standards and internal policies. They play a crucial role in maintaining the organization’s integrity and ethical standards by implementing and overseeing compliance programs, conducting audits, and providing employee training.
Compliance officer jobs are available in various industries, including financial services, healthcare, and telecommunications. They are also critical in the real estate industry.
Being a compliance officer is another career opportunity for a licensed real estate agent. Learn what a compliance officer does and how to become one. You’ll be surprised at how lucrative the profession can be!
Related article: 10 Careers in Real Estate: Choosing the Right Real Estate Career for You
What Does a Compliance Officer Do in Real Estate?
A compliance officer in real estate is a professional who ensures that all real estate and property-related transactions comply with the area’s laws, regulations, and standards. This is a critical position, as compliance officers protect their organizations from legal (and financial!) risks.
Compliance officers (also called specialists) work for real estate agencies, property management companies, banks, financial institutions, or government agencies.
Here are some of the duties associated with a compliance officer in real estate.
1. Implementing and monitoring compliance programs
Implementing and monitoring compliance programs in real estate involves several critical tasks that mitigate legal and financial risks for real estate organizations. A compliance officer oversees the following:
- Reviews contracts and leases for accuracy and completeness to ensure all agreements meet legal and regulatory standards.
- Develops policies and procedures to ensure conformance with regulations.
- Updates records and documents so they remain current, helps maintain accurate compliance documentation, and facilitates audits.
2. Conducting risk assessments and audits
A real estate compliance officer conducts risk assessments and audits to identify potential areas of non-compliance. They evaluate and examine transactions and operations, review documentation, and perform on-site inspections to ensure adherence to legal standards and internal policies.
3. Act as a liaison
A real estate compliance officer is a liaison between the organization and regulatory bodies. They ensure timely and accurate reporting, respond to regulatory inquiries, and coordinate audits.
4. Educate and train employees
A real estate compliance officer advises employees on handling potential compliance issues by analyzing risks, interpreting relevant laws, and recommending corrective actions. They also offer guidance on best practices, assist in implementing solutions, and ensure that policies are followed, helping to prevent legal violations.
Real Estate Compliance Officer Salary in the United States
According to Glassdoor, the pay range for a real estate compliance officer in the U.S. is $97K – $181K. Zip Recruiter’s data shows that the average person in the field makes $98,949.
How Do I Become a Real Estate Compliance Officer?
Do you want to work in real estate but aren’t interested in a role that is entirely commission-based? Here are the steps to becoming a compliance officer in real estate.
Step 1: Complete your education
Real estate agents and brokers are not required to have a college degree. However, most real estate compliance officer jobs require candidates to have a Bachelor’s degree in business law, real estate, finance, management, accounting, or any other related field.
In addition, to gain more knowledge about your state’s laws and regulations regarding real estate, enroll in an online real estate school.
Step 2: Gain work experience
A compliance officer (or specialist) must be an expert in the field. To be effective, you must have education and experience. Before obtaining a job as a compliance officer, you may need to work in entry-level positions or internships in property management, compliance, or other related areas.
Step 3: Develop related skills
In addition to being knowledgeable and experienced, a compliance officer must have strong analytical skills and excellent communication skills. They must be detail-oriented and able to stay on top of changes in an evolving industry.
Step 4: Pursue certifications
Certifications make you more marketable for jobs in real estate compliance. Here are three certification programs related to the industry. Some require that you pass an exam.
Certified Compliance and Ethics Professional (CCEP)
Certified Specialists of Occupancy (CSO-PH)
Certified Regulatory Compliance Manager (CRCM)
Step 5: Network
Networking is essential in real estate.
Join local, state, and national professional associations and attend conferences, trainings, and workshops. Connect with other industry professionals and let them know about your career goals.
Related article: Real Estate Networking: How to Build a Strong Network and Why It Matters
Do you think you might be interested in becoming a real estate compliance officer but want to learn more about the field? Consider enrolling in real estate courses offered by Colibri Real Estate School. You’ll learn about state-specific real estate regulations and laws without having to make a significant investment of time and money. In fact, you can start your courses in a matter of minutes. Select your state from the pre-licensing course page and get started today.
Are you already licensed? Stay up-to-date with regulations and laws in your state by taking continuing education courses with Colibri.
Key Takeaways
- A compliance officer in real estate ensures adherence to legal standards and internal policies, protecting organizations from legal and financial risks through tasks like reviewing contracts, developing policies, and updating records.
- Their key duties include implementing and monitoring compliance programs, conducting risk assessments and audits, liaising with regulatory bodies, and educating employees on compliance issues.
- Becoming a real estate compliance officer typically requires a Bachelor’s degree in a related field, relevant work experience, strong analytical and communication skills, and possibly certifications in compliance and ethics.
- The role can be lucrative, with salaries ranging from $97K to $181K in the U.S., making it an attractive career option for those interested in real estate without a commission-based income.
Source:
Martinez, Manoling. “How to Become a Compliance Specialist (Your Complete Guide).” Real Estate License Training Online, September 11, 2023. https://www.realestatelicensetraining.com/how-to-become-a-compliance-specialist/.
