The Internet
As in most industries, technology, especially the Internet, is changing real estate. Multiple listings—the thick books of properties for sale—are now available online, making the real-estate broker's job a little easier. But a wealth of other real estate information is available on the Internet to anybody, not just industry insiders. As a consequence, real estate industry employees must be proficient Internet users, and they need to offer services beyond what is available online, such as expertise in the legal and financial aspects of real estate transactions.

Restructuring
Although it's experiencing one of its strongest growth periods ever, real estate has been undergoing a major restructuring. Aggressive consolidation and a wave of strategic alliances have resulted in two tiers of players in the industry. At the top are large multi-service firms, such as Trammell Crow and Lasalle Partners, with enough capital and resources to withstand economic downturns. The bottom tier includes smaller developers and agencies that are more flexible and better able to service local markets. Meanwhile, mid-level operators are getting pushed out. For job seekers, this means you are most likely to work for either a local or a national firm.

REITs
Real Estate Investment Trusts (REITs), developed over the past few years, pool money from many investors and invest it in an array of properties. With access to massive amounts of capital, they can buy, develop, and speculate in large properties. Two of the largest owners of office and residential property in the U.S., Equity Office Properties Trust and Equity Residential Properties Trust, are REITs.