The great thing about real estate is it's not going away. It's the level of demand and how many jobs the market can support that will fluctuate. A strong economy creates lots of opportunities. But for salespeople, it also means plenty of competition.

Even though there is a lot of money to be made in this industry, one should not enter it expecting to become the next Donald Trump. On average, real estate salaries are low. Most positions require several years to build up experience, contacts, and responsibility. To be successful you'll need to be self-motivated, focused, and able to take the good times with the bad. Job opportunities exist mainly in sales and property acquisition and analysis.

The Bureau of Labor Statistics predicts that employment of real estate agents, brokers, and property managers will grow about as fast as the average for the rest of the economy through the year 2008. Developers should also see a rosy future, as the demand for housing and commercial buildings continues to grow. Real estate research firms thus predict that apartment and office buildings will offer the most opportunities for employment in the industry, both for on-site and off-site property managers.

The real estate industry is subject to the whims of the economy. When employment and salaries are up, people buy more houses and start more businesses, creating more demand for property. In an economic slump, the opposite is true. There's always plenty of property to manage, but depending on the city, the vacancy rate may be higher or lower, and the challenge of renting units may be easy to difficult.

Population growth also has an affect on real estate. The Bureau of Labor Statistics notes that many young professional people are entering the prime of their careers. As their incomes rise and they begin to establish families, they may want to invest in additional real estate. The number of older people will increase through 2008, and many will require housing in assisted-living and retirement communities.