Becoming a real estate agent may seem easy, but it is actually a profession which needs legal and financial knowledge combined with an extensive network of well-established contacts and good relationships maintained for years. All these are the real assets of running a successful real estate company when you are intending to do it on a large scale in order to obtain substantial financial returns. There are also small and micro level real estate agencies that deal with small level business and benefit out of the transactions, which pay them a percentage of commissions. These too require knowledge, good contacts and good relationships. At whatever level you are operating, real estate management training is required. This page has information on the programs, the career prospects, and will help you find a suitable real estate school and program. You may also wish to consider some of the short courses available.
What do you need to know for real estate management?
As an entry level aspirant, to pursue a career in this field you need to have a degree such as a bachelors degree in real estate management, and this would qualify you for some good jobs in the industry. If you have a degree with a different specialization, it may be worth taking a post graduate diploma in real estate management. You can then progress by taking one of the online real estate masters programs whilst employed.
A masters in business administration with a specialization in real estate management would get you good placements in some of the biggest conglomerates in the field. As a management trainee, as soon as you are recruited you will be encouraged to develop your interactive skills as well as your communications skills by developing working relationships with a number of clientele. The only way to do this effectively is to be completely updated on all the legal and technical proceedings related to your particular area of responsibility. The client will gain confidence when you talk about the technical issues behind a property transaction. All advantages, hurdles and disruptions that exist in the technicalities of buying or selling a property, when explained to the client in a clear fashion, will help you to sell your competence and make the transaction a success.
Some of the essential topics covered in a real estate management program would include: human resource management. communications, relationship management, business development, legal and ethical issues, property management, marketing, leasing, maintenance, asset management, risk management, and financial management.
Real estate management at this tertiary level needs active participation in society affairs to keep abreast of day to day changes far and wide related to the business. Communication and change are very fast in this field in particular, so you should keep your ears and eyes wide open so as not miss any information pertaining to your business.
Knowledge about the rules and regulation of the local municipality and governmental rules and regulations pertaining to your business transactions is very vital for real estate management. Additionally when you keep a good relationship with those officials of the registration office as you intend to visit the place too often, it is a great asset. Maintaining rapport at these important destinations makes you to close deals effectively without beating about the bush. These are some of the reliable and trustworthy sources for anybody in the locality, on whose words the parties will rely upon. When they do talk in favor of you and tell about your record of accomplishment and genuineness for years together the customer will not hesitate any longer. In this trade it is the early bird that catches the prey. There are no standard working hours for you. You might have to travel a lot even at odd times to close deals immediately if the situation demands.
In the US, in order to work in this sector you are required to have a licence, for which your need to complete a written real estate licence exam. There are other requirements but these depend upon the state in which you reside.
What are the prospects for graduates?
There would be many positions that would be open to you as a real estate management graduate. The property market has huge potential now, even though it was severely affected during the recession. Brokers and agents will experience a ten per cent growth in opportunities during the coming decade (US Bureau of Labor Statistics). Your starting salary could be anywhere between $12,000 to $24,000 in a month to begin with. Do not mind the initial salary. You are being paid for learning. Learn the trade. Just within five to ten year with the network of clientele and contacts that will be in your diary will give you the salary you want.
List of schools and programs
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