Studies & Degrees in Real Estate Management
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Real estate management deals with the maintenance and overseeing of properties as well as employees with the purpose of making these properties successful. Real estate managers ensure that properties look appealing, run smoothly, and attract tenants, maintaining the resale value of the property. Some real estate managers maintain the same building every day, while others manage dozens of real estate sites. Many real estate managers take care of the daily physical and financial health of residential properties. Also known as property managers, they may be responsible for maintaining individual homes, a condominium association, or hundreds of apartments. They may do basic repairs, improvements and landscaping themselves; on larger properties, managers often hire, train and supervise others. Furthermore, they have the task of collecting rent payments, managing expenses and keeping the books. As the representative of the owner, a real estate manager would find and approve new renters, take care of existing tenants’ issues and evictions as well. Some property managers also live on-site, while others travel between properties frequently.
On the other hand, there are real estate managers, who oversee shopping malls, office towers or industrial warehouse space. This type of work usually requires specialized knowledge. The tenant leases can be very complex, and could also be based on corporate revenue. Besides, industrial and manufacturing sites can include expensive equipment; this machinery frequently needs to be maintained, too. The manager is typically responsible for security and even reception contractors as well.
Real estate managers need to pay close attention to detail and be very organized. Here are some other personal qualities to consider:
- Excellent communication and interpersonal skills
- Be prepared to be constantly on the move to carry out various tasks
- Be prepared to be called during weekends and holidays
- Sharp thinking and quick decision-making
- Excellent problem-solving skills
If you are seriously interested in becoming a real estate manager, you would drastically raise your career prospects if you obtain both a bachelor's and a master's degree in real estate management or a related field. The bachelor's degree will take an average of four years to complete, while the master's degree will take two to three additional years to complete. Because it would be crucial for you to have some experience in a management position, you should look for various opportunities for placements during your study. Degrees that would be suitable for you to become a real estate manager include Bachelor's in Business Administration, Accounting, Finance, or Real Estate Management as well as Masters in Business Administration, Accounting, Finance, or Real Estate Management.
In addition to sound background and education, if you wish to become a real estate manager you would need to gain a strong understanding of the real estate industry as a whole. You must understand the financial aspects as well as the sales and marketing end of the industry as well.
As a final point, it is worth mentioning that real estate managers can work for themselves, for individual owners, a property management firm, a real estate brokerage, a bank, or a large corporation. A real-estate manager can also act as a long-term investment advisor to banks, insurers and other large institutions. Real estate managers and property managers are often required to have a real estate license – depending on the country they operate in; some may also need an investment license, depending on the nature of their work.