Pursuing a career in real estate management

Just what is real estate management? Real estate management is the administration, operation, marketing, and maintenance of real estate in order to achieve the objectives of the owner of that real estate. The work real estate managers do varies greatly depending on the position they hold and the organization or company they work for, as […]

Just what is real estate management? Real estate management is the administration, operation, marketing, and maintenance of real estate in order to achieve the objectives of the owner of that real estate. The work real estate managers do varies greatly depending on the position they hold and the organization or company they work for, as well as the type of real estate they manage.
Specific jobs within the real estate management field falls into three broad categories of Resident or Site Management, Property Management and Real Estate Asset Management.
Most site managers deal with residential properties (apartments, cooperatives or condominiums) and, if they reside on the properties they manage, they are known as “resident managers.” Site managers form an essential link between the residents and the property manager. In some cases, they may assist the property manager in supervising maintenance personnel or contractors performing a variety of services to the property.
Property managers are directly responsible for maintaining and creating value in properties. This is mainly carried out by improving the net operating income of a property, which is accomplished through efficient operating procedures and optimization of rental income.
The real estate asset manager focuses on managing real estate as a financial asset and makes decisions which will govern the financial performance of the property. Some refer to asset management as a “numbers game.” The emphasis is on managing the property as an investment, focusing on activities that will add value to each property under management. Operational functions and caretaker roles are left to the property and site managers. The asset manager always has an eye on long-term appreciation of the property as well as short-term cash flow.
Just as the work you would do varies with the position you would hold in the company, what you would do in the job also depends on the type of property you would manage.

There are a wide variety of property types, each with its own peculiarities and demands on the manager of that real estate. Some of them include: apartments, condominiums and cooperatives, community and homeowners’ associations, rental single-family homes, office buildings, retail stores, shopping centres of all sizes, malls and outlet centres, industrial properties, mobile home parks, public housing, federally-assisted housing, facility or corporately owned properties, university facilities among others.
The kinds of firms that hire real estate managers include: property management firms, full-service real estate companies, development companies, commercial banks, real estate investment trusts, corporations, mortgage brokerage firms,
Of course, as in all fields, some people “stumble” on this career path by taking a job while they wait for something else to develop or to earn money to enable them to get additional education. While college education is not a requirement for beginning a career in real estate management, it is important. Many find a Bsc   or Master’s degree in Business Administration an excellent means to progress in the field. Because property management is competitive and increasingly complex, the future will demand exceptional performance from practitioners, including extensive, never-ending education.

Other courses to take while pursuing a career in estate management include finance and business courses to develop analytical and computer skills; gain knowledge of basic financial and accounting principles, management courses to develop strong interpersonal skills and business management skills, real estate law or business law to acquire understanding of related legal issues and communication courses to develop strong written and oral communication skills.
Income in this profession is dependent on several factors including but not limited to: geographic location where one intends to work; experience; educational level; achievement of one or more industry-based designations/certifications; the position and primary job responsibilities; and the industry sector in which one intends to work.
Once employed, the career opportunities for those with experience and demonstrated commitment to continuous improvement are endless.